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Revenues and losses down at Take 2

Ben Parfitt
Rockstar owning publisher Take 2 has announced the financial results for the fourth quarter of fiscal 2007 year, brining mixed results for the firm following what has been an eventful 12 months.

For the year ending October 31st net revenues were $981.8 million, down from $1.038 billion the year before. Net loss for the period hit $138.4 million, down from $184.9 million in 2006.

For the quarter ending October 31st, net revenue climbed from $266.6 million in 2006 to $292.6 million. Net loss for the period was $7.1 million, down from the $14.0 million reported in the same period the year before.

Top performers in the quarter included Xbox 360 and PC hit FPS BioShock, which has now sold over two million units worldwide, sports sim NBA 2K8 and surprise Wii hit Carnival Games, whilst back catalogue sales of Grand Theft Auto continued to be strong.

“Fiscal 2007 was a year of progress for Take 2, capped by better-than-expected bottom line financial performance in the fourth quarter,” chairman Strauss Zelnick stated.

“The company has benefited from initiatives to streamline operations and improve our cost structure, while continuing to expand our portfolio of powerful video game franchises. We are fully committed to building on this solid foundation to produce great entertainment and to enhance shareholder value.”

CEO Ben Feder added: “Take 2 enters fiscal 2008 with the strongest, most diverse product lineup in our history – much of it internally developed and owned IP – which positions us well for the continued growth of the interactive entertainment market.’

Titles confirmed for release in the current financial year include GTA IV, Bully: Scholarship edition on 360 and PS3, next-gen title Borderlands, a DS version of Carnival Games, PS3 and Xbox 360 versions of Top Spin 3 and Midnight Club: Los Angeles and recently announced boxing title Don King Presents: Prizefighter.

The publisher also recently announced the formation of new development studio 2K Marin, based in California, which will develop original IP and work with existing 2K studios.

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