Take-Two announces fiscal year 2007 financial results |
Ó
Take-Two Interactive Software, known for the successful Grand Theft Auto
franchise, just released its financial results for the end of fiscal
year 2007 with 2K Games developed Bioshock (Microsoft Xbox 360, PC) on top. The company's net revenue for the quarter ending October 31, 2007 reached US$ 292.2 million, a step up from US$ 266.6 million of last year in the same period.Critically acclaimed BioShock headlines the list of business highlights after shipping over 2 million units of its Microsoft Xbox 360 and PC versions since the video game's launch in August. Carnival Games which appeared on the Nintendo Wii a few days after BioShock was released got 500,000 copies off shelves, and will see its reiteration on the Nintendo DS in fiscal 2008.
Take-Two Interactive ended the fiscal year with US$ 981.8 million in net revenue compared to US$ 1.038 billion of last year, while US$ 138.4 million or US$ 1.93 per share make up the net loss following US$ 184.9 million or US$ 2.60 per share of last year.
Chairman Strauss Zelnick said, "Fiscal 2007 was a year of progress for Take-Two, capped by better-than-expected bottom line financial performance in the fourth quarter." He added that this is due to streamlined operations, improved cost structure, and an expanding portfolio of video game franchises.
Next year is expected to be strong too, since according to CEO Ben Feder, Grand Theft Auto IV (Microsoft Xbox 360, Sony PlayStation 3) is set for Q2 of fiscal 2008. Midnight Club: Los Angeles, Bully: Scholarship Edition, Sid Meier's Civilization: Revolution, Major League Baseball 2K8, and NBA 2K9 are among the noteworthy releases for next year.
Taken from Take-Two's press release:
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.
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Comments [refresh]
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