Take-Two Interactive has released financial results for its second quarter and six months ended April 30, 2005. The Company's results reflect the three-for-two stock split completed in April 2005.
Take-Two attributed its increased second quarter sales to the launch of Midnight Club 3: DUB Edition for PlayStation 2 and Xbox and Major League Baseball 2K5 for PlayStation 2 and Xbox, as well as continued consumer demand for its Grand Theft Auto: San Andreas title for PlayStation 2.
Net sales in the second quarter increased 45% to $222.1 million, compared to $153.4 million in the second quarter of fiscal 2004. Net loss for the quarter was $8.2 million, compared to a net loss of $14.6 million last year, with a net loss of $(0.12) per share compared to a net loss per share of $(0.22) last year.
Net sales for the six months ended April 30, 2005 increased 37% to $724.5 million, compared to $528.9 million for the same period a year ago. Net income for the first six months more than doubled to $47.1 million from net income of $17.2 million in the comparable period last year. Diluted earnings per share of $0.67 increased 168% from $0.25 per diluted share in the prior year's first six months.
Take-Two is updating its third fiscal quarter guidance to reflect the movement of the following products from the third fiscal quarter to the fourth fiscal quarter: Grand Theft Auto: Liberty City Stories for the PSP(TM); Call of Cthulhu: Dark Corners of the Earth(TM) for PlayStation 2 and Xbox; and Top Spin for PlayStation 2. The Company now expects $205 to $215 million in net sales and a net loss per share of $(0.05) to $(0.10) for the third quarter ending July 31, 2005.