Activision 2011 Annual Report Download - page 48

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ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in millions, except per share data)
For the Years Ended December 31,
2011 2010 2009
Net revenues
Product sales ......................................................................................................................................
.
$3,257 $3,087 $3,080
Subscription, licensing, and other revenues......................................................................................
.
1,498 1,360 1,199
Total net revenues ..................................................................................................................................
.
4,755 4,447 4,279
Costs and expenses
Cost of sales—product costs .............................................................................................................
.
1,134 1,350 1,432
Cost of sales—online subscriptions ..................................................................................................
.
238 241 212
Cost of sales—software royalties and amortization .........................................................................
.
218 338 348
Cost of sales—intellectual property licenses ....................................................................................
.
165 197 315
Product development .........................................................................................................................
.
646 635 627
Sales and marketing ..........................................................................................................................
.
545 516 544
General and administrative ...............................................................................................................
.
456 375 395
Impairment of intangible assets ........................................................................................................
.
— 326 409
Restructuring .....................................................................................................................................
.
25 — 23
Total costs and expenses ........................................................................................................................
.
3,427 3,978 4,305
Operating income (loss) .........................................................................................................................
.
1,328 469 (26)
Investment and other income, net ..........................................................................................................
.
3 23 18
Income (loss) before income tax expense (benefit) ...............................................................................
.
1,331 492 (8)
Income tax expense (benefit) .................................................................................................................
.
246 74 (121)
Net income .............................................................................................................................................
.
$1,085 $418 $113
Earnings per common share
Basic ..................................................................................................................................................
.
$0.93 $0.34 $0.09
Diluted ...............................................................................................................................................
.
$0.92 $0.33 $0.09
Weighted-average number of shares outstanding
Basic ..................................................................................................................................................
.
1,148 1,222 1,283
Diluted ...............................................................................................................................................
.
1,156 1,236 1,311
Dividends per common share .................................................................................................................
.
$0.165 $0.15 $—
The accompanying notes are an integral part of these Consolidated Financial Statements.
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