Take Two's Good First Quarter

On Monday Take-Two Interactive posted its first quarter results for the fiscal year 1999, ending on January 31, 1999.

Take-Two reported net sales at US$68 million and net income at nearly $2.9 million, a 33 percent and 86 percent increase, respectively, over the same quarter for the fiscal year 1998. This includes the deduction of $200,000 in net income for costs in the acquisition of Talonsoft early in the quarter.

“We are very pleased with Take-Two's performance in the first quarter of our 1999 fiscal year,” said Ryan Brant, president and CEO of Take-Two Interactive. “We were able to achieve significant growth in net income, while commencing accounting for earnings on a fully taxed basis. The first quarter of 1999 also saw two key developments in the solidification of our business plan for the future. First, the establishment of our Rockstar Games internal video game publishing label, the achievement of a long-term alliance with PC publisher Gathering of Developers Ltd., and the acquisition of PC publisher Talonsoft Inc. permits us to deliver high-quality software to the consumer over the coming years. Secondly, the expansion of our Jack of All Games value-added distribution subsidiary into the European and Australasian marketplaces supplements our rapidly expanding publishing businesses in those geographic markets.”