Electronic Arts today announced financial results for the fiscal first quarter ended June 30, 2005.
Net revenue for the first quarter was $365 million, down 16 percent as compared with $432 million for the prior year. Net loss for the quarter was $58 million as compared with net gain of $24 million for the same period the prior year. Twelve-month operating cash flow increased to $669 million as compared to $638 million for the same period a year ago.
Sales were driven by Medal of Honor: European Assault and Battlefield 2 — each reaching platinum status (over one million copies sold) in the quarter. Other games, such as Batman Begins. FIFA Street, MVP Baseball 2005, and Need for Speed Underground 2 had continued strong sales, each selling over 500 thousand copies in the quarter.
"We are taking our portfolio to new and exciting platforms," said Warren Jenson, Chief Financial and Administrative Officer. "EA was number one on the PSP in June, and this quarter we expect to launch six games for mobile phones."
Despite the downturn in revenue, EA still has plenty of cash and the numbers paint a rosy outlook going forward.