Take-Two has reported a return to profit and a jump in sales for its third fiscal quarter ended July 31, 2010.
The company posted $354.1 million in sales, up from $94.9 million during the same quarter last year, and net income of $6 million, versus a loss of $56 million last year.
Much of the success can be attributed to Red Dead Redemption, which has now shipped 6.9 million units. Older titles such as Grand Theft Auto: Episodes From Liberty City, GTA IV, NBA 2K10 and Borderlands also contributed to what Take-Two said were “significantly better-than-expected results”. Digitally delivered content “continued to be a meaningful component of Take-Two's sales”, the firm added.
The company said that it expects to be profitable for the full fiscal year on sales of $1.05 to $1.1 billion.
"Our results for the third quarter and our expectations for the remainder of fiscal 2010 reflect significant progress toward achieving our goals,” said Take-Two CEO Ben Feder. “First, we expect to be profitable in a fiscal year without a major multi-platform Grand Theft Auto release. Second, Take-Two's broad array of hit franchises highlights our ability to deliver a diverse product line. Third, Red Dead Redemption has shown that our creative teams can produce multiple mega-hit franchises.
“Our fourth quarter roster, including Mafia II, Sid Meier's Civilization V and NBA 2K11, demonstrates our continued ability to create a well-balanced lineup across all of our labels and build upon Take-Two's industry-leading franchises. Finally, we are making strides in extending the value of our intellectual property into two key areas, Asia and online distribution."