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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) March 25, 2004 (March 25, 2004)
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ACTIVISION, INC.
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(Exact Name of Registrant as Specified in Charter)
Delaware 0-12699 95-4803544
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
3100 Ocean Park Blvd., Santa Monica, CA 90405
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (310) 255-2000
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N/A
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(Former Name or Former Address, if Changed Since Last Report)
Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits.
(c) Exhibits.
99.1 Press Release of Activision, Inc., dated March 25, 2004.
Item 9. Regulation FD Disclosure.
On March 25, 2004, Activision, Inc. issued a press release announcing
revised revenues and earnings guidance for the fourth fiscal quarter of fiscal
year 2004 and for the full 2004 fiscal year. The press release is attached
hereto as Exhibit 99.1.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: March 25, 2004
ACTIVISION, INC.
By:/s/ Ronald Doornink
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Name: Ronald Doornink
Title: President
2
Exhibit 99.1
FOR IMMEDIATE RELEASE Contacts:
Bill Chardavoyne
Chief Financial Officer
(310) 255-2229
bchardavoyne@activision.com
Kristin Mulvihill Southey
Vice President, Investor Relations
(310) 255-2635
ksouthey@activision.com
Maryanne Lataif
Vice President, Corporate Communications
(310) 255-2704
mlataif@activision.com
ACTIVISION RAISES FOURTH QUARTER AND
FULL FISCAL YEAR 2004 OUTLOOK
-Fourth quarter net revenue outlook increases 24%-
-Fiscal year 2004 net revenue and earnings highest in company's history -
Santa Monica, CA - March 25, 2004 - Activision, Inc. (Nasdaq: ATVI) announced
today that based on better-than-expected performance of its publishing and
distribution divisions, as well as an adjustment to the company's estimated
effective tax rate related to its international operations, the company is
raising its outlook for the fourth quarter and full fiscal year 2004.
For the fiscal fourth quarter ending March 31, 2004, Activision expects earnings
per diluted share of $0.01 on net revenues of $155 million, an increase from the
company's prior outlook of a loss per share of $0.01 on net revenues of $125
million. In the fiscal fourth quarter ending March 31, 2003 the company had a
loss per share of $0.06 on net revenues of $125 million.
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Activision Increases Earning Outlook
For the full fiscal year, Activision expects earnings per diluted share of
$0.50, an increase of 16% year over year, and net revenues of $940 million, a 9%
increase year over year. Activision's previous fiscal year outlook was $0.48
earnings per diluted share and net revenue of $910 million. The company's
revised full fiscal year outlook marks the highest net revenue and earnings per
share in Activision's history.
Ron Doornink, CEO of Activision Publishing, Inc., said, "Our hit holiday titles
Tony Hawk's Underground, True Crime: Streets of L.A.TM and Call of DutyTM
continue to perform well worldwide. We are especially pleased that Call of Duty
has remained the #1 best selling PC game in terms of dollars from November 2003
through February 2004, according to NPD Intellect's U.S. PC sales report."
Headquartered in Santa Monica, California, Activision, Inc. is a leading
worldwide developer, publisher and distributor of interactive entertainment and
leisure products. Founded in 1979, Activision posted net revenues of $864
million for the fiscal year ended March 31, 2003.
Activision maintains operations in the U.S., Canada, the United Kingdom, France,
Germany, Italy, Japan, Australia, Scandinavia and the Netherlands. More
information about Activision and its products can be found on the company's
World Wide Web site, which is located at www.activision.com.
The statements made in this press release that are not historical facts are
"forward-looking statements". These forward-looking statements are based on
current expectations and assumptions that are subject to risks and
uncertainties. The Company cautions readers of this press release that a number
of important factors could cause Activision's actual future results to differ
materially from those expressed in any such forward-looking statements. Such
factors include, without limitation, product delays, retail acceptance of our
products, industry competition, rapid changes in technology and industry
standards, protection of proprietary rights, maintenance of relationships with
key personnel, vendors and third-party developers, international economic and
political conditions, integration of recently acquired subsidiaries and
identification of suitable future acquisition opportunities. These important
factors and other factors that potentially could affect the Company's financial
results are described in our filings with the Securities and Exchange
Commission, including the Company's most recent Annual Report on Form 10-K and
Quarterly Report on Form 10-Q. Readers of this press release are referred to
such filings. The Company may change its intention, belief or expectation, at
any time and without notice, based upon any changes in such factors, in the
Company's assumptions or otherwise. The Company undertakes no obligation to
release publicly any revisions to any forward-looking statements to reflect
events or circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
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