Take-Two sees $107m loss in fiscal 2012, sets bar high for 2013

Take-Two Interactive hasreportedfourth quarter and full-year results for its fiscal 2012.

Fourth quarter revenue dropped to $148.1m compared to $182.3m in fiscal 2011, with net losses hitting $66m compared to a $22.4m profit the year prior.

For the full year results, net revenue fell to $825.8m from $1.14bn last year; net losses totaled $107.7m compared to a $53.8m profit in 2011. Digital content accounted for 13 per cent of net revenue, up slightly from nine per cent a year ago.

The numbers are in line with expectations having to follow the powerhouse act of Red Dead Redemption in fiscal 2011, along with it being an off year for the GTA franchise. LA Noire was the anchor, moving 5m units during the period; and both NBA 2K12 and GTA series sales boosted numbers in a significant way as well.

Fiscal 2012 was a year of creative, operational and strategic achievement by our Company,” Chairman and CEO of Take-Two Strauss Zelnick stated. We delivered groundbreaking titles, including L.A. Noire and NBA 2K12, which set new standards for excellence; grew our revenue from digitally delivered content and mobile offerings; made substantial progress on our online gaming initiatives; and bolstered our already strong liquidity through a convertible notes offering.

While our financial results were disappointing, the decisions we made position Take-Two for growth and profitability both this year and over the long-term.”

For the 2013 fiscal year ending next March, Take-Two’s projecteing $1.75 to $1.85bn in net revenue—more than a slight step-up from the publisher’s extremely successful $1.14bn revenue in fiscal 2011.

Zelnick seems to believe those numbers will be reached in fiscal 2013 through a combination of upcoming announced products potentially slated for the period (likely to include GTA V, Bioshock Infinite, Borderlands 2, XCOM: Enemy Unknown, and a major Sid Meier’s Civilization V expansion), and ‘yet to be announced’ titles arriving over the next year.

"Fiscal 2013 kicked off with the successful launch of Max Payne 3, which received outstanding reviews and promises to be another hit for Rockstar Games. We have a fantastic lineup of upcoming releases for the balance of the year and the strongest development pipeline in the Company’s history."

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