Financial Outlook for Fiscal 2013

Take-Two is increasing the low-end of its outlook range for fiscal year 2013 to reflect its strong recent business trends. In addition, the Company is providing its financial outlook for the fourth quarter ending March 31, 2013 as follows:
   

Fourth Quarter
   

Fiscal Year

Ending 3/31/2013
   

Ending 3/31/2013

Non-GAAP Net Revenue

$235 to $285 Million

$1.15 to $1.20 Billion
 

Non-GAAP net income per diluted share (1)

$0.10 to $0.25

$0.05 to $0.20
 

Net reduction (increase) to income per share from deferral in net revenues

($0.01)

$0.02
 

Stock-based compensation expense per share (2)

$0.08

$0.33
 

Non-cash amortization of discount on convertible notes per share

$0.04

$0.19
 

Expenses related to reorganization and unusual legal matters per share

$0.01

$0.02
 

Non-cash tax expense per share

$0.00

$0.02

 
     

1)
 

The Company’s Non-GAAP net income per diluted share outlook for the fiscal year ending March 31, 2013 includes the negative impact from a one-time contractual obligation of $15 million, or $0.16 per diluted share.

2)

The Company's stock-based compensation expense for the periods above includes the cost of approximately 2.2 million shares issued to ZelnickMedia that are subject to variable accounting. Actual expense to be recorded in connection with these shares is dependent upon several factors, including future changes in Take-Two's stock price.

Key assumptions and dependencies underlying the Company’s financial outlook include: the timely delivery of the titles included in this financial outlook; the ability to develop and publish products that capture market share for the current generation video game and computer entertainment systems; and stable foreign exchange rates. See also “Cautionary Note Regarding Forward Looking Statements” below.

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