Consumer slump hits Take 2

The firm, which owns Rockstar Games, 2K Games, 2K Sports and Global Star, revealed preliminary unaudited net sales for the fiscal year ending October 31st of $1.2billion, down from the projected $1.4 to $1.5bn. Net sales for the fourth quarter 2005 were $308 million.

Take 2 now expects $230 to $250 million in net sales and a net loss per share in the first quarter ending January 31st 2006.

“Clearly, the holiday season did not live up to anyone’s expectations,” commented president and CEO Paul Eibeler. “While it is difficult to assess the impact of the hardware transition on our industry in 2006, we remain confident of the resilience and future prospects of Take 2 and the global video game business.

“We are focused on driving both top and bottom line growth in the video game marketplace by producing high quality titles for a diverse and expanding audience.”

Along with the results, the firm also unexpectedly announced that it will be porting PSP title Grand Theft Auto: Liberty City Stories to PS2, with a tentative release planned for Q2 2006. Other 2006 releases include Bully for PS2 and Xbox, an all-new Grand Theft Auto title for PSP, a Rockstar-brand sequel for Xbox 360, The Da Vinci Code, Prey and 24.

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