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BioShock 2

Platform(s): PC, PlayStation 3, Xbox 360
Genre: Action/Adventure
Publisher: 2K Games
Developer: 2K Games
Release Date: Feb. 9, 2010

About Rainier

PC gamer, WorthPlaying EIC, globe-trotting couch potato, patriot, '80s headbanger, movie watcher, music lover, foodie and man in black -- squirrel!

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Bioshock 2, Mafia II, Max Payne 3, Red Dead Redemption Scheduled for First Half of 2010

by Rainier on Sept. 1, 2009 @ 8:59 p.m. PDT

Set approximately 10 years after the events of the original BioShock, the halls of Rapture once again echo with sins of the past. All along the Atlantic coastline, a monster has been snatching little girls and bringing them back to Rapture. You will play as the first Big Daddy as you travel through the decrepit and beautiful fallen city, chasing an unseen foe in search of answers and your own survival. New enemies, new dangers and all-new mysteries combine to form a must-have sequel...

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 bycatalog 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).

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 PLAYSTATION3 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 Revolutionfor iPhone and iPod touch.

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

    Fourth quarter ending   Fiscal year ending     10/31/2009   10/31/2009 Revenue   $350 to $375 million   $0.975 to $1.0 billion Non-GAAP EPS   $0.30 to $0.35   $(0.81) to $(0.87) Stock-based compensation         expense per share (a)   $0.08   $0.30 Expenses related to unusual         legal matters per share   $0.01   $0.10

(a) The Company's stock-based compensation expense for the fourth quarter and fiscal year 2009 includes the cost of approximately 2 million stock options and 1.5 million shares previously issued to ZelnickMedia that are subject to variable accounting. Actual expense to be recorded in connection with these options and shares is dependent upon several factors, including future changes in Take-Two's stock price.

Key assumptions and dependencies underlying the Company’s guidance include continued consumer acceptance of the Xbox 360 video game and entertainment system from Microsoft, PLAYSTATION3 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.

The following titles shipped during the third quarter of fiscal 2009:

  • Birthday Party Bash (Wii)
  • The BIGS 2 ( Multiple platforms)
  • Sid Meier’s Civilization IV: The Complete Edition (PC)

Following are the key titles planned for release in the fourth quarter of fiscal 2009:

  • Borderlands (Xbox 360, PS3, PC)
  • Grand Theft Auto: Chinatown Wars (PSP, iPhone, iPod touch)
  • Grand Theft Auto: Episodes from Liberty City (Xbox 360)
  • Grand Theft Auto: The Ballad of Gay Tony (Xbox Live/Download Ep.)
  • NBA 2K10 (Multiple platforms)
  • NHL 2K10 (Multiple platforms)
  • Rockstar Games and Timbaland present Beaterator ( PSP, iPhone, iPod touch )

Take-Two's lineup of key titles announced to date for fiscal 2010 includes:

  • BioShock 2 (Xbox 360, PS3, PC)
  • Mafia II (Xbox 360, PS3, PC)
  • Max Payne 3 (Xbox 360, PS3, PC)
  • Red Dead Redemption (Xbox 360, PS3)

“We remain focused on our core strategy of delivering high quality interactive entertainment experiences and exceptional value through our catalog of proven titles. While the economy and retail environment continue to be challenging, we are optimistic that ‘must have’ triple-A and value products will be key drivers this holiday season. That said, we are maintaining a prudent approach to our business outlook for the remainder of this year and as we head into fiscal 2010. We will continue to invest our resources in initiatives that will enhance our industry-leading creativity and innovation,” said Strauss Zelnick, Chairman of Take-Two.

Ben Feder, Chief Executive Officer of Take-Two, noted, “Our strong lineup for the balance of this year includes a broad array of titles that we believe will appeal to both hard core and casual gamers. Anchored by several new titles from our blockbuster Grand Theft Auto series and the latest installment of our #1-rated NBA 2K franchise, our holiday portfolio will also feature Borderlands, a genre-defining new intellectual property. Looking ahead, we will continue to support our product development efforts with a solid balance sheet, operational improvements, and a creative team that is among the most talented in our industry.”


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