Take-Two quarterly loss doubles to $28.8 million, hints at new GTAs
Hot Coffee guts GTA publisher's sales; Bully pushed back, Civilization IV moved up, new Xbox 360 game, and "extensions of the Grand Theft Auto franchise" announced.
Take-Two Interactive, the beleaguered parent of developer Rockstar Games, reported earnings for the quarter ending July 31, 2005, today.
The New York City-based company said that sales in the quarter were up 6 percent over the same period a year ago. The company recorded $169.9 million in sales, versus $160.9 million in the third quarter for fiscal year 2004. However, the bottom line showed a loss of $28.8 million for the quarter. That compares to a net loss of $14.4 million for the same quarter a year ago.
The main culprit for the company's red ink was the so-called "Hot Coffee" scandal, which saw Rockstar's best-selling game, Grand Theft Auto: San Andreas , rerated Adults Only and pulled from stores following the discovery of sex minigames hidden in its code. However, the $28.8 million loss was lower than some early estimates , which said Take-Two could be out as much as $40 million. Company officials confirmed that M-rated versions of the PC and Xbox San Andreas will ship next week, while a scrubbed PS2 version will arrive before the end of the current quarter.
Take-Two's third-quarter tally follows its Q2 take of $222.1 million, a 45 percent jump over the same quarter in 2004. Riding the record-breaking sales of San Andreas last holiday season, the company's first fiscal quarter saw income of $502.5 million and $55.2 million in profit. The company now expects $1.22 to $1.27 billion in net sales and $0.85 to $0.90 in diluted net income per share for the fiscal year ending October 31, 2005.
Today's earnings announcement also contained bad news about another of Take-Two's controversy-courting games. The company revealed that Bully, its PlayStation 2 and Xbox prep-school fighting game, will now miss the all-important holiday season. Once scheduled for a fall 2005 release, it is now scheduled to ship during the second quarter of Take-Two's 2006 fiscal year, which runs from February through April 2006.
However, the news wasn't all bad. The company confirmed that two of its most anticipated games--The Warriors (PS2, Xbox) and Grand Theft Auto: Liberty City Stories (PSP)--will ship as scheduled during its fourth quarter, which ends October 31, 2005. PC gamers will be pleased to learn that Civilization IV is being moved up several weeks and will also ship before this coming Halloween.
Take-Two's report also offered some tantalizing tidbits of grist for the rumor mill by revealing several previously unknown, currently unidentified games. The third quarter of its 2006 fiscal year will see "a sequel of a Rockstar brand" ship, while the overall year will see "two new titles for the PSP system."
Last but definitely not least, Take-Two's next fiscal year will see "extensions of the Grand Theft Auto franchise" on unidentified platforms, according to its earnings report. But when asked by analysts if this meant a new console GTA was coming next year, chief financial officer Karl Winters demurred, saying only, "We haven't announced that yet ... [we have] no announcement beyond PSP Grand Theft Auto."
[UPDATE] As far as Take-Two's next-gen plans go, the company said it will have five Xbox 360 games ready "at or near launch" this fall. These include NBA 2K6, NHL 2K6, College Hoops 2K6, Top Spin 2, Amped 3, and The Elder Scrolls IV: Oblivion. The company also revealed that "a title based on a new brand for the Xbox 360 is planned for the second quarter" of its 2006 fiscal year.
Content you might like…
-
Grand Theft Auto: Chinatown Wars Out for Revenge Trailer
Who is fighting to be the boss? Check out this trailer to find out!
- Oct 20, 2009
Users who looked at this article also looked at these content items.
Hot Stories
Newsmakers
-
GameSpot's Best of 2009 - Dubious Honors Winners
Find out our Dubious Honors Winners in the Best of 2009 Awards! Full Story
- Posted Dec 22, 2009 11:56 am PT
-
GameSpot's Best of 2009 - Special Achievement Winners
Find out our special achievement winners in the Best of 2009 Awards! Full Story
- Posted Dec 21, 2009 11:59 am PT
Featured Stories
-
Xbox Avatars to 'encourage exercise'?
Microsoft patent details technology to make 360's avatars have same physical appearance as their real-world counterparts--and thereby promote physical fitness. Full Story
- Posted Dec 21, 2009 12:13 pm PT
- 704 Comments
-
'Ghost Recon Future Soldier' trademarked
Ubisoft USPTO filing reveals likely name of next installment in its tactical Tom Clancy shooter series, due out after Q1 2010. Full Story
- Posted Dec 21, 2009 1:06 pm PT
- 131 Comments
-
Take-Two sells distribution arm, cuts Q1 forecast by $120 million
Publisher cuts annual outlook to $910 million after Jack of All Games subsidiary is scooped up by IT systems distributor Synnex. Full Story
- Posted Dec 21, 2009 2:53 pm PT
- 26 Comments
-
Shippin' Out December 20-26: Final Fantasy Crystal Chronicles
Square Enix's Crystal Bearers for the Wii leads a light release slate including the retail launch of Guitar Hero: Van Halen. Full Story
- Posted Dec 21, 2009 10:55 am PT
- 47 Comments
-
Final Fantasy XIII day-one sales hit 1 million in Japan
Square Enix's hotly anticipated JRPG busts platinum sales marker in 24 hours on PS3, franchise sales surpass 92 million. Full Story
- Posted Dec 18, 2009 10:53 am PT
- 729 Comments
Submit News
Related Game
- Rockstar Games
- Rockstar Vancouver
- Modern Action Adventure
- Release: Oct 17, 2006 »
- ESRB: Teen
Related Games
Recent News
-
Game releases hold steady in 2009
EEDAR analysis finds slightly more titles fighting over fewer customer dollars, increasingly scarce shelf space; 2010 to see fewer new retail games.
4 Comments
Sign in / Sign up