Take-Two stock tanks, Duke Nukem Forever due by Dec. 31?

Stock plunges after dismal earnings report; SEC filing reveals 3D Realms has a $500,000 incentive to finish infamously delayed PC game by year's end.

Hail to the King...eventually.

Shortly after the stock markets closed yesterday, Take-Two Interactive announced a $50.2 million loss for its second quarter. Today when the markets reopened, the publisher took a beating worthy of that doled out in one of its more violent games. At the closing bell, its share was down $2.94, or 17.53 percent, falling to $13.83. The final figure was just $0.19 above the stock's 52-week low of $13.64, but the share value had sunk to $13.74 during the day.

But while traders panicked, analysts were more sanguine on Take-Two's fortunes. Friedman Billings Ramsey's Shawn Milne lowered his target price for the company $16 to $14, but maintained a "Market Perform" rating. UBS's Mike Wallace seemed indifferent to the news. "No excitement here," he said in a note issued today, in which he maintained his "Neutral" valuation of the company.

Of more interest to gamers was some major news buried in a 10-Q filing Take-Two issued to the Security and Exchange Commission (SEC) yesterday. Toward the bottom of the form in the "Notes to Unaudited Condensed Consolidated Financial Statements" subsection, was a major development regarding one of the most famous--or infamous--PC games of all time: Duke Nukem Forever.

According to the 10-Q, March saw Take-Two and 3D Realms renegotiate the original contract for Duke Nukem Forever, which began back in 1997. Under the original deal, 3D Realms was to receive some $6 million from Take-Two to develop the title. Now, the Texas-based developer will receive $4.25 million for the oft-delayed game.

"In March 2005, the Company [Take-Two] renegotiated a $6,000 contingent obligation due upon delivery of the final PC version of Duke Nukem Forever through the payment of $4,250 and issuance of a promissory note in the principal amount of $500," read the 10-Q, listing figures in thousands of dollars--i.e. $4,250 = $4.25 million. "The payment of the promissory note is contingent upon the commercial release of such product prior to December 31, 2006."

[NOTE: The second mention of the completion figure to be listed mistakenly as "$4,250" without the caveat that the 10-Q figures were in thousands of dollars, even though the original mention of the figure was correctly put at $4.25 million. GameSpot regrets the error.]

242 Comments

  • sdhero

    Posted Jun 9, 2006 6:47 pm PT

    I don't know that ANY game could live up to a ten-year development cycle. Nevertheless, I'd be almost sad to see Duke Nukem Forever released. There's something oddly comforting about DNF being perpetually in development, always something to look forward to, always an easy joke to make.

    Besides, I don't care how good the game is, there's no way it's going to justify the amount of time and money poured into it. I think Take-Two has finally realized this, and is smartly willing to give them some cash if they just finish the damn game and get it out. I feel kinda sorry for the 3D Realms guys, though the years of steady paychecks must have been nice.

  • TronX

    Posted Jun 9, 2006 6:45 pm PT

    I have been playing deathmatch fps games since Doom, I have to say that I have yet to play a multiplayer first person shooter that was as much pure deathmatch fun as Duke Nukem. The Jetpacks, laser tripwires, pipebombs , death animations, voice over,chicklet sized pixels and original weapons are just a few things that made this game amazing. If they kept the exact same game and just updated the graphics and network engines, I would pay at least 60 bux for it.

  • paradyme777

    Posted Jun 9, 2006 6:45 pm PT

    A next generation Duke Nukem would be awesome.

  • drgribb

    Posted Jun 9, 2006 6:40 pm PT

    Nooo! Why does everybody here hate the duke?! He's my hero! (After Commander Keen of course.) I'll wait as long as it takes for them to make it good. When it's ready! I hope that if they try to put it out before the end of the year, that they don't rush though. I want it to be badass. Maybe it'd be easier to release in installments, like a bunch of those classic shareware games. That way they could release a small, but thorough game this year and be able to spend time on two more next year. I have faith in the Dukester! It sucks, like no one I know knows who Duke Nukem is anymore. If I say something like "Makin, bacon." or "Hail to the king baby!", people look at me strangely and ask me what the **** I'm talking about. Another way they could get the game out faster and easier would be to do a game as simple, but awesome as Serious Sam or Will Rock. Level design probably wouldn't take too long either.

  • REforever101

    Posted Jun 9, 2006 6:40 pm PT

    ........i cant believe it, dnf is actually going to come out? ITS A SIGN OF THE APOCALYPSE!!!!!!!!!!!!!!!!!!!!!!!!!!

  • badass_gamer

    Posted Jun 9, 2006 6:34 pm PT

    And why do they have incentive? $4,000?

  • xXxVladxXx

    Posted Jun 9, 2006 6:25 pm PT

    It would be insane if Duke Nukem Forever got a pefect 10 score.

  • johnevegas

    Posted Jun 9, 2006 6:22 pm PT

    There was a time where a Duke Nukem game would have thrilled me. The action from the first with the screenshots from first the Quake engine then the Unreal engine got me excited.

    Unless there is some real quality gameplay the game will very dated and boring. As good as a game like Max Payne was at the time it would be a very mediocre game by todays standards.
    DNF, 'meh'

    I am looking so much more forward to games like Rainbow 6 Vegas and Gears of War.

  • ccgod

    Posted Jun 9, 2006 6:19 pm PT

    "Shake it baby"

  • Butmac

    Posted Jun 9, 2006 6:13 pm PT

    Duke is the only man that can save the next generation of games.

    God speed Duke Nukem.

    /salute

  • cybergod909

    Posted Jun 9, 2006 6:11 pm PT

    I hope that after the the end of the fiscal year, all the devs get fired. Hopefully all of their money will be in 3DRealms stock and they will become poor and have to beg on the streets for money. They have made so many investors lose money with their bs hype and "when its done attitude". Too bad, it could have been one of the greatest of all time, but now is the biggest joke of all time. Thanks Broussard for having a great attitude. You have not only let down gamers and the industry, but have shown that you can take ignorance and egotism to levels far beyond human comprehension. And now "its done" .

  • Death_Masta187

    Posted Jun 9, 2006 6:03 pm PT

    Well I will beleave it when I see DN: F at the store. But until then I will not hold my breath. Also most likely I won’t even think about getting this game at all.

  • BassForever2

    Posted Jun 9, 2006 5:48 pm PT

    Bout time >.>

  • mrblah00

    Posted Jun 9, 2006 5:29 pm PT

    Theres nothing in the article that says Duke Nukem will be released. What it says is that if 3D Realms wants to make any money then they HAVE to release it this year. its an ultimatum, not a release date.

    Nowhere does it say that 3D Realms plans to finish the game. My guess is that 3D Realms gave up on this game a long time ago and its so far behind schedule that theres no way they could finish it by this year even if they wanted to.

  • chimera36

    Posted Jun 9, 2006 5:28 pm PT

    This reminds me of Fallout 3....

  • MaChaorules

    Posted Jun 9, 2006 5:26 pm PT

    wow its actually coming?

  • supine

    Posted Jun 9, 2006 5:20 pm PT

    Why can't the media just ignore this game.. This game is the biggest joke in gaming history! sadly, if it ever gets out, it will sell like hot bread.

  • Geekbasher

    Posted Jun 9, 2006 5:17 pm PT

    If poked around 3D Realms' website and found that the current DNF build is comparable to the Unreal 3 engine. Then again, the also said it would be out by 2001.
    Link: http://forums.3drealms.com/vb/showthread.php?t=17121

  • ZuljinRaynor

    Posted Jun 9, 2006 5:13 pm PT

    Corvin... they've restarted the game from scratch like twice... that means 3 different game ideas.

  • Corvin

    Posted Jun 9, 2006 5:12 pm PT

    I loved Duke3d but theres just no possible way DNF could be anything but dissapointing, or mediocre at best. Its been in a bevvy of different development stages and through numerous rebuilds over nearly a decade. If it has to be released this year I see it being released as a budget priced game.

  • ZuljinRaynor

    Posted Jun 9, 2006 5:12 pm PT

    As George from 3DR has said "Take Two should STFU."
    DNF will be on PC, and in no way on PS2 and XBOX.
    Oh, and on the 3DR Forums... George has said about this news: "None of this means a thing."

  • playwrite

    Posted Jun 9, 2006 5:10 pm PT

    i just want a patch for the original that will make it run on my computer. damn non-backwards compatability

  • RuminaX

    Posted Jun 9, 2006 5:08 pm PT

    --quote---
    FallenAngel
    Duke Nukem Forver will end up sucking just like Daikatana did six years ago, games which get delayed...and delayed...and then delayed some more generally don't live up to the hype.
    -------------

    Ever played Half-Life 2? That game turned out great and about as legendary as the original. I'm playing the first expansion right now and it rocks XD

  • FallenAngel

    Posted Jun 9, 2006 5:06 pm PT

    Duke Nukem Forver will end up sucking just like Daikatana did six years ago, games which get delayed...and delayed...and then delayed some more generally don't live up to the hype. And I'm through waiting for this game, for god's sake when the game was first announced back in 1997, I was a high school freshman, since then I've graduated high school, graduated college and am now currently doing my Masters.....

  • RuminaX

    Posted Jun 9, 2006 4:52 pm PT

    500,000? Wow, well then there's actually more of a possibility then there has been in the last 5 years of this actually coming out. It should hopefully be able to compete with Half-Life 1 graphics.

    Announced for PS2 and Xbox in '01 now rumored to be on 360??? Sad.

    If it comes out I WILL actually buy it, I loved the old Nukem games. How can anyone say 64 is best though? That one was a watered down version of the PC game. It's sad to think that development on this game began when I was 10 (maybe 9) and now I'm all grown up and living with a g/f and have a job. This game seriously has taken too long.

  • killakb

    Posted Jun 9, 2006 4:48 pm PT

    Pual_TheGreat= most negative person...unless its sony

  • randy915

    Posted Jun 9, 2006 4:41 pm PT

    I think they're running it on the Doom 2 eng wait Doom 3 no... hrmm I think Quake II? III? Or was it the Mario 64 engine? I forgot but yeah this game's gonna totally rock when my grandchildren plays it.

    DUKE FOREVER BABY!

  • neoand12

    Posted Jun 9, 2006 4:38 pm PT

    HELL YEAH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

  • doomsoth

    Posted Jun 9, 2006 4:38 pm PT

    Most likey Prey will be that shooter because it has been pushed back so many times.

  • Blazer88

    Posted Jun 9, 2006 4:38 pm PT

    Vaporware

  • CliffHicks

    Posted Jun 9, 2006 4:34 pm PT

    Sooner or later, either this game has to get finished or people have to stop talking about it...

  • bison_tuesday

    Posted Jun 9, 2006 4:30 pm PT

    anyone else notice that the acronym for Duke Nukem Forever is DNF (did not finish) spooky, huh?

  • Paul_TheGreat

    Posted Jun 9, 2006 4:30 pm PT

    Too bad they won't release it in time.

  • xs101uk

    Posted Jun 9, 2006 4:26 pm PT

    LOL! Duke Nukem "Taking" Forever! :p

  • SureFire

    Posted Jun 9, 2006 4:23 pm PT

    The amount they get for completing was reduced to $4,250,000 and not $4,250. The author made a typo.

  • ApisBee

    Posted Jun 9, 2006 4:21 pm PT

    WHAT! did I hear you right? DNFE will be done when its done? I don't believe they can complete such a wonderful game within 10 years, tell me it is not so. PLEASE take your time to work out the bugs. Rushing a game through development does no good to everyone.

    7 years ago I would have bought it sight unseen.
    5 years ago I would have waited for the reviews to come out, then buy it.
    Now or then? I'll have to try before I buy.

    At least Prey will see the light of day, DNFE LOL when it is done, RIGHT!

  • Valkyrie_44

    Posted Jun 9, 2006 4:20 pm PT

    After all these years, damn didn't see a rumor like that coming on.

    Right now I think the actual chances of Duke Nukem being released is between a cold day in hell, and Janet Reno giving a loving lip-lock to Jack Thompson.

    That cold day seems very likely, the lip lock well, I think Reno would rather be the main attraction at a donkey show than to kiss Thompson.

  • nintendoismypal

    Posted Jun 9, 2006 4:19 pm PT

    if take two is in so much trouble then why dosent microsoft just buy them out and get gta exlusive?

  • Livewirez

    Posted Jun 9, 2006 4:17 pm PT

    I have very few memories of duke nukem; weird human like pigs, big guns, peeing in toilets (lots of interactivity?), holy grenades...hmm well if it's out for the 360 i'm all for it but i hope to god it's not port but it probably will be seeing how they have a smaller budget now.

  • mccoy26

    Posted Jun 9, 2006 4:14 pm PT

    Heck Yea! I will be there waiting to get a copy when it comes out! What a great Original game that should be franchised out years ago...

  • ghsacidman

    Posted Jun 9, 2006 4:14 pm PT

    Sounds like good ol' Duke is gonna save the day for Take-2! YAY!!!! I hope Duke Nukem makes Jack Thompson so mad his head implodes.

  • Banana_Kid

    Posted Jun 9, 2006 4:07 pm PT

    They should just pull a Saturn at E3 2007. Just have George Broussard go up on stage, say "Duke Nukem Forever...is out now! Okay, see you next year!" and rock everyone's faces off.

    And after ten years, this game had better be AWESOME.

  • polsci1503

    Posted Jun 9, 2006 4:05 pm PT

    c'mon Duke, we've been waiting a looooongg time.

  • LordGamer0001

    Posted Jun 9, 2006 4:05 pm PT

    wow, i remember hearing about this game forever ago.

  • plutoend99

    Posted Jun 9, 2006 4:04 pm PT

    That is Bull****, theyre saying it will come out this year by december, in the the next 6 months..... and they dont have a single screenshot of the game,

  • passentry

    Posted Jun 9, 2006 4:03 pm PT

    Duke Nukem has lost so many of its fans already... their own fault for being so late.

  • KamaKase

    Posted Jun 9, 2006 4:00 pm PT

    I really hope this does way...sadly, history tells us that it likely wont.

  • NeoJedi

    Posted Jun 9, 2006 4:00 pm PT

    Duke Nukem Forever... the best Vaporware out there!

  • jks22112

    Posted Jun 9, 2006 3:59 pm PT

    That means they're gonna rush it, and it's gonna suck. Oh well. I hope this still comes to the PS2 or Xbox.

  • Odin897

    Posted Jun 9, 2006 3:59 pm PT

    It will still never be finished.

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