Take Two Interactive Software on Thursday reported fourth-quarter earnings that were in line with the updated guidance it issued earlier this month.
The company lost 28 cents per share, compared to a 20 cent per share loss in 2008. Net revenue, at $343.4 million, was slightly higher than the 2008 figures.
For its just-completed fiscal year, Take Two reported a net loss per share of $1.80, compared with a gain of $1.28 last year, when the company was reaping the benefits of the recently launched “Grand Theft Auto IV”.
While the results were far below analysts' initial estimates, the company did have one bright spot in the quarter. “Borderlands,” a new license for Take Two, has sold over 2 million copies worldwide, making the franchise a key part of its future plans.
The company reiterated is guidance for Fiscal 2010, predicting a 40 cent to 60 cent loss per share.
Take Two CEO Ben Feder blames, in part, a tough retail environment for the current and projected losses.
“We continue to see retail being cautious in inventory purchases,” he says. “We think our guidance for 2010 reflects that … However, when it comes to AAA titles, we believe retailers will get aggressive in a positive way.”
Take Two plans to release at least four titles for core gamers in 2010—“BioShock 2,” “Mafia II,” “Max Payne 3” and “Red Dead Redemption”.