Take-Two Interactive Software, Inc. Comfortable with First Call Estimates for its Fiscal Second Quarter
NEW YORK--(BUSINESS WIRE)--April 12, 2000--Take-Two Interactive Software, Inc. (NASDAQ: TTWO - news) announced today that it is comfortable with current analyst estimates for its second quarter ended April 30, 2000. First Call Estimates for the Company's second quarter are $0.12 per fully diluted share. In the same period a year ago, the Company reported net income of $0.08 per fully diluted share.
As previously announced, the Company continues to see sales strength in its Jack of All Games value added distribution business, and sees generally lower average video game industry prices as a positive for this segment of its business. Additionally, the Company continues to look to its PC line-up, which it expects to account for 50% of its publishing sales this year, to drive that segment of its business in fiscal 2000. Lastly, the Company's long-standing emphasis on geographic diversity (the Company expects to derive approximately 40% of its total net revenue from territories outside of the U.S) continues to bear fruit.
Ryan Brant, Chief Executive Officer, stated, ``In light of recent expression of sector weakness, we thought it would be appropriate to update our shareholders on the status of Take-Two's current quarter. We are pleased to state that we are encouraged with the current results our business model is yielding for Take-Two.'
Headquartered in New York City, Take-Two Interactive Software, Inc. is an integrated global developer, marketer, distributor, and publisher of interactive entertainment software games and accessories for the PC, Sony PlayStation, Nintendo 64, Nintendo Game Boy Color and the Sega Dreamcast. The Company publishes and develops products through various wholly owned subsidiaries including: Broadband Studios, Rockstar Games, TalonSoft, Joytech and DMA Design. The Company maintains a publishing and distribution partnership with, and 19.9% equity interest in, both Gathering of Developers and Bungie Software. The Company's Jack of All Games value added distribution arm maintains sales and marketing offices in Cincinnati, New York, Toronto, London, Paris, Munich, Oslo, Stockholm, Copenhagen, Milan and Sydney. The Company recently formed Broadband Studios, Inc. to independently pursue technology and content opportunities within the emerging world of broadband game delivery.
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Safe Harbor Statement under the Private Securities Reform Act of 1995: The statements contained herein which are not historical facts are forward-looking statements that involve risks and uncertainties including, but not limited to: risks associated with the Company's future growth and operating results; the ability of the Company to successfully integrate the operations and personnel of newly acquired companies; the availability of adequate sources of financing to fund periodic cash flow shortages; technology development risks; credit risks; seasonal factors; inventory obsolescence; technological change; competitive factors; product returns; failure of retailers to sell-through the Company's products; and unfavorable general economic conditions, any, or all of which, could have a material adverse effect on the Company's business, operating results and financial condition. The Company's actual operating results, including results for its fiscal 2000 second quarter, may vary significantly from such forward-looking statements. Take-Two undertakes no obligation to update forward-looking statements contained within this press release.
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Contact:
Take-Two Interactive Software, Inc.
Bella Wagner (financial media)
Jeff Castaneda (general media)
212/334-6633; 212/334-6644 fax
or
Wolfe Axelrod Weinberger Associates LLC
Stephen D. Axelrod, CFA
Donald C. Weinberger
Denise Ford (media)
212/370-4500; 212/370-4505 fax
E-mail: don@wolfeaxelrod.com |
