Electronic Arts 1999 Annual Report Download - page 23

Download and view the complete annual report

Please find page 23 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
Consolidated Statements of Income
(In thousands, except per share data)
Years ended March 31, 1999 1998 1997
Net revenues $1,221,863 $ 908,852 $ 673,028
Cost of goods sold 625,547 480,766 328,943
Gross profit 596,316 428,086 344,085
Operating expenses:
Marketing and sales 163,407 128,308 102,072
General and administrative 75,556 57,838 48,489
Research and development 202,080 146,199 130,755
Charge for acquired in-process
technology 44,115 1,500 –
Merger costs – 10,792 –
Amortization of intangibles 5,880 – –
Total operating expenses 491,038 344,637 281,316
Operating income 105,278 83,449 62,769
Interest and other income, net 13,180 24,811 13,279
Income before provision for income
taxes and minority interest 118,458 108,260 76,048
Provision for income taxes 45,414 35,726 26,003
Income before minority interest 73,044 72,534 50,045
Minority interest in consolidated
joint venture (172) 28 1,282
Net income $ 72,872 $ 72,562 $ 51,327
Net income per share:
Basic $1.20 $1.23 $0.89
Diluted $1.15 $1.19 $0.86
Number of shares used in computation:
Basic 60,748 58,867 57,544
Diluted 63,272 60,958 59,557
See accompanying notes to consolidated financial statements.