Tag Archives: take-two q2 financials 2008

What a night. Following the release of the first in-game footage of Duke Nukem Forever, Take-Two issued second quarter financials and a mass of news on Grand Theft Auto, Bioshock, a GTA IV DLC delay and much more. You missed the release and the conference call because you’re not hardcore enough to do nothing but videogames news for your entire waking life. Luckily, we are. All the links below. Alternatively, hit this.

• Take-Two may enter rhythm-action space
• EA offer costs Take-Two $5.3 million in legal fees
  Bioshock movie may come alongside third game, says Zelnick
• GTA IV DLC: Same team and studio making content, delay nothing to do with dev issues
• GTA accounted for 78% of Take-Two’s revenues for Q2
• Take-Two has 33 games in development, sports business to make loss this year
• Take-Two actively in discussions with a number a companies over buyout
• Rumour confirmed: Gore Verbinski to direct Bioshock movie
• GTA IV DLC delayed until Q1 FY 09
• GTA IV sells 8.5 million units out of 11 million shipped, Bioshock hits 2.2 million
• Take-Two profits beats expectations on strong GTA IV

Speaking in last night’s Q2 financials conference call, Take-Two chairman Strauss Zelnick admitted the firm was looking at the rhythm-action sector for potential future launches but was cautious of releasing a title at the moment.

“Possibly,” he said when asked if a music game was on the cards. “There’s nothing that we’ve disclosed on the release schedule right now. Is it a music genre? Is it a rhythm genre? It all remains to be seen how that genre holds up over time, and that’s terribly important when you invest in AAA properties that you expect people to play for over 20 hours.”

Hit this for the rest of our news from the financials report and yesterday.

As part of last night’s quarterly financials statemen, Take-Two confirmed that it has so far spent $5.3 million on legal fees thanks to EA’s offer for the company.

The press release noted that te firm had binned “$5.3 million in professional fees and legal expenses, with the majority related to Electronic Arts’ unsolicited tender offer.”

Read the full thing here.

Speaking in an investor call related to just-released Q2 financials, Take-Two head Strauss Zelnick said that the now-confirmed Bioshock film would not release alongside Bioshock 2 next year.

“It’s more likely that it would be released coincident with BioShock 3,” he said.

This is, obviously, the first time a third Bioshock game has ever been mentioned.

As reported earlier, Gore Verbinski will direct and produce the movie.

Take-Two boss Bed Feder just confirmed that the GTA IV DLC team is the same that created the original game.

Feder refused to offer any information on consumer pricing for the content, but said that the now-confirmed move into Q1 fiscal 2009 had nothing to do with development problems.

“The [move] is not about development issues,” said Feder. “It’s about [portfolio] balancing issues.”

The comments came as part of a conference call related to the release of Q2 Take-Two financials.

Take-Two executive Cindy Buckwalter just confirmed that Grand Theft Auto as a franchise accounted for 78 percent of total publishing revenue in the company’s second quarter.

Revenue for the three months ending April 30 was $539.8 million, up 160 percent from $205.4 million a year earlier.

The comments came in an investor call following the release of Q2 figures.

Senior Take-Two executive Cindy Buckwalter just confirmed that the firm has a sizeable portolio of games in the works.

“We currently have 33 titles in various stages of development,” she said.

Buckwalter also confirmed that the company doesn’t expect its 2K sports business to turn a profit this year.

The comments came in an ongoing conference call related to the release of the firm’s Q2 financials.

Take-Two boss Strauss Zelnick has just confirmed that the company is in active discussion with several companies to sell the company.

“We’re actively engaged in that process now,” he said, talking in an ongoing conference call backing up a Q2 financial release.

“We have and continue to have” discussions with “a number of third parties,” Zelnick added.

Zelnick made the comment after mentioning EA’s “highly conditional” offer for the firm and saying that all avenues for Take-Two’s future are being explored, including staying independent and talking to other companies.

A Take Two press release now confirms the earlier Variety rumour that Gore Verbinski will direct the Bioshock movie.

“BioShock, a wholly owned and internally developed title for Xbox 360 and Games for Windows shipped over 2.2 million units since its debut in late August,” it reads. “2K Games will be bringing this popular title to the PlayStation 3 this fall, and Universal Pictures is developing a feature film based on BioShock to be directed by Gore Verbinski, director of the Pirates of the Caribbean trilogy.”

So there you go, you can all rest easy now.

By Mike Bowden

Take-Two’s confirmed that Grand Theft Auto IV’s 360 DLC won’t be released until the first quarter of of its fiscal 2009.

“Fiscal 2008 guidance reflects the release of the first installment of episodic content for Grand Theft Auto IV for Xbox 360 in the first quarter of fiscal 2009 instead of the fourth quarter of fiscal 2008 in order to provide a better balance in Take-Two’s release schedule.”

The news comes as part of the company’s Q2 financials, detailed in full here.

As part of its second quarter financials, Take-Two just announced that GTA IV has so far sold 8.5 million units out of 11 million games shipped.

Bioshock, the company confirmed, has now sold 2.2 million copies.

“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,” said 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.”

Take a look at the full financial release here.

Take-Two’s beaten expectations for its second quarter, ending April 30. Net profit was $98.2 million, or $1.29 cents per share, compared with a net loss of $51.3 million, or 71 cents per share, a year earlier.

Revenue was $539.8 million, up 160 percent from $205.4 million a year earlier.

GTA IV, obviously, has been pinned as the money-driver for the period.

The company has raised expectations for its third quarter, saying it will earn 45 cents to 55 cents per share, excluding special items, on revenue of between $325 million and $375 million.

The company was expected to earn 35 cents per share, excluding items, on revenue of $322 million.

More on Reuters.