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Take-Two Interactive Software, Inc. Reports Strong Results For Third Quarter Fiscal 2013

Stocks in this article: TTWO

Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today reported financial results for its third quarter fiscal 2013, ended December 31, 2012, and increased the low-end of its financial outlook range for its fiscal year 2013, ending March 31, 2013. In addition, the Company announced that its Board of Directors has authorized the repurchase of up to 7.5 million shares of the Company’s common stock.

For its third quarter fiscal 2013, GAAP net revenue was $415.8 million, as compared to $236.3 million for its third quarter fiscal 2012. Non-GAAP net revenue was $405.0 million, as compared to $236.3 million for the year-ago period. GAAP net income from continuing operations was $70.9 million, or $0.66 per diluted share, as compared to $14.2 million, or $0.16 per diluted share, for the year-ago period. Non-GAAP net income was $78.8 million, or $0.67 per diluted share, as compared to $29.0 million, or $0.27 per diluted share, for the year-ago period. As of December 31, 2012, the Company had cash and cash equivalents of $448.7 million.

The strongest contributors to net revenue in the third quarter were the release of NBA 2K13, continuing sales of Borderlands 2, the release of XCOM: Enemy Unknown, and catalog sales led by Grand Theft Auto IV and Red Dead Redemption. Catalog sales accounted for 22% of Non-GAAP net revenue. Revenue from digitally delivered content grew 244% year-over-year and accounted for 23% of Non-GAAP net revenue, driven by offerings for the Borderlands franchise – particularly digital sales of Borderlands 2 and its add-on content , XCOM: Enemy Unknown, the Grand Theft Auto franchise, and NBA 2K13.

Management Comments

“Take-Two’s positive business momentum continued in the third quarter, enabling us to deliver growth and profits that exceeded our outlook,” said Strauss Zelnick, Chairman and CEO of Take-Two. “Our results benefited from the record-breaking launch of NBA 2K13, along with continued strong demand for Borderlands 2, the successful launch of XCOM: Enemy Unknown, and robust holiday sales of our catalog and growing portfolio of digitally delivered offerings. With consumer anticipation building for the launches of BioShock Infinite and Grand Theft Auto V, we are well positioned for a solid finish to fiscal year 2013 and substantial revenue and earnings growth in fiscal year 2014.

“I am also pleased to report that our Board of Directors has authorized the Company to return capital to shareholders through the repurchase of its common stock. Given our strong balance sheet and favorable business outlook in both the short and long-term, we have ample capital to pursue a variety of investment opportunities.”

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