Full-year net revenue, which includes publishing and distribution revenue, was $310.5 million or virtually even with full-year net revenues of $313.2 million for the prior year. Publishing revenue for the period rose to $232.1 million from $188.4 million in the comparable year-earlier period.
Distribution revenue was $78.4 million in fiscal 2001 as compared with distribution revenue of $124.8 million in the same 2000 period. The Company reported a net loss of $60.7 million for the full year, or $1.07 per share, vastly improved over the year-earlier net loss of $397.6 million, or $22.13 per share. EBITDA (earnings before interest, taxes, depreciation and amortization) for the fiscal year ended June 30, 2001 was a loss of $30.7 million as compared with a loss of $306.1 million for fiscal 2000. Adjusted EBITDA, which excludes one-time events incurred during the period, improved substantially to a loss of $8.8 million, or $0.15 per share, for the 2001 period, from a loss of $176.1 million, or $9.80 per share, in the prior twelve-month period.
The modest decline in full-year revenue was primarily attributable to the Company’s decreased emphasis on third-party distribution, which was partially offset by revenue gains generated by sales of product at Infogrames Interactive, Inc. (formerly Hasbro Interactive), which was acquired by the Company’s parent, Infogrames Entertainment SA (IESA) (Euronext: 5257) in January 2001. Additionally, the Company reported continued strong sales of several key titles, including Driver 2 (more than 1.25 million units sold to date), Driver Greatest Hits for PlayStation (approximately 800,000 units sold to date), and Unreal Tournament for PlayStation 2 (more than 230,000 units sold to date). The Company’s financial results include the effect of its merger with Infogrames North America (Infogrames NA), which closed on October 2, 2000. Since the Company and Infogrames NA were under the common control of IESA prior to their merger, U.S. GAAP (Generally Accepted Accounting Principles) requires the Company to report its financial results as if the merger took place at the time common control began, December 16, 1999.
We are quite pleased with the progress we made during this past year, said Bruno Bonnell, Chairman and Chief Executive Officer of the Company. We successfully consolidated the operations of the Company, Infogrames NA and Infogrames Interactive to emerge as the second largest third-party publisher of interactive entertainment in the U.S. In addition, we significantly streamlined our businesses to create greater cost-efficiencies and enhance our competitive position within the industry. And, we aggressively pursued new opportunities, including developing product for next-generation consoles, signed a number of new major licenses, and maximized the value of several key franchises, including Driver, Deer Hunter, Frogger, Unreal Tournament, Monopoly, the Backyard series, Freddi Fish, and Putt Putt, to name a few.
Mr. Bonnell continued, While we have no way of determining the effect that recent world events will have on our particular industry in the coming months, we remain confident in our current and upcoming products and believe we have the line-up to command a significant portion of holiday sales.
Net revenue for the quarter ended June 30, 2001 rose to $72.7 million from $48.5 million for the same period in fiscal 2000. Publishing revenues during the quarter ended June 30, 2001 increased to $54.2 million from $42.6 million in the comparable period of 2000, and distribution revenues more than tripled to $18.5 million from $5.9 million in the comparable year-earlier period. The Company reported a net loss for the quarter of $23.0 million, or a loss of $0.33 per share, which favorably compared with a net loss of $55.4 million, or a loss of $2.68 per share, in the same period in fiscal 2000. For the fourth quarter of fiscal 2001, EBITDA was a loss of $16.2 million, a significant improvement from a loss of $43.5 million in the fourth quarter of 2000.
Adjusted EBITDA for the quarter ended June 30, 2001 was a loss of $3.1 million, or $0.04 per share, as compared with a loss of $32.5 million, or $1.57 per share, for year-earlier period.
