http://ir.take2games.com/releaseDetail.cfm?ReleaseID=370041
Take-Two Interactive Software, Inc. Reports First Quarter Fiscal 2009 Financial Results
New York, NY - March 10, 2009 - Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today announced financial results for its first fiscal quarter ended January 31, 2009.
Net revenue for the first quarter was $256.8 million, compared to $240.4 million for the same quarter of fiscal 2008. First quarter sales were led by Grand Theft Auto IV, Carnival Games, NBA 2K9 and Midnight Club: Los Angeles.
Net loss for the first quarter was $50.4 million or $0.66 per share, compared to a net loss of $38.0 million or $0.52 per share in the first quarter of fiscal 2008. The Company's increased loss for the first quarter compared to the prior year was primarily due to higher marketing, legal, and research and development expenses.
The first quarter results include $6.2 million in stock-based compensation expense ($0.08 per share) and $4.9 million in expenses related to unusual legal matters ($0.06 per share). Results for the first quarter of 2008 included $6.1 million in stock-based compensation expense ($0.08 per share) and $1.7 million in expenses related to unusual legal matters and business reorganization costs ($0.02 per share).
Non-GAAP net loss was $39.3 million or $0.52 per share in the first quarter, compared to a net loss of $30.3 million or $0.41 per share in the first quarter of 2008. (Please refer to Non-GAAP Financial Measures and reconciliation tables included later in this release for additional information and details on non-GAAP items.)
Business Highlights
Among the significant recent business developments, Take-Two noted the following:
- Over 13 million units of Rockstar Games' Grand Theft Auto IV have been shipped as of January 31, 2009.
- Rockstar Games announced Red Dead Redemption, a follow-up to the 2004 hit game Red Dead Revolver, which is in development at Rockstar San Diego and planned for a fall 2009 release.
- 2K Play's wholly owned Carnival Games™ franchise, including Carnival Games for Nintendo's Wii™ and DS™, and Carnival Games™ MiniGolf for Wii, has shipped over four million units worldwide.
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Product Pipeline
The following titles shipped during the first and second quarters of 2009:
| Title | Platform |
| Dora the Explorer: Dora Saves the Snow Princess | DS |
| Grand Theft Auto IV | PC |
| Grand Theft Auto IV: The Lost and Damned | Xbox 360 |
| Major League Baseball® 2K9 | Multiple platforms |
| MLB® 2K9 Fantasy All-Stars | DS |
| MLB® Front Office Manager | Xbox 360, PS3, Games for Windows® |
| MLB® Superstars | Wii |
Take-Two's lineup announced to date for the remainder of fiscal 2009 includes the following titles:
| Title | Platform |
| Beaterator | TBA |
| BioShock® 2 | TBA |
| Borderlands™ | Xbox 360, PS3, Games for Windows |
| Don King Boxing | Wii, DS |
| Grand Theft Auto: Chinatown Wars | DS |
| Grand Theft Auto IV Second Episode | Xbox 360 |
| Mafia II | Xbox 360, PS3, Games for Windows |
| Major League Baseball® 2K9 | PSP |
| Midnight Club: Los Angeles Downloadable Content - South Central Premium Upgrade |
Xbox 360, PS3 |
| NBA® 2K10 | Multiple platforms |
| NHL® 2K10 | Multiple platforms |
| Red Dead Redemption | Xbox 360, PS3 |
| The BIGS™ 2 | Multiple platforms |
