Take-Two announced results for Q3, posting strong results, even in the face of a $3.4 million payout to Ubi Soft to settle a dispute over the distribution rights to Red Storm games.
For the quarter, Take-Two posted revenues of $122.5 million, a 51% increase over last year. Net income was $4.8 million (12 cents per share), compared to a net loss of $665,000 (2 cents per share) last year. During the quarter, the company shipped Grand Theft Auto 3, Age of Wonders II: The Wizard's Throne and Tropico: Mucho Macho for the PC, and The Italian Job and Big Bass Fishing for the PlayStation. The company also released Midnight Club and Smuggler's Run for Sony's PlayStation 2 Greatest Hits program. During the quarter, Take-Two Interactive Software Europe, Ltd. settled outstanding litigation with Red Storm Entertainment Inc., a subsidiary of Ubi Soft, relating to a distribution agreement over Red Storm's games. The settlement resulted in a charge of $3.4 million in the quarter. The company increased guidance for the current fiscal year (which ends October 31) to $755 million in revenues, and $1.73 of net income per share.
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