NEWS - Tuesday, June 8, 2004


Take-Two Reports Q2 Decline

Take-Two has today reported its financial results for the fiscal second quarter ended April 30, 2004. The company’s net sales of $153.4 million are significantly down on the $193 million achieved during the same period in 2003, although it’s worth noting that last year’s figure included significant sales of Grand Theft Auto: Vice City on the PlayStation 2, as well as those for the then newly released Midnight Club 2. Take-Two’s net loss for the quarter was $14.6 million, compared to a net income of $14.6 million 12 months earlier. As a result of the disappointing second quarter, Take-Two’s results for the six months ended April 30, 2004 are also down on those for the previous year. The company’s net sales of $528.9 doesn’t compare favorably with the $604 million the previous year, and the net income of $17.2 million is significantly down on the $66.2 million the company reported for the first six months of its fiscal 2003 year. Take-Two has revised its guidance for both the third quarter ending July 31, 2004 and for the fiscal year ending October 31, 2004. The changes reflect lower than anticipated sales of the company’s catalog products, as well as changes to its release schedule for the remainder of the fiscal year. Grand Theft Auto: San Andreas, incidentally, is still on track for release in North America and Europe on October 19 and 22 respectively. For its third fiscal quarter ending July 31, 2004, Take-Two now expects to achieve net sales of between $130 million and $140 million rather than its previous guidance figure of between $180 million and $200 million. For the fiscal year ending October 31, 2004, however, (by which time GTA: San Andreas will have been on sale for almost two weeks) the company is now predicting net sales of between $1.125 billion and $1.145 billion, as opposed to its prior guidance of $1.17 billion. Take-Two’s fiscal 2004 guidance, incidentally, does not take into account the co-publishing and distribution agreement for Sega’s ESPN videogames, which was also announced today. In addition to its financial results and agreement with Sega, Take-Two has today announced Richard Roedel has been appointed as the company’s permanent CEO by the board of directors. Roedel had previously assumed the position on an interim basis in April. "I am very pleased to have the opportunity to serve as chief executive officer of Take-Two in a permanent capacity. After nearly two years working closely with the company, I have learned a great deal about Take-Two’s business and its tremendous potential. My immediate mandate, and that of the entire senior management team, is to ensure that we address our current challenges by remaining firmly operationally focused, reducing our cost structure and managing our product release schedule to maximize the value of every title in our pipeline," said Roedel. "Take-Two has an impressive portfolio of proven proprietary brands, a solid holiday lineup and an industry leading distribution business through Jack of All Games. With this foundation, along with our strong financial position, I believe we will overcome our recent challenges and regain our solid track record of delivering compelling products and meeting financial expectations."
Source: http://www.gamespot.com

Site Statistics

Registered Members: 80,946
Forum Posts: 725,969
Xbox One Titles: 6,507
Xbox 360 Titles: 1,086
Xbox 360 Kinect Titles: 95
Xbox 360 Arcade Titles: 586
Original Xbox Titles: 987
Staff Reviews: 2,602
Member Reviews: 10,339
News Articles: 16,557
Screenshots: 39,499
Xbox 360 Achievements: 45,112
Xbox 360 Faceplates: 2,016
Cheat Codes: 1,706

Latest News

Bulwark: Evolution Out Now on Consoles

Bulwark: Evolution Out Now on ConsolesThis major free update, which has already been successfully launched on Steam, brings a new layer of depth, strategy, and innovative gameplay mechanics to the immersive world of Bulwark: Falconeer Chronicles.


Thrustmaster Unveils T.Flight Hotas One

Thrustmaster Unveils T.Flight Hotas OneThrustmaster’s best-seller is back with a new look featuring the official license of Microsoft Flight Simulator. This complete, precise and easy-to-use hands- on throttle and stick (HOTAS) is the ideal companion for Microsoft Flight Sim 2024







See News Archives

Community Forum Activity

KeyWe Giveaway!
Post by Variation-XBA
0 Replies, 26214 Views

2021: XBA is still here
Post by shrew king
40 Replies, 234693 Views

Watch Dogs: Legion
Post by Nato King
0 Replies, 124826 Views

Xbox Series X or S
Post by Nato King
5 Replies, 142544 Views

Spellbreak Grand Magus Pack (3) and Starter Pack (7) Giveaway!
Post by Variation-XBA
0 Replies, 131285 Views

I pay $ 1000! I search the Element 54 Canadian launch Team signaturen Faceplate
Post by Smill
0 Replies, 153872 Views

Xbox one no signal
Post by debrartin
0 Replies, 143330 Views

do you remember?
Post by SnoochyBoochy
3 Replies, 213390 Views

i haz xbox
Post by SnoochyBoochy
0 Replies, 167175 Views

Claiming the first thread of 2020
Post by Kraft
7 Replies, 263441 Views

Important! I pay $ 1000! I search the Sweden launch and the Element 54 Faceplate
Post by Smill
3 Replies, 149179 Views

Squad Up
Post by samslophead
0 Replies, 253713 Views

TERA Skinned Xbox One X Giveaway!
Post by Variation-XBA
0 Replies, 178954 Views

Starfield Release expectations?
Post by DJ tx
4 Replies, 309302 Views

Issue with Xbox live on Xbox home
Post by rcmpayne
0 Replies, 167242 Views

© 2000-2024 XboxAddict.com - All rights reserved. All trademarks are properties of their respective owners.
Xbox is a registered trademark of Microsoft. XboxAddict.com is not affiliated with Microsoft.

Made in Canada
Site Design by Cameron Graphics