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Community Interest (Continued from p13)<br />
Electronic Arts Q1 Net Income More Than Doubles<br />
Electronic Arts Inc. more than doubled its fiscal first-quarter net income<br />
thanks to higher sales of video games such as “Portal 2,” “Crysis 2” and the<br />
soccer title “FIFA 11.”<br />
<strong>The</strong> company said that it earned $221 million, or 66 cents per share, in the<br />
three months that ended on June 30. That’s up from earnings of $96 million,<br />
or 29 cents per share, in the same period a year earlier<br />
Revenue rose 23 percent to $999 million from $815 million.<br />
Adjusted, it had a loss of $123 million, or 37 cents per share, the higher end<br />
of its guidance. Its adjusted revenue was $524 million, down 3 percent from<br />
last year. On this basis, analysts expected a larger loss of 40 cents per share,<br />
on revenue of $510 million, according to FactSet.<br />
EA’s adjusted results account for the effects of deferring revenue and the<br />
related cost of sales for games with online components. Like other video<br />
game publishers, the company spreads these out on its books over time, while<br />
the game is played, rather than all at once.<br />
“This was another solid quarter driven by both digital and packaged<br />
goods,” said CEO John Riccitiello in a statement. “We saw strong digital<br />
revenue growth over the prior year. On packaged goods, ‘NCAA’ is off to a<br />
great start and preorders for ‘Battlefield 3’ are tracking extremely well.”<br />
“Battlefield” is EA’s answer to rival Activision Blizzard Inc.’s wildly<br />
popular “Call of Duty” series of military shooters. <strong>The</strong> company is also<br />
planning to launch a multiplayer online game, “Star Wars: <strong>The</strong> Old<br />
Republic,” later this year. Like Activision’s “World of Warcraft” games, “Star<br />
Wars” players will pay monthly subscription fees to play.<br />
For the current quarter, EA expects an adjusted loss of 13 cents to 3 cents<br />
per share and adjusted revenue of $925 million to $975 million. Analysts are<br />
expecting EA to break even, on adjusted revenue of $896.8 million.<br />
<strong>The</strong> company recently announced that it plans to buy PopCap Games, a<br />
maker of casual games such as “Bejeweled” and “Plants vs. Zombies,” for at<br />
least $750 million. EA has been making an effort to grow its digital offerings,<br />
including mobile games and games on Facebook, as more people flock to<br />
playing these types of games.<br />
PopCap will be EA’s largest acquisition to date, but the company said the<br />
deal won’t affect its earnings in the current fiscal year. In fiscal 2013, which<br />
begins next spring, the acquisition will add at least 10 cents to adjusted<br />
earnings per share.<br />
EA expects full-year adjusted earnings of 70 cents to 90 cents per share<br />
and revenue of $3.9 billion to $4.1 billion, up from its previous guidance of<br />
$3.8 billion to nearly $4.03 billion. Analysts expect earnings of 85 cents per<br />
share and revenue of $3.95 billion.<br />
Riccitiello said EA is pleased to see that the NFL lockout has been<br />
resolved. <strong>The</strong> company makes the popular “Madden” football game series,<br />
which are licensed by the NFL and try to be as realistic as possible. <strong>The</strong> latest<br />
game launches on Aug. 30.<br />
As I Was Saying… (Continued from p6)<br />
I have just celebrated my birthday and look forward to many more. But as<br />
I do, I can’t help but notice the changes in the lives of some of my close<br />
friends. Well, at least three of them. I recently celebrated, via videotape, the<br />
retirement of one of my closet friends from high school, Dan Horton. He has<br />
left the <strong>Redwood</strong> City Fire Department after 32 years of service. This comes<br />
approximately a month after another friend (John Coleman) retired from<br />
Key Market and about two years after yet another one (Gary Markwith) also<br />
retired from Key Market.<br />
All three started their careers early. In fact, two while still in high school.<br />
All stayed at the same job and profession for their whole career, and<br />
apparently all reaped the rewards of doing so. Although I wish them all well, I<br />
cannot help but feel a bit envious that they already enjoying retirement when I<br />
can barely enjoy a weekend away. What did I do wrong?<br />
I am not sure that it’s fair to ask myself that since I consider my job one of<br />
the best one could have. Meeting and interacting with the most fascinating<br />
people in our community, and even those who are not, is a complete pleasure<br />
for me. It also gives me the freedom and opportunity to spend time with<br />
family and friends when I want to because I am the boss. But if I had to<br />
choose between the two, I of course would retire. No thought needed. Any<br />
work at all takes one away from the most important things in life.<br />
So what does one do in retirement? Everyone seems to go in different<br />
directions considering what is going on around them. Are they married? Is<br />
their spouse retired too? Do they have younger or older children? Do they own<br />
or rent their home? Of course, how much income you have available and what<br />
you can spend each month can determine your path more than anything else.<br />
I can only fantasize, hope and wish that my own retirement includes plenty<br />
of family, friends, exercise, volunteerism, health, love, sleep, wine and<br />
happiness. So, even as I envy my friends and their new position in life, I look<br />
at mine and what I would want in retirement and realize that the only thing<br />
that is different is that I need the income each month to do what I enjoy. Come<br />
to think of it, I am not in such a bad place at all.<br />
Here’s to retirement. And not!<br />
As I was saying…<br />
.…<br />
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