Publisher Take-Two Interactive has released its second quarter fiscal results for the period ended April 30, 2008 (one day after the release of GTA IV). Thanks to the incredible launch of the latest GTA, net revenue more than doubled to $539.8 million, while net income came to $98.2 million (or $1.29 per share), compared to a net loss of $51.2 million one year ago at this time.

Take-Two noted that the Q2 results did include "$12.4 million in stock-based compensation expense ($0.16 per share); $3.8 million in professional fees and legal expenses, primarily related to Electronic Arts' unsolicited tender offer ($0.05 per share) and $0.9 million in business reorganization costs ($0.01 per share)."

For the six-month period, Take-Two's sales climbed from $482.8 million to $780.3 million and net income for the first half of fiscal 2008 came to $60.2 million (or $0.80 per share) – a vast improvement over the loss of $72.8 million for the first half of fiscal 2007.

The importance of GTA to Take-Two's business cannot be emphasized enough. The company said that as of May 31, 2008, over 11 million units have been sold in to retailers and approximately 8.5 million units have been sold through to consumers. [Update: On a conference call Take-Two execs revealed that GTA IV plus catalogue GTA sales accounted for roughly 78 percent of all publishing revenue during Q2.]

2K Boston's underwater epic BioShock also continues to perform well with 2.2 million shipped on Xbox 360 and PC to date.

"Take-Two's performance has exceeded expectations through the first half of fiscal 2008, clearly demonstrating the creative, operational and financial strength of our business," commented Strauss Zelnick, Chairman of Take-Two. "Our results reflected the extraordinary success of Grand Theft Auto IV, the value of our catalog of titles, and our ongoing initiatives to improve the efficiency of our operations. We look forward to continuing to enhance stockholder value by building on our broad portfolio of internally developed and owned interactive entertainment brands, leveraging the opportunities in the current industry cycle, and operating our business in an effective manner."

"Based on the Company's stronger than expected results, we have increased our financial guidance for fiscal 2008 and are confident in our ability to continue to perform for the balance of the year," added Ben Feder, Chief Executive Officer of Take-Two. "Furthermore, Take-Two is extremely well positioned in an industry that is experiencing explosive growth. We believe that our exceptional creative talent, diverse range of hit products, and the proven global demand for our titles will be the drivers of increasing value over time."

As mentioned by Feder, Take-Two has provided new guidance. For the third quarter ending July 31, the company expects revenue of $325 to $375 million and non-GAAP earnings per share of $0.45 to $0.55. For the fourth quarter ending October 31, Take-Two is forecasting revenue of $300 to $350 million and non-GAAP earnings per share of $0.10 to $0.20. And finally, for the full year ending October 31, the company now expects revenue in the range of $1.4 to $1.5 billion with non-GAAP earnings per share around $1.65 to $1.85.

http://www.gamedaily.com/games/grand-theft-auto-iv/xbox-360/game-news/gta-iv-ships-11-million-drives-taketwo-q2-profit-to-nearly-100-million