Non-GAAP Net Income Per Share was $0.02
Company Reiterates Financial Outlook for Fiscal Year 2012
NEW YORK, Aug 08, 2011 (BUSINESS WIRE) -- Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today reported net revenue and Non-GAAP profits for the first quarter of its fiscal year 2012, ended June 30, 2011, which were in line with its most recent financial outlook. In addition, the Company reiterated its financial outlook for the fiscal year 2012, ending March 31, 2012, and provided its initial financial outlook for the second quarter ending September 30, 2011.
For the first quarter ended June 30, 2011, net revenue was $334.4 million, as compared to $375.4 million for the year-ago period. GAAP loss from continuing operations was $8.6 million, or $0.11 per share, as compared to GAAP income from continuing operations of $27.4 million, or $0.31 per diluted share, for the year-ago period. Non-GAAP net income was $2.0 million, or $0.02 per share, as compared to Non-GAAP net income of $40.9 million, or $0.43 per diluted share, for the year-ago period.
The strongest contributors to net revenue in the first quarter included new titles led by L.A. Noire, Duke Nukem Forever ® , NBA ® 2K11 and Carnival Games ® : Monkey See, Monkey Do TM , and catalog titles led by the Red Dead Redemption franchise, the Grand Theft Auto franchise and Borderlands TM . Digitally delivered content accounted for $24.6 million of net revenue, up 49% year-over-year, driven by offerings for Red Dead Redemption, Borderlands, the Grand Theft Auto franchise, Duke Nukem Forever, the Sid Meier's Civilization franchise, and L.A. Noire.
Strauss Zelnick, Chairman and CEO of Take-Two, commented, "During the first quarter, we delivered revenue and Non-GAAP profits that were in line with our expectations. Our results benefited from the launch of Rockstar's groundbreaking and critically acclaimed title - L.A. Noire, the release of Duke Nukem Forever, continued strong sales of NBA 2K11 and Red Dead Redemption, and growth in digitally delivered content. Given our solid performance year-to-date and robust pipeline of upcoming new releases, we are well positioned to be profitable on a Non-GAAP basis in fiscal year 2012.
"Looking ahead to fiscal year 2013, we have already announced three exciting new releases: BioShock Infinite, Spec Ops: The Line, and Borderlands 2, and we have a very strong pipeline of yet-to-be announced titles in development. As a result, we continue to expect to achieve substantial revenue and earnings growth, including Non-GAAP net income in excess of $2.00 per share.
"We also continue to make significant investments in content for online and mobile gaming platforms. We recently released our ninth offering for Apple's iOS mobile operating system - the Sid Meier's Pirates! App for the iPad, launched our first social game - Sid Meier's Civilization World, for Facebook, and we are hard at work with our partners in Asia on our three previously announced initiatives to develop online games. These initiatives are just the beginning of our ongoing efforts to drive growth through these emerging and exciting areas of gaming."
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