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 Send to email | Take-Two Surges In Second Quarter, Spent $5.3 Million Fighting EA [Take-Two Financials] in FinancialGta IvIndustryNewsTake-TwoTop |  By Leigh Alexander
el 05-Jun-2008 |  Grand Theft Auto IV's all-time record-breaking launch drove Take-Two to $98.2 million in profits during its fiscal second quarter, the company announced today. This represents exponential year-over-year growth for Take-Two, who saw a loss of $51.2 million during the same period of 2007.
The company more than doubled its net revenues for the quarter, reporting $539.8 million as compared with $205.4 million in the second quarter of 2007, even while the company spent $12.4 million on the stock-based compensation plan it recently approved for its Board.
Notably, results also reveal that Take-Two has spent a total of $5.3 million in legal fees over the last six months, the lion's share of which have been spent fending off Electronic Arts' acquisition bid.
As for BioShock, which now heads for both the PlayStation 3 and the movie theatres, Take-Two said it has shipped 2.2 million units to date.
Board chairman Strauss Zelnick emphasized the company's overall value: ?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,? Zelnick said. ?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.?
Zelnick's statement on "continuing to enhance stockholder value" seems to indicate he has no immediate plans to yield to EA's bid.
Ben Feder, Chief Executive Officer of Take-Two, added, ?Based on the Company?s stronger than expected results, we have increased our financial guidance for fiscal 2008 and are confident in our ability to continue to perform for the balance of the year. Furthermore, Take-Two is extremely well positioned in an industry that is experiencing explosive growth. We believe that our exceptional creative talent, diverse range of hit products, and the proven global demand for our titles will be the drivers of increasing value over time.?
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Gossip, news and leaks for obsessive gamers Kotaku As if you don't waste enough of your time in a gamer's haze, here's Kotaku: a gamer's guide that goes beyond the press release. Gossip, cheats, criticism, design, nostalgia, pred |
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| GTA IV ships over 11 million copies |  Filed under: Sony PlayStation 3, Microsoft Xbox 360, Business
As part of Take-Two's glowing second quarter financials, the publisher confirmed that Grand Theft Auto IV has been flying off shelves (GASP!), announcing that as of [..] Read complete article | | Published 06-Jun-2008 by Jason Dobson in breakingnewsfinancialfinancialsGrand-Theft-Auto-IVgtaivrockstartake-two
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| Kotaku`s The Gamers Guide | Blogger | XBOX 360 Gamers Weblog
Gossip, news and leaks for obsessive gamers Kotaku As if you don't waste enough of your time in a gamer's haze, here's Kotaku: a gamer's guide that goes beyond the press release. Gossip, cheats, criticism, design, nostalgia, pred |
| THQ Takes On Ultimate Fighting Championship [Game Announce] | | After years spent perfecting the more theatrical side of arena fighting, THQ is ready to step up to something a bit more brutal. Today they've announced their first title based on the Ultimate Fighting Championship license, UFC 2009 Undisputed. In development [..] Read complete article | | Published 20-Jun-2008 by Mike Fahey in Game Announce Fighting News PS3 Thq UFC 2009 Undisputed Xbox 360
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| Kotaku`s The Gamers Guide | Blogger | XBOX 360 Gamers Weblog
Gossip, news and leaks for obsessive gamers Kotaku As if you don't waste enough of your time in a gamer's haze, here's Kotaku: a gamer's guide that goes beyond the press release. Gossip, cheats, criticism, design, nostalgia, pred |
| Has Nintendo Crested Already? | | Nintendo had an awesome quarter, raking in operating profits of $900 million, a 60% jump y/y. This beat the average analyst estimate by about $100 million.
But that's the last quarter. The future looks a lot less [..] Read complete article | | Published 24-Apr-2008 by Silicon in General
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| Joystiq | Blogger | Covers video game news from an independent, unbiased perspective
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| Joystiq | Blogger | Covers video game news from an independent, unbiased perspective
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| Midway bleeds another $34.8 million in Q2 |  Filed under: Business
It's not getting any prettier at Midway Games, as the publisher has announced it lost $34.8 million this quarter -- over double its losses the same quarter last year. This also fol [..] Read complete article | | Published 05-Aug-2008 by Alexander Sliwinski in financialsfiscalmidwaymidway-games
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| Kotaku`s The Gamers Guide | Blogger | XBOX 360 Gamers Weblog
Gossip, news and leaks for obsessive gamers Kotaku As if you don't waste enough of your time in a gamer's haze, here's Kotaku: a gamer's guide that goes beyond the press release. Gossip, cheats, criticism, design, nostalgia, pred |
| Kotaku`s The Gamers Guide | Blogger | XBOX 360 Gamers Weblog
Gossip, news and leaks for obsessive gamers Kotaku As if you don't waste enough of your time in a gamer's haze, here's Kotaku: a gamer's guide that goes beyond the press release. Gossip, cheats, criticism, design, nostalgia, pred |
| Kotaku`s The Gamers Guide | Blogger | XBOX 360 Gamers Weblog
Gossip, news and leaks for obsessive gamers Kotaku As if you don't waste enough of your time in a gamer's haze, here's Kotaku: a gamer's guide that goes beyond the press release. Gossip, cheats, criticism, design, nostalgia, pred |
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