Take-Two Buys TDK After Profits Rise

The latest quarterly report from Take-Two revealed a larger than expected profit for the company, and the company raised its financial targets as a result. The company posted a net profit for the fiscal third quarter of $7.7 million or $0.18 per share, compared with a profit of $4.8 million at the same time last year or $0.12 per share. Revenue also rose 27% to $155.6m from $122.5m. As a consequence of these results the company raised its earnings forecast to $2.30 a share on sales of $1.015 billion. At the same time the company revealed a double pack of GTA III and GTA: Vice City for the Xbox and announced that it will buy TDK Mediactive for $22.7 million in stock. A specialist in children’s and low priced games the deal gives the company access to properties such as Shrek and Pirates of the Caribbean, as well as elements of the Star Trek franchise. Shares in the company rose nearly 9% today on the Nasdaq market.