News Column

Take-Two posts fiscal 4Q loss as sales fall

May 13, 2014

NEW YORK (AP) Take-Two Interactive Software said Tuesday it took a loss in its fiscal fourth quarter as sales declined compared to a year ago, when its game "BioShock Infinite" was released.

The video game maker said its revenue fell 35 percent from a year ago. Its biggest selling games during the period included "NBA 2K14," ''Grand Theft Auto V," ''Grand Theft Auto Online," ''Borderlands 2" and "BioShock Infinite."

Shares of Take-Two Interactive Software Inc. fell 4 cents to $20.63 on Tuesday and lost 56 cents, or 2.7 percent, to $20.07 in aftermarket trading.

The company reported a loss of $30.8 million, or 40 cents per share. It earned $22.5 million, or 24 cents per share, a year ago. Revenue fell to $195.2 million from $299.5 million.

On an adjusted basis, the company earned 21 cents per share on revenue of $233.2 million. Take-Two's adjusted results include revenue and related costs from games with online components or other elements that are not available when the title goes on sale. These can include extra downloadable content that video game companies often release well after the main game is sold.

FactSet says analysts expected net income of 11 cents per share and $202.6 million in revenue.

Take-Two said it swung to a profit of $361.6 million, or $3.20 per share, in the latest fiscal year. Revenue nearly doubled to $2.35 billion.

Looking ahead, the New York company expects to earn 80 cents to $1.05 per share on an adjusted basis in its fiscal year ending in March 2015, including a loss of 25 cents to 35 cents per share in its fiscal first quarter ending in June. Analysts expect an annual profit of $1.06 per share and a loss of 12 cents per share in the first quarter.

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Source: Associated Press

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