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Take-Two Takes $400MM

Take-Two Interactive Software's Third Quarter Fiscal 2013 earnings are now public, showing the company pulled in a cool $400 million, allowing them to authorize the repurchase of up to 7.5 million shares their common stock. Here are the highlights:

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.

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11. Re: Take-Two Takes $400MM Feb 6, 2013, 23:54 Sepharo
 
They're clearly Mega Millions  
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10. Re: Take-Two Takes $400MM Feb 6, 2013, 09:11 nin
 
Fibrocyte wrote on Feb 6, 2013, 05:23:
Quboid wrote on Feb 5, 2013, 23:38:
Does anyone else find the MM notation bizarre? Maybe it's a British thing (not that I'm the only Brit here) but that looks like millimetres to me. I know it meant million way back but I think the only people to use it now, aside from Blue, are people working in print media and that's hardly applicable here.

They're just taking the word "Million" and then removing all of the letters except for the M's.


Unintentional comedy gold?


 
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9. Re: Take-Two Takes $400MM Feb 6, 2013, 08:40 Shteve
 
Fibrocyte wrote on Feb 6, 2013, 05:23:
Quboid wrote on Feb 5, 2013, 23:38:
Does anyone else find the MM notation bizarre? Maybe it's a British thing (not that I'm the only Brit here) but that looks like millimetres to me. I know it meant million way back but I think the only people to use it now, aside from Blue, are people working in print media and that's hardly applicable here.

They're just taking the word "Million" and then removing all of the letters except for the M's.

And then adding another M.
 
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8. Re: Take-Two Takes $400MM Feb 6, 2013, 05:23 Fibrocyte
 
Quboid wrote on Feb 5, 2013, 23:38:
Does anyone else find the MM notation bizarre? Maybe it's a British thing (not that I'm the only Brit here) but that looks like millimetres to me. I know it meant million way back but I think the only people to use it now, aside from Blue, are people working in print media and that's hardly applicable here.

They're just taking the word "Million" and then removing all of the letters except for the M's.
 
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7. Re: Take-Two Takes $400MM Feb 6, 2013, 03:28 netnerd85
 
Come on Take 2 give us more Hidden and Dangerous (at least release them on STEAM!), Mafia 3 would be nice too. Sad day when Illusion Softworks was bought by Take 2 then became 2k Czech. They raped Mafia 2 so badly, ruined it, they stole it's soul!... still a great game lol, but could have been super dooper awesome great.

Cutter wrote on Feb 5, 2013, 22:27:
And they could have made another 100 mil with a solid PC RDR port! Fucking fuckers!
That is by far the most boring game I have seen. Bought it for my partner... oh my god, BORING! horses and a cow boy... a boring cow boy at that. Not sure what the appeal of that game is.
 
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6. Re: Take-Two Takes $400MM Feb 6, 2013, 01:52 Dev
 
Cutter wrote on Feb 5, 2013, 22:27:
And they could have made another 100 mil with a solid PC RDR port! Fucking fuckers!
Quite possibly yeah.
I know I would have thrown money in their direction. Instead, I finally gave up and got it for my xbox when it hit like a $10 sale. And I played it for a couple hours, every minute of it wanting to have a mouse.
 
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5. Re: Take-Two Takes $400MM Feb 5, 2013, 23:38 Quboid
 
Does anyone else find the MM notation bizarre? Maybe it's a British thing (not that I'm the only Brit here) but that looks like millimetres to me. I know it meant million way back but I think the only people to use it now, aside from Blue, are people working in print media and that's hardly applicable here.  
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- Quboid
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4. Re: Take-Two Takes $400MM Feb 5, 2013, 23:14 The Half Elf
 
GET EM CUTTER!

GET EM GOOD!
 
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"I've never seen a feature like this before. It warms your ass. It's wonderful" -Walter Bishop
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3. Re: Take-Two Takes $400MM Feb 5, 2013, 22:27 Cutter
 
And they could have made another 100 mil with a solid PC RDR port! Fucking fuckers!
 
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"The South will boogie again!" - Disco Stu
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2. Re: Take-Two Takes $400MM Feb 5, 2013, 22:11 Parallax Abstraction
 
EA (who almost swallowed Take-Two a few years back) is barely clinging to profitability while having their hand in 50 different pots in the interest of "broader appeal" but Take-Two largely focuses on core consoles and PC titles and is doing quite nicely. I think they (and eventually THQ if they could have held on longer) are showing that you can indeed make money in the AAA space, you just need to be focused and smart, not shotgunning ideas into every facet in the hopes that one pays off. There's lots of people predicting doom and gloom for AAA with an eerie amount of glee but I think if more of the industry refocused as Take-Two has tried, it can still work and make money.  
Parallax Abstraction
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1. Re: Take-Two Takes $400MM Feb 5, 2013, 21:25 nin
 

I would think, with both Bioshock and GTA coming, they should do gangbusters this year...
 
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