Take-Two announces fiscal year 2007 financial results

It’s no secret that we’ve seen great games from Take-Two Interactive Software, and the company’s financial report for fiscal year 2007 stands proof. First-person shooter Bioshock (Microsoft Xbox 360, PC) shipped over two million units since launch, and honored the company with plenty of awards.

Find out Take-Two’s fiscal year 2007 results at the full article.

Take-Two Interactive Software, known for the successful Grand Theft Auto franchise, just released its financial results for the end of fiscal year 2007 with 2K Games developed Bioshock (Microsoft Xbox 360, PC) on top. The company’s net revenue for the quarter ending October 31, 2007 reached US$ 292.2 million, a step up from US$ 266.6 million of last year in the same period.

Critically acclaimed BioShock headlines the list of business highlights after shipping over 2 million units of its Microsoft Xbox 360 and PC versions since the video game’s launch in August. Carnival Games which appeared on the Nintendo Wii a few days after BioShock was released got 500,000 copies off shelves, and will see its reiteration on the Nintendo DS in fiscal 2008.

Take-Two Interactive ended the fiscal year with US$ 981.8 million in net revenue compared to US$ 1.038 billion of last year, while US$ 138.4 million or US$ 1.93 per share make up the net loss following US$ 184.9 million or US$ 2.60 per share of last year.

Chairman Strauss Zelnick said, “Fiscal 2007 was a year of progress for Take-Two, capped by better-than-expected bottom line financial performance in the fourth quarter.” He added that this is due to streamlined operations, improved cost structure, and an expanding portfolio of video game franchises.

Next year is expected to be strong too, since according to CEO Ben Feder, Grand Theft Auto IV (Microsoft Xbox 360, Sony PlayStation 3) is set for Q2 of fiscal 2008. Midnight Club: Los Angeles, Bully: Scholarship Edition, Sid Meier‘s Civilization: Revolution, Major League Baseball 2K8, and NBA 2K9 are among the noteworthy releases for next year.

Taken from Take-Two’s press release:

Fiscal 2007 results include $17.3 million in stock-based compensation expenses ($0.24 per share); $23.6 million in business reorganization costs ($0.32 per share), which included a $3.1 million loss related to the sale of Joytech ($0.04 per share); and $16.7 million in expenses related to unusual legal matters ($0.23 per share). 

Results for fiscal 2006 included $21.9 million in stock-based compensation expenses ($0.19 per share); $32.2 million in expenses primarily related to studio closures ($0.34 per share); and $6.9 million in expenses related to unusual legal matters ($0.06 per share). Fiscal 2006 results also reflected a non-cash charge of $59.5 million ($0.84 per share) to record a valuation allowance on deferred tax assets.

Take-Two also announced the line-up of games for the next fiscal year. For Q1 2008:

• College Hoops 2K8 (Xbox 360, PS3, PS2)
• Dora the Explorer: Dora Saves the Mermaids (DS)
• Go, Diego, Go!: Safari Rescue (DS)
• Deal or No Deal: Secret Vault Games (PC)
• Grand Theft Auto: Vice City Stories (for Japan, PS2, PSP)

Of course, annual sports games and the much awaited Grand Theft Auto IV have to be present. After the first quarter, here’s what Take-Two has in store:

• Borderlands (Xbox 360, PS3, Games for Windows)
• Bully: Scholarship Edition (Xbox 360, Wii)
• Carnival Games (DS)
• Don King Presents: Prizefighter (Xbox 360, Wii, DS)
• Dora the Explorer: Dora Saves the Mermaids (PS2)
• Go, Diego, Go!: Safari Rescue (Wii, PS2)
• Grand Theft Auto IV (Xbox 360, PS3)
• Grand Theft Auto IV episodic content (Xbox 360)
• Major League Baseball 2K8 (Multiple platforms)
• Midnight Club: Los Angeles (Xbox 360, PS3)
• NBA 2K9 (Multiple platforms)
• NHL 2K9 (Multiple platforms)
• Sid Meier’s Civilization Revolution (Xbox 360, PS3, DS)
• Top Spin 3 (Xbox 360, PS3, Wii)