Take-Two: BioShock 2 In 2009, Mafia Dev Acquired, Borderlands Delayed

Publisher Take-Two has announced the results of its first quarter, showing sales of $240.4 million and losses up to $38 million, as it announces that BioShock 2 will be released during fall of 2009, and that it has acquired Mafia developer Illusion Softworks. Sales fell from $277.3 million the year prior, due to what Take-Two says was a lighter holiday release schedule. Sales were mainly driven by BioShock, Carnival Games, NBA 2K8, and continued sales of its Grand Theft Auto releases, including the release of Grand Theft Auto: Vice City Stories in Japan. Losses were up from $21.5 million the year prior. Take-Two meanwhile announced that its recently opened 2K Marin studio was developing BioShock 2, currently planned for release at the end of 2009. The publisher says 2 million copies of the original BioShock have been sold worldwide to date. The company also announced that it has acquired Mafia and Hidden & Dangerous developer Illusion Softworks, which will henceforth be renamed 2K Czech. The studio is said to be working on Mafia II for PC and next-gen consoles. Looking forward, Take-Two says the release of Borderlands, the sci-fi shooter originally announced in August of 2007 has been moved into fiscal 2009 -- some time after October of this year -- "to allow additional development time for this highly anticipated game." Its guidance for the remainder of the year has been modified to reflect the delay, with the publisher now calling for sales of $450-500 million in its second quarter, and sales of $1.25 to $1.4 billion for its full year. Said Take-Two chairman Strauss Zelnick, “We are pleased with Take-Two’s stronger than expected top and bottom line results for the first quarter. Our performance benefited from a diverse range of hit titles in the first quarter, and we are eagerly awaiting the release of Grand Theft Auto IV in the second quarter." He added, "We believe that our extraordinary creative assets and improving operational efficiency will be sources of significant value for shareholders as the interactive entertainment industry moves further into the current growth cycle.”