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Take-Two financials: Bioshock 2 in dev at new 2K California studio

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Take-Two has confirmed that its newly-formed Marin, California studio is working on Bioshock 2, for release in Q4 2009.

2K Marin was formed in December last year, and was rumoured to be created from original members of the Bioshock team from 2K Boston.

Word is that Ken Levine won't be heading up the project, and will instead be staying in Boston to work on another game, rumoured to be a new X-Com title.

2K Marin, was apparently set up specifically to develop Bioshock 2. The original game has now sold more than 2 million units worldwide.

The announcement came in a quarterly financial statement from the publisher, which showed revenue for the first quarter was $240.4 million, compared to $277.3 million for the same quarter of fiscal 2007.

Net loss for the first quarter was $38.0 million or $0.52 per share, compared to a net loss of $21.5 million or $0.30 per share in the first quarter of fiscal 2007.

Press release after the click.

Take-Two Interactive Software, Inc. Reports First Quarter Fiscal 2008 Financial Results
Take-Two Interactive Software, Inc. Reports First Quarter Fiscal 2008 Financial ResultsNEW YORKNY-TAKE-TWO-INTERACTIVE

NEW YORK--(BUSINESS WIRE)--

Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today announced financial results for its first quarter ended January 31, 2008.

Net revenue for the first quarter was $240.4 million, compared to $277.3 million for the same quarter of fiscal 2007, which benefited from more new game releases in last year's holiday season. First quarter sales were led by BioShock, Carnival Games', NBA 2K8, Grand Theft Auto catalog titles, and the release of Grand Theft Auto: Vice City Stories in Japan. Distribution revenue rose year over year, fueled by the strength of next generation software and hardware sales, including robust demand for Wii' products.

Net loss for the first quarter was $38.0 million or $0.52 per share, compared to a net loss of $21.5 million or $0.30 per share in the first quarter of fiscal 2007.

The first quarter results include $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). Results for the first quarter of 2007 included $4.0 million in stock-based compensation expense ($0.06 per share); and $7.2 million in expenses related to unusual legal matters ($0.10 per share).

Non-GAAP net loss was $30.3 million or $0.41 per share in the first quarter, compared to a net loss of $10.3 million or $0.14 per share in the first quarter of 2007. (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:

* Rockstar Games announced a worldwide release date of April 29, 2008 for the highly anticipated Grand Theft Auto IV.
* 2K Games said today that BioShock 2, the sequel to the wholly owned and internally developed title, is being developed by 2K Marin and is planned for release in the fourth quarter of fiscal 2009. The critically acclaimed BioShock title has sold over 2 million units worldwide since its launch in August.
* Carnival Games, a wholly owned and internally developed title for the Wii', shipped over 1 million units since its debut in late August. 2K Play will be bringing this popular title to the Nintendo DS' this summer.
* 2K Play announced today that Carnival Games: Mini-GolfTM, a brand extension of the Carnival Games franchise, is coming exclusively to the Wii this fall.
* 2K announced the acquisition of Illusion Softworks, the creator and owner of several hit video game franchises, including Mafia, Hidden & Dangerous and Vietcong. Renamed 2K Czech, the Czech Republic based studio is currently developing Mafia II for next generation consoles and Games for Windows®.

Strauss Zelnick, Chairman of Take-Two, stated, 'We are pleased with Take-Two's stronger than expected top and bottom line results for the first quarter. Our performance benefited from a diverse range of hit titles in the first quarter, and we are eagerly awaiting the release of Grand Theft Auto IV in the second quarter. We believe that our extraordinary creative assets and improving operational efficiency will be sources of significant value for shareholders as the interactive entertainment industry moves further into the current growth cycle.'

Ben Feder, Chief Executive Officer of Take-Two, added, 'We're excited about our robust product lineup, most of which is based on internally-owned and developed IP. With one of the strongest release schedules in the industry, Take-Two is clearly well positioned for the future. In addition to Grand Theft Auto IV, for the balance of fiscal 2008 our releases will include Midnight Club: Los Angeles, Sid Meier's Civilization Revolution, Top Spin 3, Don King Presents: Prizefighter, Carnival Games for DS, Carnival Games: Mini-Golf for Wii, NBA® 2K9, NHL® 2K9, episodic content for Grand Theft Auto IV on Xbox 360, as well as other titles. We also have significant visibility into fiscal 2009, which includes additional episodic content for Grand Theft Auto IV, Mafia II, Borderlands', BioShock 2, our complete sports lineup, additional Nick Jr. titles under our agreement with Nickelodeon, and several new brands.'

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