By a News Reporter-Staff News Editor at Computer Weekly News -- Take-Two Interactive Software, Inc. (NASDAQ:TTWO) reported strong financial results for fiscal third quarter 2014, ended December 31, 2013. In addition, the Company increased its financial outlook for fiscal year 2014, ending March 31, 2014, and provided its initial financial outlook for fiscal fourth quarter 2014, ending March 31, 2014. GAAP Financial Results For fiscal third quarter 2014, GAAP net revenue increased to $1.86 billion, as compared to $415.8 million for fiscal third quarter 2013. GAAP net income from continuing operations was $578.4 million, or $4.69 per diluted share, as compared to $70.9 million, or $0.66 per diluted share, for the year-ago period. As of December 31, 2013, the Company had cash and cash equivalents of $972.2 million. Non-GAAP Financial Results For fiscal third quarter 2014, Non-GAAP net revenue grew to $767.7 million, as compared to $405.0 million for the year-ago period. Non-GAAP net income increased to $210.7 million, or $1.70 per diluted share, as compared to $78.8 million, or $0.67 per diluted share, for the year-ago period.
The largest contributors to net revenue in fiscal third quarter 2014 were Grand Theft Auto V®, NBA® 2K14, and WWE® 2K14. Non-GAAP net revenue from digitally-delivered content grew 42% year-over-year to $132.8 million, driven by the Grand Theft Auto series, the NBA 2K franchise, and offerings for Borderlands® 2 and BioShock® Infinite. Catalog sales accounted for $113.0 million of Non-GAAP net revenue led by offerings for Borderlands 2, the Grand Theft Auto series, XCOM®: Enemy Unknown, BioShock Infinite, and Sid Meier's Civilization® V. Management Comments "Take-Two's business continued to outperform expectations significantly during the fiscal third quarter," said Strauss Zelnick, Chairman and CEO of Take-Two. "Our results were driven by robust holiday demand for Grand Theft Auto V, the franchise record-breaking launch of NBA 2K14, the successful release of WWE 2K14, and strong growth in digitally-delivered revenues led by Grand Theft Auto Online. Take-Two was the top video game publisher of 2013, according to the NPD Group, underscoring our positive momentum over the past year.
Keywords for this news article include: Software, Take-Two Interactive.
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