Take-Two News Release
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Take-Two Interactive Software, Inc. Reports First Quarter Fiscal 2008 Financial Results
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Top and Bottom Line Results Exceed Guidance
Company Raises Fiscal 2008 Guidance and Provides Second Quarter
Guidance
NEW YORK--(BUSINESS WIRE)--March 11, 2008--Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today announced financial results for its first quarter ended January 31, 2008. Net revenue for the first quarter was $240.4 million, compared to $277.3 million for the same quarter of fiscal 2007, which benefited from more new game releases in last year's holiday season. First quarter sales were led by BioShock, Carnival Games(TM), NBA 2K8, Grand Theft Auto catalog titles, and the release of Grand Theft Auto: Vice City Stories in Japan. Distribution revenue rose year over year, fueled by the strength of next generation software and hardware sales, including robust demand for Wii(TM) products. Net loss for the first quarter was $38.0 million or $0.52 per share, compared to a net loss of $21.5 million or $0.30 per share in the first quarter of fiscal 2007. The first quarter results include $6.1 million in stock-based compensation expense ($0.08 per share); and $1.7 million in expenses related to unusual legal matters and business reorganization costs ($0.02 per share). Results for the first quarter of 2007 included $4.0 million in stock-based compensation expense ($0.06 per share); and $7.2 million in expenses related to unusual legal matters ($0.10 per share). Non-GAAP net loss was $30.3 million or $0.41 per share in the first quarter, compared to a net loss of $10.3 million or $0.14 per share in the first quarter of 2007. (Please refer to Non-GAAP Financial Measures and reconciliation tables included later in this release for additional information and details on non-GAAP items.) Business Highlights Among the significant recent business developments, Take-Two noted the following:
-- Rockstar Games announced a worldwide release date of April 29,
2008 for the highly anticipated Grand Theft Auto IV.
-- 2K Games said today that BioShock 2, the sequel to the wholly
owned and internally developed title, is being developed by 2K
Marin and is planned for release in the fourth quarter of
fiscal 2009. The critically acclaimed BioShock title has sold
over 2 million units worldwide since its launch in August.
-- Carnival Games, a wholly owned and internally developed title
for the Wii(TM), shipped over 1 million units since its debut
in late August. 2K Play will be bringing this popular title to
the Nintendo DS(TM) this summer.
-- 2K Play announced today that Carnival Games: Mini-Golf(TM), a
brand extension of the Carnival Games franchise, is coming
exclusively to the Wii this fall.
-- 2K announced the acquisition of Illusion Softworks, the
creator and owner of several hit video game franchises,
including Mafia, Hidden & Dangerous and Vietcong. Renamed 2K
Czech, the Czech Republic based studio is currently developing
Mafia II for next generation consoles and Games for
Windows(R).
Strauss Zelnick, Chairman of Take-Two, stated, "We are pleased with Take-Two's stronger than expected top and bottom line results for the first quarter. Our performance benefited from a diverse range of hit titles in the first quarter, and we are eagerly awaiting the release of Grand Theft Auto IV in the second quarter. We believe that our extraordinary creative assets and improving operational efficiency will be sources of significant value for shareholders as the interactive entertainment industry moves further into the current growth cycle." Ben Feder, Chief Executive Officer of Take-Two, added, "We're excited about our robust product lineup, most of which is based on internally-owned and developed IP. With one of the strongest release schedules in the industry, Take-Two is clearly well positioned for the future. In addition to Grand Theft Auto IV, for the balance of fiscal 2008 our releases will include Midnight Club: Los Angeles, Sid Meier's Civilization Revolution, Top Spin 3, Don King Presents: Prizefighter, Carnival Games for DS, Carnival Games: Mini-Golf for Wii, NBA(R) 2K9, NHL(R) 2K9, episodic content for Grand Theft Auto IV on Xbox 360, as well as other titles. We also have significant visibility into fiscal 2009, which includes additional episodic content for Grand Theft Auto IV, Mafia II, Borderlands(TM), BioShock 2, our complete sports lineup, additional Nick Jr. titles under our agreement with Nickelodeon, and several new brands." Financial Guidance The Company is providing guidance for the second quarter ending April 30, 2008 and is raising its guidance for the fiscal year ending October 31, 2008 as detailed below. Fiscal 2008 guidance reflects the release of Borderlands for Xbox 360, PLAYSTATION 3 and Games for Windows(R) in fiscal 2009 instead of fiscal 2008 in order to allow additional development time for this highly anticipated game and provide a better balance in the release of Take-Two's triple-A titles.
Revenue* Non-GAAP EPS (a)(b)
------------------ ------------------------
Second quarter ending $450 to $500 $1.00 to $1.10
4/30/2008
Fiscal year ending $1,250 to $1,400 $1.35 to $1.55
10/31/2008
* In millions
(a) The Company's non-GAAP EPS estimates for the second quarter ending
April 30, 2008 and fiscal year ending October 31, 2008 exclude
approximately $0.16 and $0.49 per share, respectively, of stock-based
compensation expense; and approximately $0.04 and $0.08 per share,
respectively, of business reorganization charges and expenses related
to unusual legal matters. The Company's stock-based compensation
expense for the second quarter and fiscal 2008 reflects the cost of
approximately two million stock options issued to ZelnickMedia that
are subject to variable accounting. Actual expense to be recorded in
connection with these options is dependent upon several factors,
including future changes in Take-Two's stock price.
(b) EPS estimates reflect tax expense on international operations
only.
Key assumptions and dependencies underlying the Company's guidance include continued consumer acceptance of the Xbox 360(R) video game and entertainment system from Microsoft, PLAYSTATION(R)3 computer entertainment system and Wii(TM) home video game system from Nintendo; the ability to develop and publish products that capture market share for these next generation systems while continuing to leverage opportunities on legacy platforms; as well as the timely delivery of the titles detailed in this release. Product Pipeline The following titles shipped during the first and second quarters of 2008:
Title Platform
---------------------------------------------- ----------------------
Bully: Scholarship Edition Xbox 360, Wii
College Hoops 2K8 Xbox 360, PS3, PS2
Deal or No Deal(TM): Secret Vault Games PC
Dora the Explorer: Dora Saves the Mermaids(TM) PS2, DS
Go, Diego, Go!: Safari Rescue(TM) Wii, PS2, DS
Grand Theft Auto: Vice City Stories (Japan) PS2, PSP
Major League Baseball(R) 2K8 Xbox 360, PS3, Wii,
PSP, PS2
Take-Two's lineup announced to date for the remainder of fiscal 2008 includes the following titles: Title Platform ---------------------------------------------- ---------------------- Carnival Games(TM) DS Carnival Games: Mini-Golf(TM) Wii Don King Presents: Prizefighter Xbox 360, Wii, DS Grand Theft Auto IV Xbox 360, PS3 Grand Theft Auto IV episodic content Xbox 360 Major League Baseball(R) 2K8 Fantasy All-Stars DS Midnight Club: Los Angeles Xbox 360, PS3 NBA(R) 2K9 Multiple platforms NHL(R) 2K9 Multiple platforms Sid Meier's Civilization(R) Revolution(TM) Xbox 360, PS3, DS Top Spin 3 Xbox 360, PS3, Wii, DS Conference Call Take-Two will host a conference call today at 4:30 p.m. Eastern Time to review these results and discuss other topics. The call can be accessed by dialing (877) 407-0984 or (201) 689-8577. A live listen-only webcast of the call will be available by visiting http://ir.take2games.com and a replay will be available following the call at the same location. Non-GAAP Financial Measures In addition to reporting financial results in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses non-GAAP measures of financial performance that exclude certain non-recurring or non-cash items. Non-GAAP gross profit, operating loss, net loss and basic and diluted loss per share are measures that exclude certain non-recurring or non-cash items and should be considered in addition to results prepared in accordance with GAAP. They are not intended to be considered in isolation from, as a substitute for, or superior to, GAAP results. These non-GAAP financial measures may be different from similarly titled measures used by other companies. The non-GAAP measures exclude the following items from the Company's statements of operations:
-- Business reorganization, restructuring and related expenses
-- Stock-based compensation
-- Professional fees and expenses associated with the Company's
stock options investigation and certain other unusual
regulatory and legal matters
-- Income tax effects of the items listed above
In addition, the Company may consider whether other significant non-recurring items that arise in the future should also be excluded from the non-GAAP financial measures it uses. The Company believes that these non-GAAP financial measures, when taken into consideration with the corresponding GAAP financial measures, are important in gaining an understanding of the Company's ongoing business. These non-GAAP financial measures also provide for comparative results from period to period. Therefore, the Company believes it is appropriate to exclude certain items as follows: Business reorganization, restructuring and related expenses In March 2007, the Company's stockholders elected a new slate of members to Take-Two's Board of Directors, who immediately removed the Company's former President and Chief Executive Officer. Subsequently, the Company's former Chief Financial Officer resigned. As a result of these actions and the implementation of a business reorganization plan, the Company incurred significant costs in the year ended October 31, 2007 to reduce headcount, relocate employees and consolidate sales and operational functions. The Company recorded additional business reorganization costs in the first quarter ended January 31, 2008, and expects that additional business reorganization, restructuring and related costs will be recorded in the remainder of the 2008 fiscal year. Such costs are expected to relate to severance, asset write-offs and associated professional fees. The Company does not engage in reorganization activities on a regular basis and therefore believes it is appropriate to exclude business reorganization expenses from its non-GAAP financial measures. Stock-based compensation The Company does not consider stock-based compensation charges when evaluating business performance and management does not contemplate stock-based compensation expense in their short and long-term operating plans. Furthermore, executive and management incentive compensation plans are generally based on measures that exclude the impact of stock-based compensation. The Company places greater emphasis on shareholder dilution than accounting charges when assessing the impact of stock-based equity awards. Professional fees and expenses associated with the Company's stock options investigation and certain other unusual regulatory and legal matters The Company has incurred significant legal and other professional fees associated with both the investigation of stock option grants and the Company's responses to the New York County District Attorney's subpoenas. One of management's primary objectives is to bring conclusion to its regulatory matters. The Company continues to incur expenses for professional fees and has accrued for legal settlements that are outside its ordinary course of business. As a result, the Company has excluded such expenses from its non-GAAP financial measures. EBITDA and Adjusted EBITDA Earnings (loss) before interest, taxes, depreciation and amortization ("EBITDA") is a financial measure not calculated and presented in accordance with accounting principles generally accepted in the United States. Management uses EBITDA adjusted for business reorganization and related expenses ("Adjusted EBITDA"), among other measures, in evaluating the performance of the Company's business units. Adjusted EBITDA is also a significant component of the Company's incentive compensation plans. Adjusted EBITDA should not be considered in isolation from, or as a substitute for, net income/(loss) prepared in accordance with GAAP. About Take-Two Interactive Software Headquartered in New York City, Take-Two Interactive Software, Inc., is a global developer, marketer, distributor and publisher of interactive entertainment software games for the PC, PLAYSTATION(R)3 and PlayStation(R)2 computer entertainment systems, PSP(R) (PlayStation(R)Portable) system, Xbox 360(R) and Xbox(R) video game and entertainment systems from Microsoft, Wii(TM), Nintendo GameCube(TM), Nintendo DS(TM) and Game Boy(R) Advance. The Company publishes and develops products through its wholly owned labels Rockstar Games, 2K Games, 2K Sports and 2K Play, and distributes software, hardware and accessories in North America through its Jack of All Games subsidiary. Take-Two's common stock is publicly traded on NASDAQ under the symbol TTWO. For more corporate and product information please visit our website at www.take2games.com. All trademarks and copyrights contained herein are the property of their respective holders. Microsoft, Windows, the Windows Vista Start button, Xbox, Xbox 360, Xbox LIVE, and the Xbox logos are trademarks of the Microsoft group of companies, and 'Games for Windows' and the Windows Vista Start button logo are used under license from Microsoft. "PlayStation", "PLAYSTATION", and "PS" Family logo are registered trademarks of Sony Computer Entertainment Inc. Wii and Nintendo DS are trademarks of Nintendo. (C) 2006 Nintendo. This press release contains forward-looking statements made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The statements contained herein which are not historical facts are considered forward-looking statements under federal securities laws. Such forward-looking statements are based on the beliefs of our management as well as assumptions made by and information currently available to them. The Company has no obligation to update such forward-looking statements. Actual results may vary significantly from these forward-looking statements based on a variety of factors. These risks and uncertainties include the matters relating to the Special Committee's investigation of the Company's stock option grants and the restatement of our consolidated financial statements. The investigation and conclusions of the Special Committee may result in claims and proceedings relating to such matters, including previously disclosed shareholder and derivative litigation and actions by the Securities and Exchange Commission and/or other governmental agencies and negative tax or other implications for the Company resulting from any accounting adjustments or other factors. Further risks and uncertainties associated with Electronic Arts' unsolicited proposal to acquire the Company include: the risk that key employees may pursue other employment opportunities due to concerns as to their employment security with the Company; the risk that the acquisition proposal will make it more difficult for the Company to execute its strategic plan and pursue other strategic opportunities; the risk that the future trading price of our common stock is likely to be volatile and could be subject to wide price fluctuations; and the risk that stockholder litigation in connection with Electronic Arts' unsolicited proposal, or otherwise, may result in significant costs of defense, indemnification and liability. Other important factors are described in the Company's Annual Report on Form 10-K for the fiscal year ended October 31, 2007, in the section entitled "Risk Factors" as updated in the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended January 31, 2008, in the section entitled "Risk Factors." All forward-looking statements are qualified by these cautionary statements and are made only as of the date they are made.
TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(in thousands, except per share amounts)
Three months ended January 31,
------------------------------
2008 2007
-------------- --------------
Net revenue $ 240,442 $ 277,340
--------------------------------------- -------------- --------------
Cost of goods sold:
Product costs 148,152 164,143
Software development costs and
royalties 22,713 22,879
Internal royalties 6,145 9,478
Licenses 8,998 7,725
--------------------------------------- -------------- --------------
Total cost of goods sold 186,008 204,225
--------------------------------------- -------------- --------------
Gross profit 54,434 73,115
Selling and marketing 33,729 35,024
General and administrative 31,402 38,614
Research and development 15,810 14,150
Business reorganization and related 162 -
Depreciation and amortization 6,409 6,661
--------------------------------------- -------------- --------------
Total operating expenses 87,512 94,449
--------------------------------------- -------------- --------------
Loss from operations (33,078) (21,334)
Interest and other, net (152) 862
--------------------------------------- -------------- --------------
Loss before income taxes (33,230) (20,472)
Income taxes 4,767 1,076
--------------------------------------- -------------- --------------
Net loss $ (37,997) $ (21,548)
======================================= ============== ==============
Basic and diluted loss per share $ (0.52) $ (0.30)
======================================= ============== ==============
Basic and diluted weighted average
shares outstanding 73,148 71,360
======================================= ============== ==============
Three months ended January 31,
------------------------------
OTHER INFORMATION 2008 2007
--------------------------------------- -------------- --------------
Total revenue mix
Publishing 51% 58%
Distribution 49% 42%
Geographic revenue mix
North America 84% 77%
International 16% 23%
Publishing revenue platform mix
Sony PlayStation 2 25% 36%
Microsoft Xbox 360 21% 15%
Nintendo Wii 19% 0%
Sony PSP 13% 20%
PC 10% 12%
Sony PLAYSTATION 3 8% 6%
Nintendo Handhelds 3% 1%
Microsoft Xbox 1% 4%
Accessories and other 0% 6%
TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
------------ -----------
January 31, October 31,
2008 2007
------------ -----------
ASSETS (Unaudited)
Current assets:
Cash and cash equivalents $ 54,388 $ 77,757
Accounts receivable, net of allowances of
$52,778 and $63,324 at January 31, 2008 and
October 31, 2007, respectively 63,337 104,937
Inventory 82,487 99,331
Software development costs and licenses 157,153 141,441
Prepaid taxes and taxes receivable 23,479 40,316
Prepaid expenses and other 34,805 34,741
--------------------------------------------- ------------ -----------
Total current assets 415,649 498,523
--------------------------------------------- ------------ -----------
Fixed assets, net 41,515 44,986
Software development costs and licenses, net
of current portion 35,199 34,465
Goodwill 233,008 204,845
Other intangibles, net 30,170 31,264
Other assets 17,544 17,060
--------------------------------------------- ------------ -----------
Total assets $ 773,085 $831,143
============================================= ============ ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 68,096 $128,782
Accrued expenses and other current
liabilities 115,647 146,835
Deferred revenue 32,527 36,544
--------------------------------------------- ------------ -----------
Total current liabilities 216,270 312,161
--------------------------------------------- ------------ -----------
Deferred revenue 25,000 25,000
Line of credit 36,000 18,000
Income taxes payable 28,414 -
Other long-term liabilities 5,285 4,828
--------------------------------------------- ------------ -----------
Total liabilities 310,969 359,989
--------------------------------------------- ------------ -----------
Commitments and contingencies
Stockholders' equity:
Common stock, $.01 par value, 100,000 shares 761 743
authorized; 76,126 and 74,273 shares issued
and outstanding at January 31, 2008 and
October 31, 2007, respectively
Additional paid-in capital 549,562 513,297
Accumulated deficit (116,819) (77,747)
Accumulated other comprehensive income 28,612 34,861
--------------------------------------------- ------------ -----------
Total stockholders' equity 462,116 471,154
--------------------------------------------- ------------ -----------
--------------------------------------------- ------------ -----------
Total liabilities and stockholders'
equity $ 773,085 $831,143
============================================= ============ ===========
TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(in thousands)
Three months ended January 31,
------------------------------
2008 2007
--------------- --------------
Operating activities:
Net loss $ (37,997) $ (21,548)
-------------------------------------- --------------- --------------
Adjustments to reconcile net loss to
net cash provided by (used for)
operating activities:
Amortization and impairment of
software development costs and
licenses (1) 18,581 18,835
Depreciation and amortization of
long-lived assets 6,409 6,661
Amortization and impairment of
intellectual property 351 925
Stock-based compensation (2) 6,073 3,992
Benefit for deferred income taxes (107) (80)
Foreign currency transaction gain and
other (1,387) (604)
Changes in assets and liabilities, net
of effect from purchases of
businesses:
Accounts receivable 42,420 63,891
Inventory 16,844 13,326
Software development costs and
licenses (34,023) (38,315)
Prepaid expenses, other current and
other non-current assets 17,551 25,431
Accounts payable, accrued expenses,
deferred revenue, income taxes
payable and (74,080) (60,391)
other liabilities
-------------------------------------- --------------- --------------
Total adjustments (1,368) 33,671
-------------------------------------- --------------- --------------
Net cash (used for) provided by
operating activities (39,365) 12,123
-------------------------------------- --------------- --------------
Investing activities:
Purchase of fixed assets (1,370) (7,742)
Payments for purchases of businesses,
net of cash acquired (151) -
-------------------------------------- --------------- --------------
Net cash used for investing activities (1,521) (7,742)
-------------------------------------- --------------- --------------
Financing activities:
Proceeds from exercise of options 937 -
Net borrowings on line of credit 18,000 -
Payment of debt issuance costs (979) -
Repurchase of common stock - (12)
-------------------------------------- --------------- --------------
Net cash provided by (used for)
financing activities 17,958 (12)
-------------------------------------- --------------- --------------
Effects of exchange rates on cash and
cash equivalents (441) 1,302
-------------------------------------- --------------- --------------
Net (decrease) increase in cash and
cash equivalents (23,369) 5,671
Cash and cash equivalents, beginning
of year 77,757 132,480
-------------------------------------- --------------- --------------
Cash and cash equivalents, end of
period $ 54,388 $ 138,151
====================================== =============== ==============
(1) Excludes stock-based compensation
(2) Includes the net effects of capitalization and amortization of
stock-based compensation
TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(in thousands, except per share amounts)
Non-GAAP Reconciling Items
----------------------------
Non-GAAP
Three Business Profess- three
months reorgani- ional Stock- months
ended zation fees and based ended
January and legal compen- January
31, 2008 related matters sation 31, 2008
--------- --------- -------- --------- ---------
Net revenue $240,442 $ - $ - $ - $240,442
--------------------- --------- --------- -------- --------- ---------
Cost of goods sold:
Product costs 148,152 - - - 148,152
Software development
costs and royalties 22,713 - - (746) 21,967
Internal royalties 6,145 - - - 6,145
Licenses 8,998 - - - 8,998
--------------------- --------- --------- -------- --------- ---------
Total cost of goods
sold 186,008 - - (746) 185,262
--------------------- --------- --------- -------- --------- ---------
Gross profit 54,434 - - 746 55,180
Selling and marketing 33,729 - - (867) 32,862
General and
administrative 31,402 - (1,494) (3,372) 26,536
Research and
development 15,810 - - (1,088) 14,722
Business
reorganization and
related 162 (162) - - -
Depreciation and
amortization 6,409 - - - 6,409
--------------------- --------- --------- -------- --------- ---------
Total operating
expenses 87,512 (162) (1,494) (5,327) 80,529
--------------------- --------- --------- -------- --------- ---------
Loss from operations (33,078) 162 1,494 6,073 (25,349)
Interest and other,
net (152) - - - (152)
--------------------- --------- --------- -------- --------- ---------
Loss before income
taxes (33,230) 162 1,494 6,073 (25,501)
Income taxes 4,767 - - - 4,767
--------------------- --------- --------- -------- --------- ---------
Net loss $(37,997) $ 162 $ 1,494 $ 6,073 $(30,268)
===================== ========= ========= ======== ========= =========
Basic and diluted
loss per share* $ (0.52) $ - $ 0.02 $ 0.08 $ (0.41)
===================== ========= ========= ======== ========= =========
Basic and diluted
weighted average
shares outstanding 73,148 73,148
===================== ========= =========
EBITDA:
Loss before income
taxes $(33,230) $(25,501)
Interest and other,
net 152 152
Depreciation and
amortization 6,409 6,409
--------- ---------
EBITDA $(26,669) $(18,940)
Add: Business
reorganization and
related 162 -
--------- ---------
Adjusted EBITDA $(26,507) $(18,940)
========= =========
*Basic and diluted loss per share may not add due to rounding
TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(in thousands, except per share amounts)
Non-GAAP Reconciling Items
---------------------------
Non-GAAP
Three Business Profess- three
months reorgani- ional Stock- months
ended zation fees and based ended
January and legal compen- January
31, 2007 related matters sation 31, 2007
--------- --------- -------- -------- ----------
Net revenue $277,340 $ - $ - $ - $ 277,340
--------------------- --------- --------- -------- -------- ----------
Cost of goods sold:
Product costs 164,143 - - - 164,143
Software development
costs and royalties 22,879 - - (545) 22,334
Internal royalties 9,478 - - - 9,478
Licenses 7,725 - - - 7,725
--------------------- --------- --------- -------- -------- ----------
Total cost of goods
sold 204,225 - - (545) 203,680
--------------------- --------- --------- -------- -------- ----------
Gross profit 73,115 - - 545 73,660
Selling and marketing 35,024 - - (307) 34,717
General and
administrative 38,614 - (7,225) (1,954) 29,435
Research and
development 14,150 - - (1,186) 12,964
Business
reorganization and
related - - - - -
Depreciation and
amortization 6,661 - - - 6,661
--------------------- --------- --------- -------- -------- ----------
Total operating
expenses 94,449 - (7,225) (3,447) 83,777
--------------------- --------- --------- -------- -------- ----------
Loss from operations (21,334) - 7,225 3,992 (10,117)
Interest and other,
net 862 - - - 862
--------------------- --------- --------- -------- -------- ----------
Loss before income
taxes (20,472) - 7,225 3,992 (9,255)
Income taxes 1,076 - - - 1,076
--------------------- --------- --------- -------- -------- ----------
Net loss $(21,548) $ - $ 7,225 $ 3,992 $ (10,331)
===================== ========= ========= ======== ======== ==========
Basic and diluted
loss per share* $ (0.30) $ - $ 0.10 $ 0.06 $ (0.14)
===================== ========= ========= ======== ======== ==========
Basic and diluted
weighted average
shares outstanding 71,360 71,360
===================== ========= ==========
EBITDA:
Loss before income
taxes $(20,472) $ (9,255)
Interest and other,
net (862) (862)
Depreciation and
amortization 6,661 6,661
--------- ----------
EBITDA $(14,673) $ (3,456)
Add: Business
reorganization and
related - -
--------- ----------
Adjusted EBITDA $(14,673) $ (3,456)
========= ==========
*Basic and diluted loss per share may not add due to rounding
CONTACT: Take-Two Interactive Software, Inc.
Corporate Press/Investor Relations:
Meg Maise, 646-536-2932
meg.maise@take2games.com
SOURCE: Take-Two Interactive Software, Inc.
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