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SANTA MONICA, Calif., Nov. 5 /PRNewswire-FirstCall/ — Activision
Blizzard, Inc. (Nasdaq: ATVI) today announced September quarter financial
results.

For the quarter ended September 30, 2008, Activision Blizzard’s GAAP
net revenues were $711 million. Excluding the impact of change in deferred
net revenues ($12 million) and net revenues from Activision Blizzard’s
non-core exit operations ($6 million), the company’s non-GAAP net revenues
were $717 million. Including Activision’s stand-alone net revenues of $53
million for July 1 – July 9, 2008, the company’s non-GAAP comparable-basis
net revenues were $770 million. The company’s prior non-GAAP net revenue
outlook was $620 million.

Activision Blizzard’s GAAP operating loss for the quarter was $194
million. Excluding the impact of the change in deferred net revenues and
cost of sales ($12 million), the impact of equity-based compensation
expense ($26 million), Activision Blizzard’s non-core exit operations loss
($110 million), one-time costs related to the business combination with
Vivendi Games ($78 million), and the amortization of intangibles and the
changes in costs of sales resulting from purchase price accounting
adjustments ($90 million), Activision Blizzard’s non-GAAP operating income
was $122 million. Including Activision’s stand-alone non-GAAP operating
loss of $9 million for July 1 – July 9, 2008, the Company’s non-GAAP
comparable-basis operating income was $113 million.

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