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GTA3 Fuels Excellent Q1 Results For Take-Two

Take-Two Interactive reported a solid Q1, after taking its lumps among analysts and the press for its earlier accounting goofs that forced it to restate seven quarters of results last month.
For the quarter which ended January 31, Take-Two reported a net profit of $34.8 million (92 cents a share), a big jump from last year's profit of $8.2 million (25 cents a share). Sales of Grand Theft Auto 3 accounted for whopping 41 percent of the company's total sales for the quarter. Sales climbed to $283 million from $158 million last year, and the company raised its sales guidance for fiscal 2002. The company also cited strong sales of Max Payne for the PS2, PC and Xbox, as well as the new State of Emergency title for the PS2.

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