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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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