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Take-Two Narrows Loss, Plans for Release of Grand Theft Auto V and Other Blockbusters

By  +Follow July 31, 2013 7:04AM
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Keeping the theme of solid tech earnings for the latest quarter, Take-Two Interactive Software Inc. (TTWO) posted better-than-expected results after Tuesday’s closing bell as sales of Borderlands 2 and NBA2K13 rose.  Meanwhile, the game maker boosted its outlook for the current quarter and for the full fiscal 2014 year, ending March 31, 2014.

For the first quarter of fiscal 2014, the New York-based company posted net revenue of $142.7 million, down sharply from sales of $226.1 million in the year prior quarter that swelled on the release of Max Payne 3 and Spec Ops: The Line.  Take-Two didn’t have a major title release in the latest quarter.  Net loss from continuing operations for the quarter was $61.9 million, or 71 cents per share, versus a net loss of $110.8 million, or $1.30 per share, in the year prior quarter.  On an adjusted basis, which accounts for deferred revenue from certain games, discontinued operations and other special items, net loss narrowed to $47.1 million, or 54 cents per share, compared to $98.8 million, or $1.16 per share, in last year’s quarter.

Wall Street was expecting a larger adjusted loss of 66 cents per share on revenue of $131.8 million.

Sales from digitally delivered content expanded 128 percent year-over-year to account for more than half of all GAAP revenue.  The biggest contributions were made by three new digital expansion packs for Borderlands 2.  Catalog sales of older titles, such as the Borderlands and Grand Theft Auto franchises and Red Dead Redemption, made up 60 percent of adjusted net revenue.

Major upcoming releases for Take-Two include NBA 2K14 (featuring the debut of Lebron James on the cover) on October 1; WWE 2K14 (featuring Dwayne “The Rock” Johnson on the cover) on October 29; The Bureau: XCOM Declassified on August 20; and the much-anticipated release of Grand Theft Auto V on September 17.  Another upgrade pack for Borderlands 2 is also expected in the fall as well as the release of several games for Xbox One and PlayStation 4 once those next-generation gaming consoles debut later this year.

“Our better-than-expected first quarter results demonstrate that the market remains strong for the highest-quality interactive entertainment,” said Strauss Zelnick, chairman and chief executive of Take-Two.  “With Grand Theft Auto V launching on September 17th, followed by the releases of NBA 2K14 and WWE 2K14, fiscal 2014 is poised to be one of our best years ever,” he added.

Looking at the current quarter, the company sees non-GAAP net revenue between $750 and $800 million and adjusted profits between $1.25 and $1.35 per share.  Analysts were expecting earnings per share of $1.66 on sales of $818 million.

For the full fiscal year, Take-Two forecast non-GAAP net revenue in the range of $1.775 billion to $1.875 billion and earnings per share of $2.25 to $2.50.  This is up from the company’s prior guidance of profits between $2.05 and $2.30 per share.

Shares of TTWO ended the regular session Tuesday essentially flat at $16.99, but have climbed to $17.25 in extended trading with the earnings beat, although the soft second-quarter guidance moderated the gains.  Shares are up about 55 percent so far in 2013 and are sitting near their highest level in five years.  Shares have fought resistance at $17.55, hitting it in May 2011 and again two months ago to now challenge it yet again.

Results for TTWO
Bougafer
16 Apr 14 11:16:32
$ttwo #Evolve getting a lot of love from #paxeast. Lots of previews like this. http://t.co/VKkYCgq0d4
CF4
16 Apr 14 10:33:12
Sold $TTWO at $20 (+4%)
gene
16 Apr 14 09:44:18
$TTWO is so volatile lately. More like "Take Two" antacids! AmIright? #rimshot
US_proptrader
16 Apr 14 09:34:41
$AKBA $ARWR $CYTR $IDRA $KING $LIVE $ONVO $PEIX $TTWO autocharts @ http://t.co/kn4mViMgNq
US_proptrader
16 Apr 14 07:29:42
$HALO $HZNP $ITMN $KEG $SFUN $SPLK $TTWO $YOKU $ZBRA autocharts @ http://t.co/kn4mViMgNq
Market Int Center
16 Apr 14 06:37:07
TakeTwo Interactive $TTWO Showing Bearish Technicals With Resistance At $20.56 ( http://t.co/g4taRmsAgW )
Cody
15 Apr 14 12:58:09
Closed that $TTWO at 19.53, entry was 19.35 half hour ago. Out for a scalp due to overnight fears I mentioned. (I have L/T pos in $TTWO).
Cody
15 Apr 14 12:31:55
And $TTWO is moving yay (obviously this is a relatively small mover, so need to trade with bigger size).
Brattle St. Capital
15 Apr 14 12:26:13
$TTWO could not trade any worse
Cody
15 Apr 14 12:26:01
In some $TTWO 19.35 for a trade into close (if it works, overnight). Peers are coming off highs, $TTWO should join. Risking only 20c.
Market Int Center
15 Apr 14 12:03:27
Potential TakeTwo Interactive $TTWO Trade Has 12.77% Downside Protection ( http://t.co/tZQxlGJhyA )
CF4
15 Apr 14 10:46:36
Bought $TTWO at $19.25
Keith Krajewski
15 Apr 14 08:42:16
RT @IBDinvestors: U.S. teen survey shows high interest in Apple iWatch. http://t.co/ASNCEc4taO $AAPL $GOOG $MSFT $GME $NFLX $GRMN $SNE $NTD…
Zolmax News
15 Apr 14 07:44:37
Cowen and Company Increases Take-Two Interactive Software Price Target to $20.00 $TTWO http://t.co/Vc62ODg9EI
Lutz Braune
15 Apr 14 06:06:29
$TTWO: Take-Two Interactive Software, Inc. to Report Fourth Quarter and Fisca... http://t.co/fJ6p7ToL6z
$Stocknewsalerts
15 Apr 14 05:22:33
$TTWO Take-Two Interactive Software, Inc. to Report Fourth Quarter and Fiscal Year 2014 Results on Tuesday, May 13, 2014
john smith
15 Apr 14 05:07:14
$TTWO - Take-Two Interactive Software, Inc. to Report Fourth Quarter and Fiscal Year 2014 Results on Tuesday http://t.co/Y9KcxwiiaD
Bougafer
15 Apr 14 01:52:01
“Evolve was just that: by far the most fun and interesting game shown at PAX East this year.” http://t.co/RXjVknv1iA $ttwo
John T
14 Apr 14 12:19:17
When will $TTWO announce #GTAV for next gen consoles and PC?
Ticker Report
14 Apr 14 11:26:26
Take-Two Interactive Software PT Raised to $20.00 at Cowen and Company $TTWO http://t.co/pxH8Zxdhkn
Market Int Center
14 Apr 14 09:39:26
Potential TakeTwo Interactive $TTWO Trade Has 12.39% Downside Protection ( http://t.co/JNQWoB6Drs )
Daniel Ernst
14 Apr 14 06:45:25
$TTWO more of the slate coming into focus http://t.co/Dr5c2aq9EX
Erma-Online Gaming
14 Apr 14 06:35:28
RT @ampressman: Only if it's better than Civ V #worstsequelever RT @TMTanalyst: $TTWO announces a new PC game: Civilization Beyond Earth #t…
Aaron Pressman
14 Apr 14 06:08:49
Only if it's better than Civ V #worstsequelever RT @TMTanalyst: $TTWO announces a new PC game: Civilization Beyond Earth #timesuck
Wbr
14 Apr 14 05:54:21
RT @TMTanalyst: $TTWO announces a new PC game: Civilization Beyond Earth #timesuck
TMTanalyst
14 Apr 14 05:34:49
$TTWO announces a new PC game: Civilization Beyond Earth #timesuck
4-traders.com
14 Apr 14 05:05:18
Take Two Interactive Software : 2K Announces Sid Meier’s Civilization®: Beyond Earth™ http://t.co/Hig5zbrfnv $TTWO
$Stocknewsalerts
14 Apr 14 05:02:54
$TTWO 2K Announces Sid Meier's Civilization®: Beyond EarthTM
john smith
14 Apr 14 05:01:17
$TTWO - 2K Announces Sid Meier’s Civilization®: Beyond Earth™ http://t.co/2aCpTTmW8v
Jeff Moylan
14 Apr 14 04:33:41
I hope that the next generation of gaming can teach us and make us better (i.e. GuitarSmith as example). $ATVI $EA $TTWO
John T
13 Apr 14 22:34:39
$LNG still heading higher? $TTWO $TSLA
takethisbet
13 Apr 14 10:58:55
@voland777 Way to go! Here is why http://t.co/Mj1jjWNZzS you are leading your $TTWO $QQQ 20b91 #takethisbet
takethisbet
13 Apr 14 10:58:55
@biggercapital Here is why http://t.co/Mj1jjWNZzS you are trailing your $TTWO $QQQ 20b91 #takethisbet
rocketPower
13 Apr 14 10:23:38
Ideas: $FF $GIII $TTWO $XLNX $XLNX $GIII $HES $JNJ $KMB $MEAS $MNI $OI $PII $PLL $POL $RAI $ROK $SLB $TTWO $TXN $XLNX $YUM
GPB
12 Apr 14 18:05:01
RT @_n_o_: For those who recall Sid Meier's Alpha Centauri Civilization: Beyond Earth announcement #videogames #Firaxis $TTWO > https://t.c…
no.
12 Apr 14 12:51:40
For those who recall Sid Meier's Alpha Centauri Civilization: Beyond Earth announcement #videogames #Firaxis $TTWO > https://t.co/oqLBSnl25I
Steve Goldstein
12 Apr 14 08:39:18
Game Developer Stocks Fall On Amazon Report http://t.co/7mG5BK5ho4 #IBDNews via @IBDinvestors $EA $TTWO $AMZN $AAPL $GOOGL $MSFT $SNE
US Consumer News
12 Apr 14 07:15:38
Take-Two Interactive Software's PT raised by Cowen and Company to $20.00. http://t.co/swEjiA09S9 $TTWO #TTWO
Analyst Ratings
12 Apr 14 07:09:32
Take-Two Interactive Software's PT raised by Cowen and Company to $20.00. http://t.co/QxQWBJ6UE6 $TTWO #TTWO
CABuyer
12 Apr 14 05:39:29
$TTWO: ‘Assassin’s Creed: Comet’ and ‘Borderlands: The Pre-Sequel’:... #TTWO http://t.co/JuwKcEojXg
StockNews24
12 Apr 14 05:21:06
$TTWO - ‘Assassin’s Creed: Comet’ and ‘Borderlands: The Pre-Sequel’:... -> http://t.co/kRixIJn4Jp #stock #stocks #stockaction
				
				
By  +Follow July 31, 2013 7:04AM
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