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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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Take-Two Q3 2010 Financials Reveals 'L.A. Noire' (ALL) Delayed Again

by Rainier on Sept. 2, 2010 @ 3:40 p.m. PDT

Take-Two announced financial results for its third quarter ended July 31, 2010, showing a massive net revenue increase (from last year's $94.9 million to $354.1 million this quarter) mainly due to strong Red Dead Redemption sales, which has now sold a whopping 6.9 million copies. Less positive news for L.A. Noire fans, as the title has once more been delayed, now expected first half of 2011.

Net revenue for the third fiscal quarter was $354.1 million, a sharp increase compared to $94.9 million reported for the same quarter of fiscal 2009.

Take-Two attributed its significantly better-than-expected results for the fiscal 2010 third quarter primarily to the strong performance of Red Dead Redemption, which has sold in more than 6.9 million units worldwide since its launch in May 2010. The Company’s catalog also contributed to its third quarter sales, including Grand Theft Auto: Episodes from Liberty City, Grand Theft Auto IV, NBA 2K10 and Borderlands. In addition, digitally delivered content has continued to be a meaningful component of Take-Two’s sales.

Income from continuing operations for the third quarter was $12.4 million or $0.14 per diluted share, compared to a loss from continuing operations of $58.3 million or $0.76 per share in the third quarter of fiscal 2009. Excluding certain non-cash and non-operational gains and losses identified on the attached reconciliation of GAAP and non-GAAP measures, non-GAAP net income was $26.0 million or $0.28 per diluted share in the third quarter of fiscal 2010, compared to a non-GAAP net loss of $52.3 million or $0.68 per share in the third quarter of 2009.

For the nine months ended July 31, 2010, net revenue was $785.3 million, compared to $418.5 million for the same period a year ago. Loss from continuing operations for the first nine months of fiscal 2010 was $4.5 million or $0.06 per share, compared to loss from continuing operations of $122.6 million or $1.60 per share for the 2009 period. Excluding certain non-cash and non-operational gains and losses identified on the attached reconciliation of GAAP and non-GAAP measures, non-GAAP net income was $33.6 million or $0.39 per diluted share in the first nine months of 2010, compared to a non-GAAP net loss of $98.3 million or $1.28 per share in the comparable period of 2009.

Product Highlights

  • Rockstar Games launched Red Dead Redemption on May 18, during the Company’s third fiscal quarter. The title has sold in over 6.9 million units worldwide to date and has been a commercial and critical success, with a near-perfect score of 95* from Metacritic.com.
  • Rockstar Games announced a robust plan to support Red Dead Redemption with several downloadable content packs.
  • 2K Sports announced that it signed NBA legend, Michael Jordan, to be the cover athlete for NBA 2K11.
  • 2K Games announced new downloadable content packs for BioShock 2 and Borderlands that are planned for release during the Company’s fourth fiscal quarter.
  • The release of L.A. Noire is now expected during the first half of calendar 2011.
  • 2K Games and its studio, Irrational Games, announced that BioShock Infinite is in development and planned for release during calendar 2012.

Take-Two is increasing its guidance for the fourth quarter and fiscal year ending October 31, 2010, and currently expects to be profitable for the full fiscal year. In addition to the continued strength of Red Dead Redemption, this outlook reflects the contributions of Borderlands, NBA 2K10, BioShock 2 and various catalog titles during the first nine months of the fiscal year, as well as a fourth quarter roster led by Mafia II, NBA 2K11 and Sid Meier’s Civilization V. This revised guidance also reflects the movement of L.A. Noire out of the fourth quarter of fiscal 2010.

Strauss Zelnick, Chairman of Take-Two, said, “Our strategic focus on producing a select number of high quality titles, diversifying our product portfolio, and capitalizing on new revenue opportunities has enabled Take-Two to deliver significant growth and profitability in the third quarter and positioned the Company for a strong finish to the fiscal year. At a time when the interactive entertainment industry has continued to feel the impact of an uncertain economy, the exceptional response to Red Dead Redemption shows the value of compelling content and its power to capture consumer interest. These results clearly demonstrate the Company’s capacity to translate its world-class creative resources into meaningful financial performance and a solid competitive position in our industry.”

Ben Feder, Chief Executive Officer of Take-Two, noted, “Our results for the third quarter and our expectations for the remainder of fiscal 2010 reflect significant progress toward achieving our goals. First, we expect to be profitable in a fiscal year without a major multi-platform Grand Theft Auto release. Second, Take-Two’s broad array of hit franchises highlights our ability to deliver a diverse product line. Third, Red Dead Redemption has shown that our creative teams can produce multiple mega-hit franchises. Our fourth quarter roster, including Mafia II, Sid Meier’s Civilization V and NBA 2K11, demonstrates our continued ability to create a well-balanced lineup across all of our labels and build upon Take-Two’s industry-leading franchises. Finally, we are making strides in extending the value of our intellectual property into two key areas, Asia and online distribution.”

Product Releases

The following titles released in the third quarter of fiscal 2010:

Title  Platform
    
Red Dead Redemption  Xbox 360, PS3
Red Dead Redemption: Outlaws To The End Co-Op Mission Pack (DLC)  Xbox 360, PS3
    

The following titles released to date in the fourth quarter of fiscal 2010:

Title  Platform
    
BioShock 2: Minerva’s Den (DLC)  Xbox 360, PS3
BioShock 2: Protector Trials (DLC)  Xbox 360, PS3
Carnival Games  iPhone, iPod touch
Mafia II  Xbox 360, PS3, PC
Mafia II: The Betrayal of Jimmy (DLC)  PS3
NHL 2K11  iPhone, iPod touch, Wii
Red Dead Redemption: Legends and Killers Pack (DLC)  Xbox 360, PS3

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

Title  Platform
    
Borderlands: Claptrap’s New Robot Revolution (DLC)  Xbox 360, PS3, PC
Borderlands Game of the Year  Xbox 360, PS3, PC
Grand Theft Auto: Chinatown Wars HD  iPad
Mafia II: Jimmy’s Vendetta (DLC)  Xbox 360, PS3, PC
NBA 2K11  Xbox 360, PS3, PS2, PSP, Wii, PC
New Carnival Games  Wii, DS
Nickelodeon Fit  Wii
Red Dead Redemption: Liars and Cheats Pack (DLC)  Xbox 360, PS3
Red Dead Redemption: Undead Nightmare Pack (DLC)  Xbox 360, PS3
Sid Meier’s Civilization V  PC
Sid Meier’s Pirates  Wii
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