Activision Offering Raises $2 million+10 Jun, 2002 By: Hive News
Third party video game publisher Activision, Inc. has completed its previously announced underwritten public offering of 7.5 million shares of its common stock, the company announced today.
Goldman, Sachs & Co. acted as sole underwriter for the offering.
Net proceeds of the offering were approximately $247,825,000. The company will use the net proceeds from the offering for general corporate purposes including, among other things, additions to working capital and the financing of capital expenditures, joint ventures and/or strategic acquisitions.
"We remain confident that the positive outlook for our business combined with our management depth, financial stability, strong infrastructure and product momentum should enable us to continue building our operating capability while enhancing shareholder value," stated Activision chairman and CEO Robert Kotick. "Taking into account the increased number of shares outstanding after the offering, and based on the overall strength of the video game industry, strong market performance of our titles globally and anticipated use of proceeds from the offering, the company reiterates its fiscal year 2003 guidance of earnings per share of $1.10 on net revenues of $890 million."