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Take-Two Q1 Results

Take-Two Interactive Software reports Fiscal First Quarter 2014 results, showing net losses, but saying the outcome was better-than-expected, so they are raising their outlook for the fiscal year. Here's the positive news, include word on rapid growth on the digital side: "The largest contributors to net revenue in fiscal first quarter 2014 were offerings for Borderlands® 2, NBA® 2K13, Grand Theft Auto® IV, and BioShock® Infinite. Catalog sales accounted for 60% of Non-GAAP net revenue led by the Borderlands franchise, the Grand Theft Auto franchise, and Red Dead Redemption®. Revenue from digitally delivered content grew 128% year-over-year and accounted for a record 52% of Non-GAAP net revenue, driven by offerings for Borderlands 2, the Grand Theft Auto franchise, NBA 2K13, and BioShock Infinite." And here is the dizzying array of numbers that they are reporting:

For fiscal first quarter 2014, GAAP net revenue was $142.7 million, as compared to $226.1 million for fiscal first quarter 2013, which had benefited from the releases of Max Payne® 3 and Spec Ops®: The Line. Non-GAAP net revenue was $144.3 million, as compared to $226.1 million for the year-ago period. GAAP net loss from continuing operations narrowed to $61.9 million, or $0.71 per diluted share, as compared to $110.8 million, or $1.30 per diluted share, for the year-ago period. Non-GAAP net loss narrowed to $47.1 million, or $0.54 per diluted share, as compared to $98.8 million, or $1.16 per diluted share, for the year-ago period. Both GAAP and Non-GAAP net loss for fiscal first quarter 2014 include an impairment of capitalized software development cost related to a 2K title in development totaling $29.6 million, or $0.34 per share, for GAAP, and $29.0 million, or $0.33 per share, for Non-GAAP. As of June 30, 2013, the Company had cash and cash equivalents of $646.3 million.

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2. Re: Take-Two Q1 Results Jul 31, 2013, 08:46 Drazula
 
How do they stay in business if they keep losing money? Somethings not right.  
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