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TMCNet:  Take-Two Interactive Software Releases Results for 1st Quarter Fiscal 2013

[August 03, 2012]

Take-Two Interactive Software Releases Results for 1st Quarter Fiscal 2013

Aug 03, 2012 (Close-Up Media via COMTEX) -- Take-Two Interactive Software, Inc. reported financial results for the first quarter of its fiscal year 2013, ended June 30.

In addition, the Company noted that it updated its financial outlook for the fiscal year 2013, ending March 31, 2013, and provided its initial financial outlook for the fiscal second quarter ending Sept. 30.

According to a release on July 31, the Company reported that net revenue was $226.1 million for the first quarter of fiscal 2013, as compared to $334.4 million for the first quarter of fiscal 2012. GAAP loss from continuing operations was $110.8 million, or $1.30 per diluted share, as compared to $8.6 million, or $0.11 per diluted share, for the year-ago period. Non-GAAP net loss was $98.8 million, or $1.16 per diluted share, as compared to Non-GAAP net income of $2.0 million, or $0.02 per diluted share, for the year-ago period. Both GAAP loss from continuing operations and Non-GAAP net loss for the first quarter of fiscal 2013 include the negative impact from a one-time contractual obligation of $15 million, or $0.18 per diluted share.

The contributors to net revenue in the first quarter were the release of Max Payne 3, catalog sales led by the Grand Theft Auto franchise and Red Dead Redemption, the release of Spec Ops: The Line, and continuing sales of NBA 2K12. Catalog sales grew 50 percent year-over-year and accounted for 26 percent of net revenue. Revenue from digitally delivered content grew 33 percent year-over-year and accounted for 14 percent of net revenue, driven by offerings for the Sid Meier's Civilization franchise, the Grand Theft Auto franchise, the Max Payne franchise, NBA 2K12, and Red Dead Redemption.

Management Comments "Although our first quarter results were below expectations due to lower-than-anticipated sales of Spec Ops: The Line and Max Payne 3, the outlook for our slate of upcoming releases is stronger than ever," said Strauss Zelnick, Chairman and CEO of Take-Two. "Early consumer enthusiasm suggests robust demand for our extraordinary lineup of upcoming releases, particularly Borderlands 2, NBA 2K13 and BioShock Infinite. We continue to expect fiscal 2013 to be one of the best years in Take-Two's history.

"Our long-term strategy is to continue to grow our revenues and reduce the volatility of our results by complementing our core console business with digitally delivered content for mobile and online platforms. During the current fiscal year we have made substantial progress, including launching an open beta for NBA 2K Online in China; expanding our lineup of core titles for tablets and smartphones with Max Payne Mobile; releasing our first domestic mobile social game - COMEDY CENTRAL'S Indecision Game; and delivering our first mobile social game for Japan - NBA 2K All Stars. While our core console business has faced short-term cyclical headwinds, we remain exceedingly optimistic about our Company's long-term prospects for growth and profitability." Business and Product Highlights Since April 1: Rockstar Games: -Launched Max Payne 3 on Xbox 360, PS3 and PC. The title has sold-in over 3 million units to date. Max Payne 3 is being supported by a downloadable content plan, with new releases starting in July and extending through the fall.

-Released Max Payne Mobile, enabling fans to experience the classic 2001 release, Max Payne, optimized for the iPad, iPhone, iPod touch and select Android enabled devices.

-Announced that it is expanding its Toronto development studio with the support of the Ontario government. In conjunction with the expansion, Rockstar Games is moving its Vancouver development team to the new Toronto facility and expects to grow staff over time.

2K: -2K Games launched Spec Ops: The Line, a military shooter that explores the dark realities of war, on Xbox 360, PS3 and PC.

-2K Games released Sid Meier's Civilization V: Gods & Kings, the expansion pack for the PC strategy title, Civilization V.

-2K Sports announced the "no data wipe" open beta launch of its free-to-play NBA 2K Online MMO game on the Tencent Games portal in China.

-2K Play launched a mobile social game, Comedy Central's Indecision Game for iPhone, iPad, iPod touch and Android, including Amazon's Kindle Fire.

-2K Games released a mobile social game for Japan, NBA 2K All Stars on Gree, and also announced a partnership with Gree to bring additional games to select global mobile social gaming markets, including Pirates! Legends and Civilization (working title).

-2K Sports announced that the Oklahoma City Thunder's Kevin Durant, Los Angeles Clippers' Blake Griffin and the Chicago Bulls' Derrick Rose will be the cover athletes for NBA 2K13, the next installment of the top-selling and top-rated NBA video game simulation franchise-, which is planned for release on Oct. 2, in North America and Oct. 5, internationally. In addition, the title will be an offering for WiiU, available during the holiday season.

-2K Play announced that it plans to release Nickelodeon Dance 2 for console systems and Bubble Guppies and Dora & Team Umizoomi's Fantastic Flight for the Nintendo DS in November.

-2K Play unveiled their slate of new, casual mobile games at E3 2012, including House Pest Starring Fiasco the Cat, GridBlock, Herd, Herd, Herd, and Carnival Games MiniGolf, which will be available beginning this summer.

-2K Games announced that XCOM: Enemy Unknown is planned for release on Oct. 9, in North America and Oct. 12, internationally.

-2K Games announced that BioShock Infinite is now planned for launch on Feb. 26, 2013.

Financial Outlook for Fiscal 2013 Take-Two is providing its financial outlook for the second quarter ending Sept. 30, and updating its financial outlook for the fiscal year ending March 31, 2013 as follows: Key assumptions and dependencies underlying the Company's financial outlook include: the timely delivery of the titles included in this financial outlook, which encompasses both announced titles and titles not yet announced for release during fiscal year 2013; the ability to develop and publish products that capture market share for the current generation video game and computer entertainment systems; and stable foreign exchange rates.

Take-Two Interactive Software is a developer, marketer and publisher of interactive entertainment for consumers around the globe. The Company develops and publishes products through its two labels Rockstar Games and 2K, which publishes its titles under the 2K Games, 2K Sports and 2K Play brands.

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