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.