Good News and Bad News in Take Two's Financial Results


Posted March 11, 2009 - By Stephen Johnson

Take Two Interactive LogoGame publisher Take Two Interactive released its financial results for the quarter ending January 31. Here's the good news from the quarter:

  • Over 13 million units of Rockstar Games' Grand Theft Auto IV have shipped as of January 31, 2009.
  • Rockstar Games announced Red Dead Redemption, a follow-up to the 2004 hit game Red Dead Revolver, which is in development at Rockstar San Diego and planned for a fall 2009 release.
  • 2K Play's wholly owned Carnival Games franchise, including Carnival Games for Nintendo's Wii and DS, and Carnival Games MiniGolf for Wii, has shipped over four million units worldwide.

Now for the not so good news: The company lost money anyway and did so even faster than the previous year. From the report:

Net loss for the first quarter was $50.4 million or $0.66 per share, compared to a net loss of $38.0 million or $0.52 per share in the first quarter of fiscal 2008. The Company's increased loss for the first quarter compared to the prior year was primarily due to higher marketing, legal, and research and development expenses.

The first quarter results include $6.2 million in stock-based compensation expense ($0.08 per share) and $4.9 million in expenses related to unusual legal matters ($0.06 per share). Results for the first quarter of 2008 included $6.1 million in stock-based compensation expense ($0.08 per share) and $1.7 million in expenses related to unusual legal matters and business reorganization costs ($0.02 per share).

"Yeah, sure," you're saying to yourself, "but that's all in the past!" Well, as for the future, Take Two said:

 "Looking to the balance of the year, the economy remains challenging and uncertain, and our industry will not be immune to this environment. Consumers will continue to be highly selective in their purchases, including interactive entertainment. We need to deliver innovative, exceptionally compelling products to compete for this more limited consumer spending, and we are confident in our ability to do so," said Strauss Zelnick, Chairman of Take-Two.

It's very strange (and depressing) that the company that published Grand Theft Auto IV, Bioshock, and the insanely profitable Carnival Games isn't making a profit.

Of the company's upcoming games, I'm most interested in Red Dead Redemption. I thought Red Dead Revolver was a fantastic, underrated game. I can't wait for the current-gen sequel... Also, Beaterator looks interesting. Here's the list, reader:

The following titles shipped during the first and second quarters of 2009:

Title Platform
Dora the Explorer: Dora Saves the Snow Princess DS
Grand Theft Auto IV PC
Grand Theft Auto IV: The Lost and Damned Xbox 360
Major League Baseball® 2K9 Multiple platforms
MLB® 2K9 Fantasy All-Stars DS
MLB® Front Office Manager Xbox 360, PS3, Games for Windows®
MLB® Superstars Wii

Take-Two's lineup announced to date for the remainder of fiscal 2009 includes the following titles:

Title Platform
Beaterator TBA
BioShock® 2 TBA
Borderlands Xbox 360, PS3, Games for Windows
Don King Boxing Wii, DS
Grand Theft Auto: Chinatown Wars DS
Grand Theft Auto IV Second Episode Xbox 360
Mafia II Xbox 360, PS3, Games for Windows
Major League Baseball® 2K9 PSP
Midnight Club: Los Angeles Downloadable
     Content - South Central Premium Upgrade
Xbox 360, PS3
NBA® 2K10 Multiple platforms
NHL® 2K10 Multiple platforms
Red Dead Redemption Xbox 360, PS3
The BIGS2 Multiple platforms

Which are you looking forward to... and is this lineup enough to change Take Two's fortunes? 


Good News and Bad News in Take Two's Financial Results


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