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Take-Two Revenue Grows As 'Red Dead Redemption' (ALL) Sells 8 Million Units

by Rainier on Dec. 16, 2010 @ 4:15 p.m. PST

Take-Two announced financial results for the three and twelve months ended October 31, 201, revealing net revenue growth of 65% year-over-year, driven by Civilization V, Mafia II, and Red Dead Redemption which to date has sold nearly 8 million copies.

For the twelve months ended October 31, 2010, net revenue grew 65% year-over-year to $1.16 billion. GAAP income from continuing operations increased to $49.7 million, or $0.58 per diluted share, as compared to a loss of $130.4 million, or $1.70 per share, for the year-ago period. Non-GAAP income from continuing operations increased to $97.5 million, or $1.06 per diluted share, as compared to a Non-GAAP loss of $90.4 million, or $1.18 per share, for the year-ago period. Non-GAAP income from continuing operations excludes certain non-cash and non-operational gains and losses identified on the attached reconciliation of GAAP and Non-GAAP measures.

For the three months ended October 31, 2010, net revenue grew 32% year-over-year to $373.7 million. GAAP income from continuing operations increased to $54.2 million, or $0.58 per diluted share, as compared to a loss of $7.9 million, or $0.10 per share, for the year-ago period. Non-GAAP income from continuing operations increased to $64.0 million, or $0.67 per diluted share, as compared to $7.9 million, or $0.10 per diluted share, for the year-ago period.

The strongest contributors to net revenue and profitability in the three month period ended October 31, 2010 were new titles, including NBA® 2K11, Mafia® II, Red Dead Redemption, Sid Meier’s Civilization® V, Grand Theft Auto IV: Complete and New Carnival Games®. Catalog titles that contributed to the strength in the recent period included Borderlands™, Grand Theft Auto IV and several Nickelodeon titles. In addition, digitally delivered content has continued to be a meaningful component of Take-Two’s sales.

Ben Feder, CEO of Take-Two, commented, “We have achieved our goal of profitability in a year without a new release of Grand Theft Auto. Our better-than-expected revenue growth and margin expansion were driven by strong demand for our diverse portfolio of games, including the hit new titles Red Dead Redemption and NBA 2K11, as well as strong sales of catalog titles and digitally delivered content. I am also pleased to report that our 2K Sports division was profitable during the period.”

Strauss Zelnick, Chairman of Take-Two, added, “As we finish 2010, our Company is better positioned for success than ever, creatively, operationally and financially. We plan to build on the talents of our world-class creative team to deliver an increasingly diverse portfolio of high-quality titles. We will also pursue opportunities to enter newer areas of the interactive entertainment business, such as digitally delivered content and the expanding Asian and Latin American markets. In addition, we will continue to optimize our efficient operating infrastructure and sound balance sheet to support our future initiatives for profitable growth.”

During the three months ended October 31, 2010:

  • Rockstar Games released several downloadable content packs for Red Dead Redemption, which has sold-in nearly 8 million units worldwide since launching in May.
  • 2K Games launched Mafia II and several downloadable content packs for the title.
  • 2K Sports launched NBA 2K11, which sold-in more than three million units worldwide and received the highest scores in the history of the franchise (89 – Metacritic.com).
  • 2K Sports signed pitcher Roy Halladay of the Philadelphia Phillies as the cover athlete for Major League Baseball 2K11 that will launch in spring 2011.
  • 2K Games announced that it will release Duke Nukem Forever during calendar year 2011.
  • 2K Games’ Sid Meier’s Civilization V launched to critical acclaim and was heralded for advancing the real-time strategy genre.

Take-Two's lineup of future titles announced to date includes:

       

Title

  

Platforms

  

Planned For Release

L.A. Noire

  

Xbox 360, PS3

  

Spring 2011

Top Spin 4

  

Xbox 360, PS3, Wii

  

Fiscal 4Q 2011

Major League Baseball 2K11

  

Xbox 360, PS3, PS2, PSP, Wii, PC

  

Fiscal 4Q 2011

Duke Nukem Forever

  

Xbox 360, PS3, PC

  

Calendar Year 2011

Spec Ops: The Line

  

Xbox 360, PS3, PC

  

Fiscal Year 2012

XCOM

  

Xbox 360, PC

  

Fiscal Year 2012

BioShock Infinite

  

Xbox 360, PS3, PC

  

Calendar Year 2012

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