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

By Tor Thorsen, GameSpotPosted Jun 9, 2006 2:17 pm PT

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

  • Erwan-

    Posted Jun 12, 2006 8:51 am PT

    the long waiting !!!!!!!! When the Game launch!?!?!?!?!?!

  • Makaveli2A

    Posted Jun 12, 2006 7:52 am PT

    This game is fill with crap. They should of release it a long time ago.

  • skitzocyko

    Posted Jun 12, 2006 5:34 am PT

    bout time

  • Mr_Unko

    Posted Jun 12, 2006 5:19 am PT

    it will be sad if this game finally comes out and gamespot gives it a 2.4, butt I did like the one for the PSone and i actually beat it, so who knows...

  • bhwp

    Posted Jun 12, 2006 3:30 am PT

    Last screenshot Nov 1999, 7 years ago, I remember reading back in 2001 or so that it was slated for a christmad release, lol.. halfway through 2006 now... whats going on, no game could possibly take that long, I doubt it will ever be released, I mean, how do these guys eat they havent made a game in a long time, they didnt even make maxpayne 2, some other company did. I doubt 3d realms has anyone working for them anymore, hell they coulda been abducted by pig cops for all we know, we wouldnt ever know they never peep their heads out for 7 years

  • pedershk

    Posted Jun 12, 2006 2:33 am PT

    Heck, for $500,000, why not simply outsource the whole shebang to Bangalore and be done with it already? I'm sure they have the l33t Java or .Net skillz needed to complete it. Or, no, wait...

  • Al-7asoud

    Posted Jun 12, 2006 2:07 am PT

    If they're going to release DNF by the end of 2006 then they better do something about the engine..hey come to think of it they really should use the Source engine.

    Hold up...

    Nope, scratch that last part out. I mean what the hell they only have less than 6 months. It'll take a miracle for them to pull it off in such a short time. They have alot to do if it goes under Source, weapon physics, environment physics...boobs physics?!

    Hel no, they need to work and they need to work FAST.

  • DirkVDV01

    Posted Jun 11, 2006 11:57 pm PT

    Don't rush it, Duke, take your time. You might as well continue while you are at is, right? Why do I instantly think that it will be postponed again? If this game isn't top of the line vaporware, I don't know which game is.

  • Newsboy

    Posted Jun 11, 2006 11:32 pm PT

    I am shocked and excited! I've been waiting for this game for...god, I don't even remember how long it's been!

  • brianguy7

    Posted Jun 11, 2006 10:52 pm PT

    I was a young high-schooler when DNF was announced. Now I am done with college and have been married for years... can it take longer to make a cheesy computer game than it takes to make an adult person? What a joke. Utter insanity. Their videos 3-4 years ago looked solid enough; they should have just released what they had done. 10 years for a game isn't "great attention to detail and quality," it's dumb. A bunch of Croation dudes have released 2 low-budget Duke successors--see Serious Sam--in the time Duke's developers have not even been able to cough up a new screenshot. Duke, you're dust in the wind...

  • Ibacala

    Posted Jun 11, 2006 9:52 pm PT

    Sell the company. If they want to profit. The market is changing and theirs is no room for this game. Sell to EA or Microsoft games. Then pay their shareholders. This will fail like many games have done before.

  • VeXeN

    Posted Jun 11, 2006 9:20 pm PT

    I hope duke tanks.. in fact I am pretty sure it will

  • stewiegriffin78

    Posted Jun 11, 2006 9:11 pm PT

    Hope they don't come back...Take-Two is really starting to piss me off.

  • Dosbrian

    Posted Jun 11, 2006 8:29 pm PT

    The day Duke Nukem Forever comes out is the day the world ends.

  • Nintendo_Man

    Posted Jun 11, 2006 8:29 pm PT

    The game was first due in 2000, 6 years later it still isn't here.
    Now it may just make it this year and looks to be rushed as 3D realms is being bribed to finish it this year.

  • BCstyle

    Posted Jun 11, 2006 7:30 pm PT

    Does this mean 3D realms are gonna rush to get it done and release it full of monster issues? I've been waiting for this game for a decade now, half of my entire life, but I don't want to buy it unfinished.

  • freestylus2000

    Posted Jun 11, 2006 6:35 pm PT

    DNF= Did Not Finish lol

  • rbarahona

    Posted Jun 11, 2006 5:51 pm PT

    Bad news for Take Two... I really hope that with the new games they could make some profits. As for Duke Nukem... could we finally see this game? It would be very nice, although I really don't know what to think about it now...

  • chrisdojo

    Posted Jun 11, 2006 5:08 pm PT

    shoot.... for a 500k bonus, i'd release the game unfinished and 'promise' an update 'soon.'

  • QualityJeverage

    Posted Jun 11, 2006 5:01 pm PT

    Wouldn't it be the ultimate irony if the game sucked? Not that I don't like Duke Nukem, I just think it would be kind of funny.

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