Summary
Take-Two Interactive Software, Inc. reported a strong first quarter for fiscal year 2003, with net sales increasing by 14.0% year-over-year to $194.2 million. This growth was driven by a significant rise in distribution revenues, which more than offset a slight decrease in publishing revenues. The company demonstrated improved profitability, with net income rising by 58.1% to $15.2 million, leading to diluted earnings per share of $0.36, up from $0.25 in the prior year's comparable quarter. For the first six months of fiscal year 2003, Take-Two continued its upward trajectory, with net sales growing 33.0% to $603.0 million. The company's profitability also saw substantial improvement, with net income increasing by 47.8% to $65.7 million, resulting in diluted earnings per share of $1.55, up from $1.16 in the same period last year. This robust performance was largely fueled by the successful launch of "Grand Theft Auto: Vice City" and other key titles, coupled with strong performance in its distribution segment.
Key Highlights
- 1Net sales for the three months ended April 30, 2003, increased by 14.0% to $194.2 million compared to the prior year.
- 2Net income for the three months ended April 30, 2003, increased by 58.1% to $15.2 million compared to the prior year.
- 3Diluted earnings per share for the three months ended April 30, 2003, were $0.36, an increase from $0.25 in the prior year.
- 4For the six months ended April 30, 2003, net sales grew by 33.0% to $603.0 million.
- 5Net income for the six months ended April 30, 2003, increased by 47.8% to $65.7 million.
- 6Diluted earnings per share for the six months ended April 30, 2003, were $1.55, up from $1.16 in the prior year.
- 7The company completed two acquisitions: Angel Studios, Inc. and Barking Dog Studios Ltd., to strengthen its development capabilities.