Activision, Inc. — 2004 Annual Report 17. Accumulated Other Comprehensive Income (Loss) Unrealized Appreciation Accumulated Other (Depreciation) Comprehensive Foreign Currency on Investments Income (Loss) Balance, March 31, 2003 $ (3,568) $134 $ (3,434) Comprehensive income (loss) 13,432 (37) 13,395 Balance, March 31, 2004 $ 9,864 $ 97 $ 9,961 The components of accumulated other comprehensive income (loss) were as follows (amounts in thousands): The amounts above are shown net of taxes. The income taxes related to other comprehensive income were not significant, as income taxes were not provided for foreign currency translation items as these are considered indefinite investments in non-U.S. subsidiaries. 18. Supplemental Cash Flow Information Non-cash investing and financing activities and supplemental cash flow information are as follows (amounts in thousands): Year ended March 31, 2004 2003 2002 Non-cash investing and financing activities: Conversion of convertible subordinated notes, net of conversion costs $ — $ — $58,651 Subsidiaries acquired with common stock 3,246 10,861 25,481 Issuance of options and common stock warrants — 2,184 3,217 Stock offering costs — 781 — Change in unrealized appreciation on short-term investments (37) 134 — Supplemental cash flow information: Cash paid for income taxes $10,463 $ 5,491 $ 3,041 Cash paid (received) for interest, net (6,213) (7,804) (2,942) 19. Quarterly Financial and Market Information (Unaudited) Quarter ended Year (Amounts in thousands, except per share data) June 30 Sept. 30 Dec. 31 Mar. 31 ended Fiscal 2004: Net revenues $158,725 $117,523 $508,511 $162,897 $947,656 Operating income (loss) 5,146 (16,933) 116,961 4,643 109,817 Net income (loss) 4,163 (10,093) 76,981 6,664 77,715 Basic earnings (loss) per share 0.03 (0.08) 0.58 0.05 0.58 Diluted earnings (loss) per share 0.03 (0.08) 0.53 0.04 0.54 Common stock price per share: High 8.99 9.58 12.73 16.17 16.17 Low 6.01 7.23 7.71 11.38 6.01 Fiscal 2003: Net revenues $191,258 $169,172 $378,685 $125,001 $864,116 Operating income (loss) 31,196 11,334 66,761 (14,444) 94,847 Net income (loss) 20,704 9,086 44,347 (7,957) 66,180 Basic earnings (loss) per share 0.15 0.06 0.30 (0.06) 0.46 Diluted earnings (loss) per share 0.14 0.06 0.28 (0.06) 0.43 Common stock price per share: High 15.60 14.02 10.61 7.00 15.60 Low 11.70 9.91 5.42 5.79 5.42 page 73