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.