Take-Two reports $107.7 million loss
Take-Two has reported a loss of $107.7 million for the prior fiscal year in its full year results for the period ended March 31.
Net revenue amounted to $825.8 million (down from $1.14 billion year-on-year), and the aforementioned loss compared to $53.8 million profit in the prior fiscal year driven predominantly by Red Dead Redemption's success.
While LA Noire was a hit for the company, it didn't bring in anywhere near as much as Red Dead or Grand Theft Auto IV. NBA 2K12 also did well for the company, however, along with catalogue sales of Grand Theft Auto games – perhaps boosted by the release of a GTAV trailer last year.
Digital sales account for 13 per cent of the company's net revenue (a four per cent jump over the prior year's nine), with the Grand Theft Auto and Civilization series, Red Dead Redemption, Borderlands and LA Noire enjoying the most traffic.
"Fiscal 2012 was a year of creative, operational and strategic achievement by our Company," said Take-Two chairman and CEO Strauss Zelnick. "We delivered groundbreaking titles, including LA Noire and NBA 2K12, which set new standards for excellence; grew our revenue from digitally delivered content and mobile offerings; made substantial progress on our online gaming initiatives; and bolstered our already strong liquidity through a convertible notes offering.
"While our financial results were disappointing, the decisions we made position Take-Two for growth and profitability both this year and over the long-term."
Take-Two is off to a good start with Max Payne 3, which launched to critical acclaim and has now reached three million units shipped.
The report projects fiscal 2013 net revenue at between $1.75 and $1.85 billion. It's a huge leap over 2011 takings, but given that the period will contain GTA V, Borderlands 2, XCOM: Enemy Unknown and, unless it slips again, BioShock Infinite.