Acclaim Entertainment Reports Second Quarter 1999 Profit.GLEN COVE Glen Cove, city (1990 pop. 24,149), Nassau co., SE N.Y., on the north shore of Long Island, at the entrance to Hempstead Harbor; settled 1668, inc. as a city 1918. , N.Y.--(BUSINESS WIRE)--April 6, 1999-- Company Reports Diluted Earnings Per Share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of of $0.21; Revenues Increase 96% over FY 98 Second Quarter Due To Successful Franchise Titles And Strong Internal Development Acclaim Entertainment, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : AKLM AKLM Acclaim Entertainment, Inc. (stock symbol) ) today reported results for its fiscal 1999 second quarter ended February 28, 1999. Net revenues for the 1999 second quarter were $135.7 million, an increase of 96% compared with $69.3 million in the second quarter of the prior year. Net earnings for the 1999 second quarter were $14.5 million, or diluted earnings per share of $0.21, compared with a net loss of $1.2 million for the same period in the prior year, or a diluted loss per share of $0.02. Gross revenues by platform for the 1999 second quarter consisted of 79% for Nintendo 64, 9% for PlayStation, 6% for PC and the balance in portables and all others. On a geographic basis, North American operations North American operation Surgical oncology Radical surgery of a 'frozen pelvis', consisting of radical en bloc resection of the uterus and urinary bladder. See 'Frozen pelvis.'. Cf 'All-American' and 'South American' operations. generated 73% of net revenues and international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. were 27% for the 1999 second quarter. Revenue for the 1999 second quarter was impacted by a strong holiday selling season highlighted by demand for two key Acclaim products, Turok 2: Seeds of Evil and South Park for the Nintendo 64. Both titles reached top 10 status exceeding sales expectations. These products were complemented by the release of Extreme-G 2 and Turok 2 on the PC, NBA Jam NBA Jam is a basketball arcade game created by Midway in 1993. It is the first entry in the NBA Jam series, and was written entirely in assembly language. The main designer and programmer for this game was Mark Turmell. '99 and Turok 2 on the GameBoy Color, additional quantities of NBA Jam '99 for the N64, and re-orders from the company's catalog. Acclaim Publishing's South Park strategy guide also contributed to the profitability of the second fiscal quarter. "We are very pleased with the results of the second fiscal quarter of 1999," said Gregory Fischbach Gregory Fischbach (known to many as Greg Fischbach) founded video game publisher Acclaim Entertainment, Inc. in 1987 and was its CEO until its bankruptcy in 2004. Mr. Fischbach addressed the United States Senate regarding Internet privacy and ESRB ratings. , co-chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Acclaim. "The company's continued focus on strengthening internal development led to the creation of both Turok 2 and South Park, which were largely responsible for our profitability in the quarter. We look forward to continuing to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. our internal development strength over the remainder of fiscal 1999 with the release of several new and returning brands including All-Star Baseball All-Star Baseball is a baseball video game series developed and published by Acclaim Entertainment. The series began in 1998 with the release of All-Star Baseball '99. 2000, WWF Attitude WWF Attitude is a professional wrestling video game released by Acclaim Entertainment in 1999 for the PlayStation and Nintendo 64. A slightly enhanced port of the game was later released on the Sega Dreamcast. , Re-Volt, NFL Quarterback Club NFL Quarterback Club is a Super Nintendo Entertainment System game to feature quarterbacks from the NFL. Troy Aikman and Warren Moon are two examples of what players can use during the game. 2000, and Shadow Man." New Titles for Third Quarter Acclaim's third quarter will be highlighted by the planned release of All-Star Baseball 2000 on April 7th for the N64, Machines for the PC in mid-April, and WWF Attitude for PlayStation in late May. All-Star Baseball 2000, endorsed by New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Yankee shortstop, Derek Jeter  Editing of this page by unregistered or newly registered users is currently disabled until (UTC) due to vandalism. , is the sequel to last year's hit game referred to by many
enthusiast magazines and websites as the "best baseball game Noun 1. baseball game - a ball game played with a bat and ball between two teams of nine players; teams take turns at bat trying to score runs; "he played baseball in high school"; "there was a baseball game on every empty lot"; "there was a desire for National League of the
year" for any system. Machines is a 3D real-time strategy A real-time strategy (RTS) video game is one that is distinctly not turn-based. The phrase real-time is used to distinguish such games within the broader genre of strategic wargames, which has a longer history both inside and outside of video gaming. game that
has been praised by the press for its innovative features and detailed
graphics. WWF Attitude is the sequel to WWF See Windows Workflow Foundation. : War Zone which ranked as
the 3rd best selling PlayStation title for 1998. Other releases planned
for the quarter include: Bust-A-Move'99 for the N64 and PlayStation
and All Star Baseball All Star Baseball is one of the two most popular baseball board games of the last sixty years, and has been honored as one of the fifty most influential American board games of all time. It was manufactured by Cadaco-Ellis and designed by baseball player Ethan Allen (1904-1993). 2000, WWF Attitude, Bust-A-Move 4, Maya the Bee This article is about the novel. For the anime series, see Maya the Bee (TV series). The Adventures of Maya the Bee (Dutch: Maja de Bij; German: Die Biene Maja und ihre Abenteuer; Italian: L'ape Maia; Polish: , and Drop Zone for the GameBoy Color. Acclaim Studios Launch Franchise Titles in Fourth Quarter Acclaim's 4th quarter will feature the release of titles capitalizing on the company's brand strategy with products developed by Acclaim Studios. Key titles announced for this period include: NFL Quarterback Club 2000 for N64; ReVolt for the PC, N64 and PlayStation, South Park for PlayStation, WWF Attitude for N64, and Shadow Man for the PC, PlayStation and N64. ReVolt, an arcade-style RC racing game A racing game is any game that involves competing in races through a surrogate playing piece or vehicle, either getting it from one point to another or completing a number of circuits in the shortest time. , features a realistic physics engine and advanced artificial intelligence for each vehicle. Shadow Man is a voodoo-inspired 3rd person action/adventure game featuring groundbreaking technology and a rich storyline. Based on an Acclaim Comics character, Shadow Man has been in development for over two years and will be supported by a major worldwide marketing campaign at its late-August launch. E3 and Beyond To capitalize on the continued worldwide success of the Sony PlayStation Sony Playstation - Playstation , Acclaim will increase its support by expanding the number of titles published for the system including Shadow Man, ReVolt and South Park. Acclaim has also announced collaboration with Microsoft Corporation (company) Microsoft Corporation - The biggest supplier of operating systems and other software for IBM PC compatibles. Software products include MS-DOS, Microsoft Windows, Windows NT, Microsoft Access, LAN Manager, MS Client, SQL Server, Open Data Base Connectivity (ODBC), MS Mail, on the development of NFL Quarterback Club 2000 for the Sega Dreamcast console, which is expected to ship with the launch of the hardware system this fall. Acclaim will preview key titles for the 1999 fourth quarter and 2000 first quarter at the upcoming Electronic Entertainment Expo (E3) trade show. The company will present a number of internally developed new titles, as well as sequels to the company's most successful brands including: Turok, South Park, NBA Jam, and Jeremy McGrath Jeremy McGrath (born November 19, 1971, San Francisco, California) is a Supercross racer and has won a record of 72 250cc Main Event wins and captured 7 250cc Championships between 1993 to 2000. He is often referred to as "Showtime" or "The King" meaning, the King of Supercross. SuperCross. The E3 trade show is the interactive entertainment industry's largest and most important event of the year and will be held May 13th to May 15th in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , CA. The balance of the company's 1999 release schedule will be announced at the E3 trade show. Acclaim Entertainment Background Information Acclaim Entertainment, Inc. is a leading worldwide developer, publisher and mass marketer of software for use with interactive entertainment platforms including Nintendo, Sony and Sega hardware systems, and PCs. Acclaim owns and operates four studios located in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and the United Kingdom, and publishes and distributes its software directly in North America, the United Kingdom, Germany, France and Australia. Acclaim also distributes entertainment software for other publishers worldwide, and publishes comic books and software strategy guides. Acclaim's headquarters are in Glen Cove, New York Glen Cove is a city in Nassau County, New York on the North Shore of Long Island. As of the United States 2000 Census, the city population was 26,622. Part of the early 20th century Gold Coast of the North Shore, Glen Cove has a diverse population. and Acclaim's common stock is publicly traded on NASDAQ under the symbol AKLM. For more information please visit our website at www.acclaim.net. This press release contains forward-looking statements. There are certain important factors that could cause results to differ materially from those anticipated by the statements made above. Such risks and uncertainties include, among other things, the growth of the installed base of 32-bit and 64-bit gaming and PC systems, the timely availability and acceptance of Acclaim's future products for such systems, the competitive environment in the consumer software and related industries, the management of inventories and operating overheads and the related impact upon liquidity should any of these risks occur. These and other risks and uncertainties are detailed from time to time in Acclaim's reports filed with the Securities and Exchange Commission.
ACCLAIM ENTERTAINMENT, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in 000s, except per share data)
(Unaudited)
February 28, August 31,
1999 1998
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 88,282 $ 47,273
Accounts receivable - net 23,595 39,177
Inventories 12,671 3,430
Prepaid expenses 11,149 16,571
--------- ---------
TOTAL CURRENT ASSETS 135,697 106,451
--------- ---------
OTHER ASSETS
Other assets 54,422 53,956
--------- ---------
TOTAL ASSETS $ 190,119 $ 160,407
--------- ---------
LIABILITIES AND STOCKHOLDERS' EQUITY
(DEFICIENCY)
CURRENT LIABILITIES
Trade accounts payable $ 24,789 $ 24,218
Short-term borrowings -- 16
Other current liabilities 97,290 101,317
--------- ---------
TOTAL CURRENT LIABILITIES 122,079 125,551
--------- ---------
LONG-TERM LIABILITIES
Other long-term liabilities 54,618 56,629
--------- ---------
TOTAL LIABILITIES 176,697 182,180
--------- ---------
STOCKHOLDERS' EQUITY (DEFICIENCY)
Common stock 1,090 1,053
Additional paid in capital 200,481 189,645
Accumulated deficit (184,373) (209,180)
Treasury stock (3,262) (3,103)
Foreign currency translation adjustment (514) (188)
--------- ---------
TOTAL STOCKHOLDERS' EQUITY (DEFICIENCY) 13,422 (21,773)
--------- ---------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
(DEFICIENCY) $ 190,119 $ 160,407
--------- ---------
ACCLAIM ENTERTAINMENT, INC
AND SUBSIDIARIES
STATEMENTS OF CONDENSED CONSOLIDATED OPERATIONS
(in 000s, except per share data)
(Unaudited)
Three Months Ended Six Months Ended
February 28, February 28,
1999 1998 1999 1998
---- ---- ---- ----
NET REVENUES $135,656 $69,343 $240,487 $161,620
COST OF REVENUES 68,230 33,227 118,730 77,228
------ ------ ------- ------
GROSS PROFIT 67,426 36,116 121,757 84,392
------ ------ ------- ------
OPERATING EXPENSES
Marketing and sales 21,368 14,162 38,887 31,260
General and administrative 18,254 12,672 33,184 26,753
Research and development 11,506 9,273 22,734 17,617
------ ----- ------ ------
TOTAL OPERATING EXPENSES 51,128 36,107 94,805 75,630
------ ------ ------ ------
EARNINGS FROM OPERATIONS 16,298 9 26,952 8,762
------ - ------ -----
OTHER (EXPENSE) (1,216) (1,229) (1,070) (1,865)
------- ------- ------- -------
EARNINGS (LOSS) BEFORE
INCOME TAXES 15,082 (1,220) 25,882 6,897
PROVISION FOR INCOME TAXES 562 15 1,075 121
--- -- ----- ---
NET EARNINGS (LOSS) BEFORE
MINORITY INTEREST 14,520 (1,235) 24,807 6,776
------ ------- ------ -----
MINORITY INTEREST -- (5) -- (10)
----- --- ----- ----
NET EARNINGS (LOSS) $14,520 $(1,230) $24,807 $6,786
------- -------- ------- ------
BASIC EARNINGS (LOSS)
PER SHARE $0.27 $(0.02) $0.46 $0.13
DILUTED EARNINGS (LOSS)
PER SHARE $0.21 $(0.02) $0.38 $0.13
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