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Take Two Preliminary 2008 Release Schedule Revealed

by Rainier on Dec. 18, 2007 @ 3:33 p.m. PST

In its latest financial results statement, Take Two revealed a preliminary release schedule for its 2008 lineup, with GTA IV coming in Q2 2008 (Feb-April), as well as Borderlands, Bully: Scholarship Edition, Carnival Games (NDS), Don King Presents: Prizefighter, Midnight Club: Los Angeles, MLB 2K8, NBA 2K9 and Sid Meier's Civilization: Revolution.

Take-Two's lineup announced to date for the remainder of fiscal 2008 includes the following titles:

  • Borderlands (Xbox 360, PS3, PC)
  • Bully: Scholarship Edition (Xbox 360, Wii)
  • Carnival Games (NDS)
  • Don King Presents: Prizefighter (Xbox 360, Wii, NDS)
  • Dora the Explorer: Dora Saves the Mermaids (PS2)
  • Go, Diego, Go!: Safari Rescue (Wii, PS2)
  • Grand Theft Auto IV (Xbox 360, PS3)
  • Grand Theft Auto IV episodic content (Xbox 360)
  • Major League Baseball 2K8 (Multiple platforms)
  • Midnight Club: Los Angeles (Xbox 360, PS3)
  • NBA 2K9 (Multiple platforms)
  • NHL 2K9 (Multiple platforms)
  • Sid Meier's Civilization Revolution (Xbox 360, PS3, DS)
  • Top Spin 3 (Xbox 360, PS3, Wii)

Net revenue for the fourth quarter was $292.6 million, compared to $266.6 million for the same period of fiscal 2006. Fourth quarter sales were led by BioShock, NBA 2K8 and Carnival Games, all of which were new titles released this quarter, as well as Grand Theft Auto catalog titles. Distribution revenue rose year over year, as next generation hardware sales were fueled by the strength of new front-line software titles, along with robust demand for Wii products.

Net loss for the fourth quarter was $7.1 million or $0.10 per share, compared to a net loss of $14.0 million or $0.20 per share in the fourth quarter of fiscal 2006.

The fourth quarter 2007 results include $4.8 million in stock-based compensation expenses ($0.06 per share); $4.5 million in business reorganization costs ($0.06 per share), including a $3.1 million loss related to the sale of Joytech ($0.04 per share); and $1.5 million in expenses related to unusual legal matters ($0.02 per share). Results for the fourth quarter of 2006 included $6.8 million in stock-based compensation expenses ($0.08 per share); $5.5 million in expenses related to unusual legal matters ($0.06 per share); and $2.3 million in expenses primarily related to studio closures ($0.03 per share).

Non-GAAP net income was $3.4 million or $0.05 per share in the fourth quarter of 2007, compared to a net loss of $1.8 million or $0.03 per share in the fourth quarter of 2006. (Please refer to Non-GAAP Financial Measures and reconciliation tables included later in this release for additional information and details on Non-GAAP items.)

Among the significant recent business developments, Take-Two noted the following:

  • 2K Games’ wholly owned and internally developed BioShock for Xbox 360 and Games for Windows® has shipped over 2 million units worldwide since its launch in late August. This critically acclaimed title has received numerous accolades, including Game of the Year from the British Academy of Film and Television Arts (BAFTA), and from the Associated Press. Additionally, the title won Game of the Year, Best Xbox 360 Game and Best Original Score at the 2007 Spike TV Video Game Awards on December 9th.
  • Carnival Games, a wholly owned and internally developed title for Nintendo’s Wii, has shipped over 500,000 units since its debut in late August. 2K Play will be bringing this popular title to Nintendo DS in fiscal 2008.
  • The Company closed on an expanded $140 million senior secured revolving credit facility.
  • 2K announced the formation of 2K Marin, a new development studio in Novato, California, which will develop original intellectual property, as well as co-develop products with other 2K studios around the world.
  • Gary Dale was named Executive Vice President of Take-Two, responsible for business development and optimizing sales and distribution activities. He had previously served as Chief Operating Officer of Rockstar Games.

Strauss Zelnick, Chairman of Take-Two, stated, “Fiscal 2007 was a year of progress for Take-Two, capped by better-than-expected bottom line financial performance in the fourth quarter. The Company has benefited from initiatives to streamline operations and improve our cost structure, while continuing to expand our portfolio of powerful video game franchises. As a result of this progress, Take-Two today is sharply focused on its core publishing business and is operating more productively and efficiently, while continuing to foster the extraordinary creative talent of our development teams. We are fully committed to building on this solid foundation to produce great entertainment and to enhance shareholder value.”

Ben Feder, Chief Executive Officer of Take-Two, added, “Take-Two enters fiscal 2008 with the strongest, most diverse product lineup in our history – much of it internally developed and owned IP – which positions us well for the continued growth of the interactive entertainment market. We are building on our existing franchises while creating new hits such as the award-winning BioShock and Carnival Games. Our releases for the coming year include six titles that have sold over one million units in earlier versions, ranging from Grand Theft Auto IV, shipping in the second quarter of fiscal 2008, to Midnight Club: Los Angeles, Bully: Scholarship Edition, Sid Meier’s Civilization: Revolution, Major League Baseball 2K8 and NBA 2K9. We’ll also release several new brands, including Borderlands and Don King Presents: Prizefighter, as well as Nick Jr. titles based on our partnership with Nickelodeon.”

Net revenues were $981.8 million for the fiscal year ended October 31, 2007, compared to $1.038 billion in fiscal 2006. Net loss for fiscal 2007 was $138.4 million or $1.93 per share, compared to $184.9 million or $2.60 per share in fiscal 2006.

Fiscal 2007 results include $17.3 million in stock-based compensation expenses ($0.24 per share); $23.6 million in business reorganization costs ($0.32 per share), which included a $3.1 million loss related to the sale of Joytech ($0.04 per share); and $16.7 million in expenses related to unusual legal matters ($0.23 per share). Results for fiscal 2006 included $21.9 million in stock-based compensation expenses ($0.19 per share); $32.2 million in expenses primarily related to studio closures ($0.34 per share); and $6.9 million in expenses related to unusual legal matters ($0.06 per share). Fiscal 2006 results also reflected a non-cash charge of $59.5 million ($0.84 per share) to record a valuation allowance on deferred tax assets.

Non-GAAP net loss was $81.0 million or $1.13 per share in fiscal 2007, versus $84.0 million or $1.18 per share in the comparable period of 2006. (Please refer to Non-GAAP Financial Measures and reconciliation tables included later in this release for additional information and details on Non-GAAP items.)

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