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Take-Two Reports Second Quarter Revenue Decrease of Almost $60 Million

| 14 Jun 2007 14:00
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Take-Two Interactive has posted second quarter net revenues of $205.4 million, down by almost $60 million compared to the same period in 2006.

The company attributed the net revenue decrease to high sales of the Elder Scrolls: Oblivion RPG in 2006, and the lack of a comparable high-demand product for this year. Take-Two suffered net losses of $51.2 million for the quarter, an increase of $800,000 over the second quarter of 2006.

The closing of development studios in 2006 was of benefit to the company, according to a statement, but was offset by expenses involved with a recent stock option grant investigation, as well as recent business reorganization expenses. The company's restructuring plan includes the consolidation of the 2K and 2K Sports labels on the West Coast, as well as a realignment of the company's international operations based on business discipline rather than geography. The company has also appointed Lainie Goldstein to the position of permanent CFO.

Take-Two has several high-profile games scheduled for release in the second half of 2007, including Fantastic Four: Rise of the Silver Surfer, Manhunt 2, BioShock and Grand Theft Auto IV. For 2008, the company has announced episodic content for Grand Theft Auto IV, L.A. Noire and Midnight Club: Los Angeles, as well as several 2K Sports titles.

Disclosure(s): Strauss Zelnick, Chief Executive Officer and Chairman of the Board of Directors of Take-Two Interactive Software, Inc., is the head of ZelnickMedia, an investor in both Take-Two and Defy Media, LLC, our parent company. This article was published without approval or consent of ZelnickMedia or Take-Two.
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