Take-Two Posts Loss And Slashes Forecasts

Shares in Take-Two have fallen to $26, from a close of $30.27 yesterday, after the company posted a wider-than-expected quarterly loss and slashed forecasts. Net sales for the second quarter ended April 30 were $153.4 million, compared to $193.0 at the same time last year. Net loss for the quarter was $14.6 million, compared to a net income of $14.6 million a year ago, with a net loss of $0.33 per share compared to diluted net income per share of $0.35 last year. The company also revised fiscal guidance for 2004, with full year results now expected to show $1.60 to $1.65 in diluted net income per share, compared to prior guidance of $2.00 in diluted net income per share. Finally, Richard W. Roedel, the company’s executive chairman, has been appointed as CEO on a permanent basis, effective immediately. Roedel was named CEO on an interim basis in April and has been a member of the board of directors since November 2002. Source: Business Wire