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Electronic Arts reports record Q3

Full year projections on target for over $2.9 billion in revenue.

Leading publisher Electronic Arts has announced record revenue and income for its third quarter ended December 31, with eleven of the company's titles selling over a million units, and Need for Speed Underground topping 5.5 million.

The company, which had four of the top ten console titles in both the USA and Europe for Christmas, also saw three other titles selling over four million units during the quarter - Lord of the Rings: Return of the King, FIFA 2004 and Medal of Honor Rising Sun.

These impressive sales figures saw revenues shooting up 20 per cent year on year to $1.475 billion, with net income up 57 per cent to $392 million, while diluted earnings per share were up 48 per cent to $1.26.

Interestingly, the company generated nearly 50 per cent of its revenues outside North America during the quarter - with European sales surging forward 40 per cent to $658 million, while American sales saw a more modest increase of 8 per cent to $753 million.

For the fourth quarter, EA is focusing on James Bond: Everything or Nothing and NFL Street as its key titles, with two of its big hitters - The Sims 2 and Medal of Honor: Pacific Assault both having been officially delayed into the 2005 financial year, and not set to appear until July at the earliest.

Full-year guidance has been set with revenues of between $2.91 and $2.92 billion, up between 17 and 18 per cent over last year, while diluted earnings per share are expected to rise by between 61 and 64 per cent year on year, to between $1.74 and $1.77.

"Our portfolio of franchise hits continues to grow," commented EA CFO Warren Jenson. "In the last twelve months we had 27 platinum titles - each selling more than a million units. This compares to 22 platinum titles just a year ago."