Activision, Inc. — 2004 Annual Report Resources are allocated to each of these segments using information on their respective net revenues and operating profits before interest and taxes. The accounting policies of these segments are the same as those described in the Summary of Significant Accounting Policies. Transactions between segments are eliminated in consolidation. Information on the reportable segments for the three years ended March 31, 2004 is as follows (amounts in thousands): Geographic information is based on the location of the selling entity. Revenues from external customers by geographic region were as follows (amounts in thousands): Year ended March 31, 2004 Publishing Distribution Total Total segment revenues $665,732 $281,924 $947,656 Revenue from sales between segments (67,859) 67,859 — Revenues from external customers $597,873 $349,783 $947,656 Operating income $ 93,223 $ 16,594 $109,817 Total assets $859,874 $108,943 $968,817 Year ended March 31, 2003 Total segment revenues $615,975 $248,141 $864,116 Revenue from sales between segments (57,462) 57,462 — Revenues from external customers $558,513 $305,603 $864,116 Operating income $ 79,139 $ 15,708 $ 94,847 Total assets $619,132 $ 85,684 $704,816 Year ended March 31, 2002 Total segment revenues $549,508 $236,926 $786,434 Revenue from sales between segments (50,632) 50,632 — Revenues from external customers $498,876 $287,558 $786,434 Operating income $ 68,675 $ 11,899 $ 80,574 Total assets $455,432 $101,455 $556,887 Year ended March 31, 2004 2003 2002 United States $446,812 $432,261 $404,905 Europe 479,224 413,125 368,799 Other 21,620 18,730 12,730 To ta l $947,656 $864,116 $786,434 page 61