Take Two Q4 losses double

Publisher Take Two has seen record full year revenues – but has reported a $15 million loss for the three months period ending October 31st.

Net revenue for the quarter was at $323.4 million, compared to $292.6 million for the same period in 2007. Whilst the net loss has more than doubled from $7.1 million in Q4 2007 to $15 million in Q4 2008.

Take Two’s full year net revenues were a record $1,537.5 million compared to $981.8 million in fiscal 2008, whist net income was at $97.1 million compared to a net loss of $138.4 million in 2007.

The firm highlighted the ‘robust demand for Wii software’ and new releases Midnight Club: Los Angeles, NBA 2K9, Grand Theft Auto IV and Carnival Games as the reason behind the revenue growth.

Take-Two’s record results for the 2008 fiscal year reflect the fundamental strength of our business model,” said Chairman of Take-Two Strauss Zelnick,

Our performance has benefited from the strategies we’ve implemented during the past 18 months to unlock the potential of our creative talent, sharpen our focus on the core business, and take costs out of our operations. We’ve also signed new agreements with the senior members of the Rockstar Games label, a team that has produced some of the industry’s most extraordinary hits. These actions were taken in the interest of creating long-term shareholder value, and we believe they have also better positioned the Company to weather an increasingly challenging economic climate.”

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