Take-Two Interactive Software Earnings Q4 2010
Take-Two Interactive Software, Inc. today announced financial results for the three and twelve months ended October 31, 2010. In addition, On October 25, 2010, the Company’s Board of Directors approved a change in the Company’s fiscal year end from October 31 to March 31. In accordance with this change, the Company provided guidance for the three months ending December 31, 2010 and the new fiscal fourth quarter and full year ending March 31, 2011.
For the twelve months, net revenue grew 65% year-over-year to $1.16 billion. GAAP income from continuing operations increased to $49.7 million, or $0.58 per diluted share, as compared to a loss of $130.4 million, or $1.70 per share, for the year-ago period. Non- GAAP income from continuing operations increased to $97.5 million, or $1.06 per diluted share, as compared to a Non-GAAP loss of $90.4 million, or $1.18 per share, for the year-ago period. Non-GAAP income from continuing operations excludes certain non-cash and non-operational gains and losses identified on the attached reconciliation of GAAP and Non-GAAP measures.
For the three months, net revenue grew 32% year-over-year to $373.7 million. GAAP income from continuing operations increased to $54.2 million, or $0.58 per diluted share, as compared to a loss of $7.9 million, or $0.10 per share, for the year-ago period. Non- GAAP income from continuing operations increased to $64.0 million, or $0.67 per diluted share, as compared to $7.9 million, or $0.10 per diluted share, for the year-ago period.
New titles were the strongest contributors to net revenue and profits in the three month period, including NBA 2K11, Mafia II, Red Dead Redemption, Sid Meier’s Civilization V, Grand Theft Auto IV: Complete and New Carnival Games. Catalog titles that contributed to the strength in the recent period included Borderlands, Grand Theft Auto IV and several Nickelodeon titles. In addition, digitally delivered content has continued to be a meaningful component of Take-Two’s sales.
“We have achieved our goal of profitability in a year without a new release of Grand Theft Auto. Our better-than-expected revenue growth and margin expansion were driven by strong demand for our diverse portfolio of games, including the hit new titles Red Dead Redemption and NBA 2K11, as well as strong sales of catalog titles and digitally delivered content. I am also pleased to report that our 2K Sports division was profitable during the period.”
~ Ben Feder CEO of Take-Two
“As we finish 2010, our Company is better positioned for success than ever, creatively, operationally and financially. We plan to build on the talents of our world-class creative team to deliver an increasingly diverse portfolio of high-quality titles. We will also pursue opportunities to enter newer areas of the interactive entertainment business, such as digitally delivered content and the expanding Asian and Latin American markets. In addition, we will continue to optimize our efficient operating infrastructure and sound balance sheet to support our future initiatives for profitable growth.”
~ Strauss Zelnick Chairman of Take-Two
Take-Two’s lineup of future titles announced to date includes:
L.A. Noire (Xbox 360, PS3) in Spring 2011
Top Spin 4 (Xbox 360, PS3, Wii) in Fiscal 4Q 2011
Major League Baseball 2K11 (Xbox 360, PS3, PS2, PSP, Wii, PC) in Fiscal 4Q 2011
Duke Nukem Forever (Xbox 360, PS3, PC) in Calendar Year 2011
Spec Ops: The Line (Xbox 360, PS3, PC) in Fiscal Year 2012
XCOM (Xbox 360, PC) in Fiscal Year 2012
BioShock Infinite (Xbox 360, PS3, PC) in Calendar Year 2012
For more corporate and product information please visit their website at www.take2games.com.