Take-Two Interactive Reports Record-Breaking Q1; Announces New CEO

Net sales for the quarter were $131 million, compared with $123 million for the same period a year ago. Net income was $7.8 million ($0.24 per fully diluted share) compared with $4.8 million ($0.20 per fully diluted share) for the same period a year ago. These results were right in line with analysts' expectations. For the quarter, Take-Two said it achieved its highest-ever sell-through ranking, thanks to the launches of Oni, Phantagram's Kingdom Under Fire, Talonsoft's Age of Sail 2 and Mission Studios' Jetfighter IV during Q1. In fiscal Q2, Take-Two plans to launch PopTop's Tropico and Croteam's Serious Sam. Titles expected to be shipped in the second half of the fiscal year include Max Payne, Myth 3, Hidden & Dangerous 2 and Duke Nukem Forever. In a separate announcement, Take-Two has promoted Kelly Sumner, the former president of Take-Two Interactive Software Europe, to CEO of the company. Take-Two founder Ryan Brant will remain chairman.