Acclaim's Annual Results Signal Strong Turnaround, Shares Jump

The good news boosted Acclaim's stock to a 10-week high in after-hours trading today, to 4.6. This week has seen Acclaim's stock price jump almost 40%. For the quarter, Acclaim reported earnings of $2.9 million ($.04 per share) on revenues of $46.5 million, compared with a loss of $63.5 million ($1.15 per share) last year on $16.7 million in revenues. For the year, Acclaim reported net earnings of $17.3 million ($0.26 per share) on net revenue of $197.6 million. Last year the company posted a net loss of $131.7 million ($2.36 per share) on net revenues of $188.6 million. The company said that Dave Mirra Freestyle BMX (for multiple platforms) Crazy Taxi, Dave Mirra Freestyle BMX 2 and All-Star Baseball 2002 for the PlayStation 2 accounted for approximately 19%, 10%, 6% and 5%, respectively, of the Company's gross revenue this fiscal year. Acclaim also raised guidance for revenue and profit for fiscal Q1 and Q2 2002. "Fiscal 2001 represents a successful turnaround year for the Company, as we achieved four consecutive profitable quarters," said Gregory Fischbach, CEO of Acclaim.