If you click on a link and make a purchase we may receive a small commission. Read our editorial policy.

Take-Two Q3 2009 financials show $55.5 million loss

t2logo

Take-Two's shown a Q3 net revenue of $138.6 million compared to $433.8 for the same time as last year.

Big drop there, but you have to remember that GTA IV came out in Q3 last year.

Net loss for the third quarter was $55.5 million or $0.72 per share, compared to net income of $51.8 million or $0.67 per share in the third quarter of fiscal 2008.

For the nine months ended July 31, 2009, net revenue was $625.1 million, compared to $1,214.1 million for the same period a year ago, which included the release and strong post-launch performance of Grand Theft Auto IV.

Net loss for the first nine months of fiscal 2009 was $115.9 million or $1.51 per share, compared to net income of $112.1 million or $1.48 for the 2008 period.

The full thing is through the break, and the conference call to investors is ongoing.

We will keep you updated on any announcements.

Net revenue for the third fiscal quarter was $138.6 million, compared to $433.8 million for the same quarter of fiscal 2008, which benefited from the post-launch performance of Grand Theft Auto IV, the blockbuster title that surpassed all-time records for the launch of an entertainment property. Third quarter fiscal 2009 sales were led by catalog titles, including Grand Theft Auto IV, along with The BIGS 2™ and Major League Baseball® 2K9.

Net loss for the third quarter was $55.5 million or $0.72 per share, compared to net income of $51.8 million or $0.67 per share in the third quarter of fiscal 2008.

The third quarter results include $4.6 million in stock-based compensation expense ($0.06 per share) and $0.4 million in professional fees and expenses related to unusual matters ($0.01 per share). Results for the third quarter of 2008 included $12.6 million in stock-based compensation expense ($0.16 per share) and $7.2 million in professional fees and expenses related to unusual matters, as well as business reorganization costs ($0.09 per share).

Non-GAAP net loss was $50.4 million or $0.66 per share in the third quarter of fiscal 2009, compared to non-GAAP net income of $71.5 million or $0.93 per share in the third 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).

For the nine months ended July 31, 2009, net revenue was $625.1 million, compared to $1,214.1 million for the same period a year ago, which included the release and strong post-launch performance of Grand Theft Auto IV. Net loss for the first nine months of fiscal 2009 was $115.9 million or $1.51 per share, compared to net income of $112.1 million or $1.48 for the 2008 period. Results for the first nine months of fiscal 2009 include $16.1 million in stock-based compensation expense ($0.21 per share) and $7.1 million in professional fees and expenses related to unusual matters ($0.09 per share). Results for the first nine months of fiscal 2008 included $31.1 million in stock-based compensation expense ($0.41 per share) and $13.5 million in professional fees and expenses related to unusual matters, as well as business reorganization costs ($0.18 per share).

Non-GAAP net loss was $92.7 million or $1.21 per share in the first nine months of 2009, compared to non-GAAP net income of $156.6 million or $2.07 per share in the comparable period 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 recent developments, Take-Two noted the following:

*

Take-Two completed a $138 million convertible debt offering.
* Rockstar Games announced Agent, a new wholly owned intellectual property being developed exclusively for the PLAYSTATION®3 system by Rockstar North.
* 2K Sports secured a multi-year license to develop an online version of the NBA simulation game in China, Taiwan, South Korea and Southeast Asia; and announced a partnership with Tencent Holdings Limited, one of China's leading online game operators, to co-develop and distribute NBA 2K Online in China.
* 2K Games launched its celebrated Sid Meier's Civilization® Revolution™ for iPhone™ and iPod® touch.

Financial Guidance

Take-Two's guidance for the fourth fiscal quarter and fiscal year ending October 31, 2009 is provided below.

Key assumptions and dependencies underlying the Company's guidance include continued consumer acceptance of the Xbox 360® video game and entertainment system from Microsoft, PLAYSTATION®3 computer entertainment system and Wii™ home video game system from Nintendo; the ability to develop and publish products that capture market share for these current generation systems while continuing to leverage opportunities on certain prior generation platforms; as well as the timely delivery of the titles detailed in this release.

Sign in and unlock a world of features

Get access to commenting, homepage personalisation, newsletters, and more!

Related topics
About the Author
Stephany Nunneley-Jackson avatar

Stephany Nunneley-Jackson

News Editor

Stephany is VG247’s News Editor, with 22 years experience (with 15 of them at VG247). With a brain that lacks adhesive ducks, the ill-tempered, chaotic neutral fembot does her best to bring you the most interesting gaming news. She is also unofficially the site’s Lord of the Rings/Elder Scrolls Editor.

Comments