Take-Two Interactive has announced its financial results for the fourth quarter and fiscal year end (October 31, 2009).
Net loss for fiscal 2009 was $137.9 million compared to net income of $97.1 million for fiscal 2008. Net revenue for the fiscal year ended October 31, 2009 was $968.5 million compared to $1,537.5 million for ‘08, which included the GTA IV launch.
Q4 net revenue was $343.4 million, compared to $323.4 million for the same quarter of fiscal 2008 while net loss for the quarter was $22.0 million, compared to a net loss of $15.0 million in Q4 fiscal 2008.
Strauss Zelnick, chairman of Take-Two, said, “Our company and industry experienced a very difficult economic environment in 2009. We believe that 2010 will continue to be challenging and our outlook, while disappointing, reflects a prudent approach to managing our business. The fact remains that Take-Two is in a fundamentally strong position to build long term value. We have an outstanding portfolio of hit franchises based largely on internally developed and owned intellectual property, a team of extraordinarily creative and talented people, opportunities to extend our business to new media and markets, and the financial resources to support our strategies.”
Ben Feder, chief executive officer, added, “We are excited about our product line-up for 2010, which includes BioShock 2, Mafia II, Max Payne 3 and Red Dead Redemption. We also have just announced Spec Ops: The Line, an intense military third-person shooter, for fiscal 2011. Our broad portfolio reflects the fantastic creative assets that will be the source of our long term success. Moving forward, we plan to build our company by continuing to focus on select high-potential titles, leveraging our successful franchises and applying our creative abilities to emerging opportunities. We also intend to strengthen our business through increased cost management, improved operational efficiencies, and the timely delivery of our titles.”