PlayRatty: Take-Two: GTA IV Sells 10 Million Units; DLC Coming in November

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Take-Two: GTA IV Sells 10 Million Units; DLC Coming in November

2008-09-04 20:26:12 by Stephany in Gaming Today

Banner day for Take-Two and GTA IV fans. Lots of news so I will just state the facts.

Eurogamer has reported that exclusive DLC for GTA IV should be hitting the Xbox 360 sometime in November.
Take-Two is reporting that the DLC will hit during the Q4 of their fiscal year 2009 (Nov 08-Jan 09)- so we will keep you posted on that
The DLC will consist of two 10-hour episodes
GTA IV had now sold over 10 million units

All of this comes on the heals of Take-Two’s financial report which was released this morning, full of bragging rights. For example, Q3 revenues are up from $206.4 million to $433.8 million with net income for Q3 totaling at $51.8 million or $0.67 per share. If you pull up numbers for the same time last year, you will notice that they reported a net loss of $58.5 million or $0.81per share.

No wonder they are not ready to hand the reins over to EA just yet.

For the full press release which includes a slew of boring numbers, hit the jump.

Take-Two Interactive Software, Inc. - Third Quarter Fiscal 2008 Financial Results

Non-GAAP EPS is $0.93, versus ($0.62) Non-GAAP Net Loss a Year Ago - Top and Bottom Line Results Exceed High End of Guidance - Non-GAAP EPS is $0.93, versus ($0.62) Non-GAAP Net Loss a Year Ago

Top and Bottom Line Results Exceed High End of Guidance

Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today announced financial results for its third quarter ended July 31, 2008, which exceeded the Company’s previously issued guidance.

Net revenue for the third fiscal quarter was $433.8 million, compared to $206.4 million for the same quarter of fiscal 2007. Third quarter sales were led by the blockbuster Grand Theft Auto IV, as well as Top Spin 3 and Sid Meier’s Civilization® Revolution™.

Net income for the third quarter was $51.8 million or $0.67 per share, compared to a net loss of ($58.5) million or ($0.81) per share in the third quarter of fiscal 2007.

The third quarter results include $12.6 million in stock-based compensation expense ($0.16 per share); $5.4 million in professional fees and legal expenses, primarily related to Electronic Arts’ unsolicited tender offer ($0.07 per share); and $1.8 million in business reorganization costs ($0.02 per share). Results for the third quarter of 2007 included $10.8 million of business reorganization costs, legal expenses and other professional fees ($0.15 per share); as well as $2.8 million in stock-based compensation expense ($0.04 per share).

Non-GAAP net income was $71.5 million or $0.93 per share in the third quarter, compared to a net loss of ($44.9) million or ($0.62) per share in the third quarter of 2007. (Please refer to Non-GAAP Financial Measures and reconciliation tables included later in this release for additional information and details on non-GAAP items.)

For the nine months ended July 31, 2008, net revenues were $1,214.1 million, compared to $689.2 million for the same period a year ago. Net income for the first nine months of fiscal 2008 was $112.1 million or $1.48 per share, compared to a loss of ($131.3) million or ($1.83) for the 2007 period. Results for the first nine months of fiscal 2008 include $31.1 million in stock-based compensation expense ($0.41 per share); $10.7 million in professional fees and legal expenses, primarily related to Electronic Arts’ unsolicited tender offer ($0.14 per share); and $2.9 million in business reorganization costs ($0.04 per share). Results for the first nine months of fiscal 2007 included $34.3 million of business reorganization costs, legal expenses and other professional fees ($0.48 per share); as well as $12.6 million in stock-based compensation expense ($0.18 per share).

Non-GAAP net income was $156.6 million or $2.07 per share in the first nine months of 2008, compared to a net loss of ($84.4) million or ($1.18) per share in the comparable period of 2007. (Please refer to Non-GAAP Financial Measures and reconciliation information included later in this release.)

Business Highlights

Among the significant recent business developments, Take-Two noted the following:

– Sales of Rockstar Games’ blockbuster Grand Theft Auto IV continued to exceed the Company’s expectations. Over 10 million units have been sold through to consumers as of August 16, 2008.

– Carnival Games™, a wholly owned and internally developed title for the Wii™ home video game system from Nintendo and Nintendo DS™, has shipped over 2 million units since its debut in late August 2007. 2K Play will be expanding the franchise with Carnival Games: Mini-Golf for the Wii in the fourth quarter of fiscal 2008.

– Gary Dale was named Chief Operating Officer of Take-Two, responsible for Take-Two’s publishing labels, sales activities, international expansion and business development initiatives. He had previously served as Executive Vice President of Take-Two.

“Take-Two’s exceptionally robust third quarter results reflected our continuing efforts to build a diverse roster of outstanding entertainment software brands, supported by an increasingly productive and efficient business organization,” said Strauss Zelnick, Chairman of Take-Two. “Thanks in particular to the creativity of our global development teams and their passion for producing great entertainment, we are benefiting from a portfolio that is the strongest in our Company’s history, as well as one of the most valuable in our industry.”

Ben Feder, Chief Executive Officer of Take-Two, noted, “I’m extremely pleased with our strong position heading into the holiday season. Our world-class holiday portfolio includes Grand Theft Auto IV, Top Spin 3, Sid Meier’s Civilization Revolution, and Carnival Games, as well as upcoming hits such as Midnight Club: Los Angeles, BioShock for PLAYSTATION®3, and a range of sports titles. Longer term, we’re sharply focused on bringing our popular products to new regions and new markets, as we continue to seek opportunities for profitable growth and enhanced stockholder value.”

Financial Guidance

Take-Two’s guidance for the fourth quarter and fiscal year ending October 31, 2008 is detailed below. The Company has increased its guidance for fiscal year 2008, while reducing its guidance for the fourth quarter, primarily due to the significantly better than expected third quarter results and shifts in the timing of certain product releases, the most significant of which are Midnight Club: Los Angeles and Midnight Club: LA Remix, which will now be released on October 21st and October 24th in North America and Europe, respectively.

Revenue* Non-GAAP EPS (a)(b) —————— ——————— Fourth quarter ending $285 to $335 $0.01 to $0.05 10/31/2008 Fiscal year ending $1,500 to $1,550 $2.08 to $2.12 10/31/2008

* In millions

(a) The Company’s non-GAAP EPS estimates for the fourth quarter and fiscal year ending October 31, 2008 exclude approximately $0.18 and $0.59 per share, respectively, of stock-based compensation expense; and approximately $0.03 and $0.21 per share, respectively, of professional fees and legal expenses related to unusual matters, including the Electronic Arts tender offer and the Company’s related review of strategic alternatives; as well as business reorganization costs. The Company’s stock-based compensation expense for the fourth quarter and fiscal 2008 reflects the cost of approximately 2 million stock options and 1.5 million shares issued to ZelnickMedia that are subject to variable accounting. Actual expense to be recorded in connection with these options and shares is dependent upon several factors, including future changes in Take-Two’s stock price.

(b) EPS estimates reflect tax expense primarily for international operations.

Key assumptions underlying the Company’s guidance include continued consumer acceptance of the Xbox 360® video game and entertainment system from Microsoft, PLAYSTATION®3 computer entertainment system and Wii™ home video game system from Nintendo; the ability to develop and publish products that capture market share for these current generation systems while continuing to leverage opportunities on prior generation platforms; as well as the timely delivery of the titles detailed in this release.

Product Pipeline

The following titles shipped during the third quarter of fiscal 2008:

Title Platform ———————————————————————-

Carnival Games™ DS Don King Presents: Prizefighter Xbox 360 MLB® Power Pros 2008 Wii, PS2 Sid Meier’s Civilization® Revolution™ Xbox 360, PS3, DS Top Spin 3 Xbox 360, PS3, Wii, DS

The following titles are planned for release in the remainder of fiscal 2008:

Title Platform ———————————————————————-

BioShock® PS3 Carnival Games: Mini-Golf™ Wii Dora the Explorer: Dora Saves the Snow Princess Wii, PS2, DS Go, Diego, Go!: Great Dinosaur Rescue Wii, PS2, DS Grand Theft Auto IV (Japanese edition) Xbox 360, PS3 Midnight Club: Los Angeles Xbox 360, PS3 Midnight Club: LA Remix PSP NBA® 2K9 Multiple platforms NHL® 2K9 Multiple platforms Sid Meier’s Civilization IV: Colonization™ Games for Windows® The Wonder Pets!: Save the Animals DS

Take-Two’s line up announced to date for fiscal 2009 includes the following titles:

Title Platform ———————————————————————-

BioShock® 2 TBA Borderlands™ Xbox 360, PS3, Games for Windows® Champions Online™ TBA (MMOG) Grand Theft Auto: IV PC Grand Theft Auto: Chinatown Wars DS Grand Theft Auto IV episodic content Xbox 360 Mafia II Multiple platforms Major League Baseball® 2K9 Multiple platforms MLB® Superstars Wii NBA® 2K10 Multiple platforms NHL® 2K10 Multiple platforms

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