EA Q4 FY2010 financials: Q4 revenue up 14% YOY to $979M
Electronic Arts has released its Q4 and FY2010 financial results, and it looks like the company earned $30M in Q4 compared to last year's loss of $42M.
Q4 revenue climbed 14 percent to $979M, with is up $119M from $860M last year. Full year revenue dropped to $3.654 billion as compared with $4.212 billion for the prior year.
During Q4, EA reported $129M in "deferred net revenue for certain online-enabled packaged goods games and digital content" with digital revenue up 33 percent to $570M year-on-year.
The company's financial call to investors is expected to go live in about half an hour, and we'll have more for you then.
Fingers crossed it's interesting. For those of you who like to read the actual release, the financial bit is posted below.
REDWOOD CITY, CA – May 11, 2010 – Electronic Arts Inc. (NASDAQ: ERTS) today announced preliminary financial results for its fourth quarter and fiscal year ended March 31, 2010.
Fiscal Fourth Quarter Results (comparisons are to the quarter ended March 31, 2009) GAAP net revenue for the fourth quarter was $979 million, up $119 million as compared with $860 million in the prior year. During the quarter, EA had a net benefit of $129 million related to the recognition of deferred net revenue for certain online-enabled packaged goods games and
digital content.
Non-GAAP net revenue was $850 million, up $241 million as compared with $609 million for the prior year. Sales were driven by Battlefield: Bad Company™ 2, Mass Effect™ 2, Dante’s Inferno™ and digital businesses.
GAAP net income for the quarter was $30 million, as compared with a net loss of $42 million forthe prior year. Diluted earnings per share were $0.09 as compared with diluted loss per share of ($0.13) for the prior year.
Non-GAAP net income was $23 million as compared with non-GAAP net loss of $120 million a year ago. Non-GAAP diluted earnings per share was $0.07 as compared with non-GAAP diluted loss per share of ($0.37) for the prior year.
“We had an excellent fourth quarter, driving record-breaking non-GAAP revenue in the fiscal year,” said John Riccitiello, Chief Executive Officer. “Battlefield: Bad Company 2 outperformed, which contributed to revenue at the high end of our guidance range, and we exceeded our expectations on the bottom line".
“We are affirming our FY11 and Q1 non-GAAP guidance and expect to grow profitability in the year ahead,” said Eric Brown, Chief Financial Officer. “Our digital businesses are expected to grow approximately 30%.”
Full Fiscal Year Results (comparisons are to the fiscal year ended March 31, 2009) GAAP net revenue for the fiscal year ended March 31, 2010 was $3.654 billion as compared with $4.212 billion for the prior year. The Company ended the year with $766 million in deferred net revenue from packaged goods and digital content – up $505 million from a year ago.
Non-GAAP net revenue was $4.159 billion, up two percent as compared with $4.086 billion for the prior year.
GAAP net loss for the year was $677 million as compared with a net loss of $1.088 billion for the prior year. Diluted loss per share was ($2.08) as compared with a diluted loss per share of ($3.40) for the prior year. Fiscal 2010 GAAP results include a $140 million restructuring charge associated with the fiscal 2009 and fiscal 2010 restructuring plans.
Non-GAAP net income was $145 million as compared with net loss of $96 million a year ago. Non-GAAP diluted earnings per share were $0.44 as compared with diluted loss per share of ($0.30) for the prior year.
Trailing-twelve-month operating cash flow was $152 million as compared with $12 million a year ago. The Company ended the year with cash and short-term investments of $1.7 billion.