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Take-Two records slight losses for FYQ4

Net income hits $361.7 million for FY2014

Take-Two recorded $30.8 million in net losses for the quarter ending March 31, 2014, the parent group of Rockstar and 2K Games announced Tuesday.

That's down from a net profit of $22.5 million in the same period of its fiscal year 2013. Take-Two ascribed much of the difference to BioShock Infinite, which released in March 2013.

Net revenue was down to $195.2 million, from $299.5 million of the same period last year.

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Take-Two announced that NBA 2K14, Grand Theft Auto V, Grand Theft Auto Online, Borderlands 2 and BioShock Infinite were the largest contributors to its net revenue in the fourth quarter of its fiscal year 2014. It also reported that GTA 5 shipments had exceeded 33 million.

The company's net income increased to $361.7 million from a $31.2 million loss in the prior year. Its net revenue for fiscal year 2014 grew 94 percent to a record $2.35 billion, compared to $1.21 billion in fiscal year 2013.

Take-Two also announced it had "cash and cash equivalents of $935.4 million", down slightly from the $972.2 million reported in February.

"During fiscal 2014, Take-Two set new records for both our Company and the entertainment industry," commented Take-Two chairman Strauss Zelnick. "Rockstar Games' Grand Theft Auto V reached $1 billion in sales faster than any entertainment release in history, NBA 2K14 enjoyed the franchise's strongest launch, Borderlands 2 became 2K's top-selling title, and our digitally-delivered revenue grew to its highest level ever. As a result, we delivered record revenue, earnings and cash flow for our shareholders.

"Over the past several years, Take-Two has been transformed into a financially strong, global interactive entertainment company with numerous successful franchises across a variety of genres. We also have complemented the Company's core business with growing profits from recurrent consumer spending, including add-on content, virtual currency and online gaming."

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