Take-Two Shows Increased Revenues, Profits For Q4 And Full 2010 Fiscal Year

Take-Two Interactive said it beat corporate guidance for revenue and profit numbers for both the quarter and the fiscal year that ended October 31 on strong sales for both holiday and catalog titles. Net income for the quarter was nearly $53.8 million, up from a loss of $23.5 million during the same period last year. The profitable quarter helped the company finish the year with over $42.5 million in profits, compared to a $140 million loss for the 2009 fiscal year. Revenues for the quarter were up 32 percent year over year to $373.7 million, with total fiscal year revenue topping $1.15 billion, up 65 percent from the previous year. The company specifically cited new titles including NBA 2K11, Mafia II, Red Dead Redemption, Sid Meier's Civilization V, Grand Theft Auto IV: Complete and New Carnival Games as driving the quarterly profits, in addition to catalog titles Borderlands, Grand Theft Auto IV and several licensed Nickelodeon properties. Take-Two also noted that the 2K Sports division was profitable in its own right for the fiscal year, and that digital sales "continued to be a meaningful component of Take-Two's sales" in the fourth quarter. "We have achieved our goal of profitability in a year without a new release of Grand Theft Auto," said Take-Two CEO Ben Feder. Today's release marks the last Take-Two fiscal year to end in October -- the company recently decided to change to an April to March fiscal calendar to better align with the rest of the industry. The better than expected results boosted after-hours trading on Take-Two, with shares up around 7% to $12.74 after the U.S. markets closed.