Take-Two Announces 2009 Second Quarter Results

[Ginger_Ale]

Earlier today, Take-Two, owner of the 2K Games label and parent company of Firaxis, released its financial results for the second quarter, or the period from February 1 to April 30 of this year. In its online press release, Take-Two revealed that it was not immune from the economic recession:

Net loss for the second quarter was $10.1 million or $0.13 per share, compared to net income of $98.2 million or $1.29 per share in the second quarter of fiscal 2008.

Net loss for the first half of fiscal 2009 was $60.5 million or $0.79 per share, compared to net income of $60.2 million or $0.80 for the 2008 period.

The Company incurred significant legal, consulting and investment banking expenses in the fiscal year ended October 31, 2008 related to the tender offer by Electronic Arts Inc. to acquire all of the Company's outstanding shares, which was launched in March 2008 and expired in August 2008, and the Company's related strategic review process which was completed in October 2008.

While Take-Two projects that its revenue will pick up in the second half of this year, as it plans to release ten new games, it is still far off of its marks from last year. Like a lot of other companies, it seems that success at this point in time means preventing things from getting worse.

>> Read Take-Two's full press release

 

[jsweeney]

the game industry is supposedly one of the better businesses during a recession. I mean, people have only tightened the belt for video games only so much, basically video games make people happy and they continue to buy no matter what. so, although 10.1 million is a huge amount, but they can make that with one or two titles (one if it was civ5)

 

[Tarkhan]

Pretty typical for a recession - minimize the damage and weather the storm, so you're in a position to come back fighting when things pick up again.

 

[timerover51]

Earlier today, Take-Two, owner of the 2K Games label and parent company of Firaxis, released its financial results for the second quarter, or the period from February 1 to April 30 of this year.

Like a lot of other companies, it seems that success at this point in time means preventing things from getting worse.

>> Read Take-Two's full press release

Hmm, I would define success as simply managing to stay in business.