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Take-Two Postpones Q4 Earnings Announcement

Take-Two, which last month revealed that it would have to restate its earnings and revenues for all of fiscal 2000 and the first three quarters of fiscal 2001, today postponed the announcement of its Q4 2001 earnings.
The company, which was scheduled to release its results at 5pm EST, said it was still evaluating the restatements of past financial results. A brief press release from the company said "The company anticipates that certain of its previously announced estimates will have positive adjustments and others will have negative adjustments." The earlier restatements arose when it was discovered that the company recorded some product sales as revenues, even after the sold products were returned to or bought back by the company. Those restatements would lower fiscal 2000 revenue by $12-$15 million, dropping income by $3.1-$3.7 million (11-13 cents per share).

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