Electronic Arts 1999 Annual Report Download - page 21

Download and view the complete annual report

Please find page 21 of the 1999 Electronic Arts annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 49

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49

ELECTRONIC ARTS AND SUBSIDIARIES
Independent Auditors’ Report
THE BOARD OF DIRECTORS AND STOCKHOLDERS
Electronic Arts Inc. and Subsidiaries:
We have audited the accompanying consolidated balance sheets of Electronic Arts Inc. and subsidiaries as of March 31,
1999 and 1998, and the related consolidated statements of income, stockholders’ equity, and cash flows for each of the
years in the three-year period ended March 31, 1999. These consolidated financial statements are the responsibility of the
Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on
our audits. We did not audit the financial statements of Maxis, Inc., a company acquired by Electronic Arts Inc. in a busi-
ness combination accounted for as a pooling of interests as described in Note 11 to the consolidated financial statements,
which statements reflect total revenues constituting 7% for the year ended March 31, 1997, of the related consolidated
totals. Those statements were audited by other auditors whose report has been furnished to us, and our opinion, insofar
as it relates to the amounts included for Maxis, Inc., is based solely on the report of the other auditors.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, based on our audits and the report of the other auditors, the consolidated financial statements referred to
above present fairly, in all material respects, the financial position of Electronic Arts Inc. and subsidiaries as of March 31,
1999 and 1998, and the results of their operations and their cash flows for each of the years in the three-year period
ended March 31, 1999, in conformity with generally accepted accounting principles.
Mountain View, California
April 30, 1999