Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today reported financial results for its second quarter fiscal 2013, ended September 30, 2012. In addition, the Company updated its financial outlook for its fiscal year 2013, ending March 31, 2013.
For its second quarter fiscal 2013, GAAP net revenue was $273.1 million, as compared to $107.0 million for its second quarter fiscal 2012. Non-GAAP net revenue was $288.0 million, as compared to $107.0 million for the year-ago period. GAAP net loss from continuing operations was $12.4 million, or $0.15 per diluted share, as compared to $47.3 million, or $0.57 per diluted share, for the year-ago period. Non-GAAP net income was $10.2 million, or $0.11 per diluted share, as compared to Non-GAAP net loss of $39.4 million, or $0.47 per diluted share, for the year-ago period.
The strongest contributors to net revenue in the second quarter were Borderlands 2 and catalog sales led by Grand Theft Auto IV and Red Dead Redemption. Catalog sales accounted for 28% of Non-GAAP net revenue. Revenue from digitally delivered content grew 108% year-over-year and accounted for 20% of Non-GAAP net revenue, driven by offerings for the Borderlands franchise, particularly digital sales of Borderlands 2, the Grand Theft Auto franchise, the Sid Meier’s Civilization franchise, and Max Payne 3.
Management Comments“Take-Two’s second quarter revenue and earnings exceeded our outlook, driven by the breakout success of 2K’s Borderlands 2 and robust demand for our catalog and digitally delivered offerings,” said Strauss Zelnick, Chairman and CEO of Take-Two. “Our business continues to fire on all cylinders, led by terrific early results from 2K’s NBA 2K13, and the outlook for our upcoming releases such as BioShock Infinite is stronger than ever. As a result, we continue to expect to deliver revenue growth and Non-GAAP profits in fiscal year 2013. Moreover, with Grand Theft Auto V slated for spring 2013, we are poised to generate substantial revenue and earnings growth in fiscal year 2014.” Business and Product Highlights Since July 1, 2012:
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