Acclaim Entertainment

(AKLM)

was gaining in the preopen after the company met first-quarter profit estimates and raised its guidance for the rest of the year.

Acclaim matched analyst expectations for the first quarter of 2002, posting profits of $17.4 million, or 21 cents a share, up from $10.8 million, or 18 cents a share, in the year-ago period.

Revenue for the quarter was also up, rising 12.5% to $81 million from $72 million in the year ago quarter.

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The results were in line with the consensus analyst estimate provided by Thomson Financial/First Call.

The video game publisher also raised its sales and profit guidance for the full year, saying it now expects revenue of $301 million, up $10 million from its original forecast. The company now expects 2002 earnings per share to be 44 cents.

Shares of Acclaim were recently up 22% to $5.93 in Instinet premarket trading after closing at $4.87 on the

Nasdaq

.