NEWS - Tuesday, June 8, 2004

Take-Two Reports Q2 Decline

Take-Two has today reported its financial results for the fiscal second quarter ended April 30, 2004. The company’s net sales of $153.4 million are significantly down on the $193 million achieved during the same period in 2003, although it’s worth noting that last year’s figure included significant sales of Grand Theft Auto: Vice City on the PlayStation 2, as well as those for the then newly released Midnight Club 2. Take-Two’s net loss for the quarter was $14.6 million, compared to a net income of $14.6 million 12 months earlier. As a result of the disappointing second quarter, Take-Two’s results for the six months ended April 30, 2004 are also down on those for the previous year. The company’s net sales of $528.9 doesn’t compare favorably with the $604 million the previous year, and the net income of $17.2 million is significantly down on the $66.2 million the company reported for the first six months of its fiscal 2003 year. Take-Two has revised its guidance for both the third quarter ending July 31, 2004 and for the fiscal year ending October 31, 2004. The changes reflect lower than anticipated sales of the company’s catalog products, as well as changes to its release schedule for the remainder of the fiscal year. Grand Theft Auto: San Andreas, incidentally, is still on track for release in North America and Europe on October 19 and 22 respectively. For its third fiscal quarter ending July 31, 2004, Take-Two now expects to achieve net sales of between $130 million and $140 million rather than its previous guidance figure of between $180 million and $200 million. For the fiscal year ending October 31, 2004, however, (by which time GTA: San Andreas will have been on sale for almost two weeks) the company is now predicting net sales of between $1.125 billion and $1.145 billion, as opposed to its prior guidance of $1.17 billion. Take-Two’s fiscal 2004 guidance, incidentally, does not take into account the co-publishing and distribution agreement for Sega’s ESPN videogames, which was also announced today. In addition to its financial results and agreement with Sega, Take-Two has today announced Richard Roedel has been appointed as the company’s permanent CEO by the board of directors. Roedel had previously assumed the position on an interim basis in April. "I am very pleased to have the opportunity to serve as chief executive officer of Take-Two in a permanent capacity. After nearly two years working closely with the company, I have learned a great deal about Take-Two’s business and its tremendous potential. My immediate mandate, and that of the entire senior management team, is to ensure that we address our current challenges by remaining firmly operationally focused, reducing our cost structure and managing our product release schedule to maximize the value of every title in our pipeline," said Roedel. "Take-Two has an impressive portfolio of proven proprietary brands, a solid holiday lineup and an industry leading distribution business through Jack of All Games. With this foundation, along with our strong financial position, I believe we will overcome our recent challenges and regain our solid track record of delivering compelling products and meeting financial expectations."

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