[2] Take-Two Interactive Software, Inc. Announces Record First Quarter 2000 Net Income and Net Sales.Business Editors NEW YORK--(BUSINESS WIRE)--February 24, 2000 Company Surpasses $350 Million in Sales for the Trailing Twelve Months Ended January 31, 2000 80% Growth in Net Sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight and 38% Growth in Gross Margin Percentage Fuels 65% Increase in Net Income From the Same Period a Year Ago Company to Continue Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the and Broadband broadband Term describing the radiation from a source that produces a broad, continuous spectrum of frequencies (contrasted with a laser, which produces a single frequency or very narrow range of frequencies). Equity Partnership Initiatives in the Second Quarter of 2000 Take-Two Interactive “Take Two” redirects here. For other uses, see Take Two (disambiguation). Take-Two Interactive Software, Inc. (NASDAQ: TTWO) is an American publisher, developer, and distributor of video and computer games and video game peripherals. Software, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :TTWO TTWO Take Two Interative Software, Inc. (stock symbol) ) today announced financial results for the three months ended January 31, 2000. For the three months ended January 31, 2000, net sales were $122,889,726, a $54,609,073, or 80%, increase from net sales of $68,280,653 for the quarter ended January 31, 1999. Net income for the quarter ended January 31, 2000 was $4,786,658, or a 65%, increase over net income of $2,894,836 for the same period a year ago. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of for the quarter ended January 31, 2000 was $0.20 as compared to $0.15 for the quarter ended January 31, 1999. For the trailing twelve months In commerce, the trailing twelve months (TTM) is a moving measurement (for example, an average or a sum) over the 12 previous months, using the most recent data available. Also sometimes known as last twelve months (LTM). ended January 31, 2000, net sales were $360,540,931, net income was $18,223,925 and diluted earnings per share was $0.81. The Company's working capital position as of January 31, 2000 was $44,272,975 compared with $41,438,968 as of October 31, 1999. Gross margins continued to improve during the first quarter reaching 30%, as compared to 22% for the first three months of the 1999 fiscal year. The company attributes this trend to continued growth in its publishing business. During the first three months of fiscal 2000, publishing sales accounted for 51% of total net sales, compared to 35% for the same period a year ago. The Company attributes its growth in the quarter to the following: international publishing grew 203% from $13.0 million to $39.3 million; domestic publishing grew 109% from $10.9 million to $22.9 million; and worldwide value-added distribution sales grew 37% to $60.7 million. Of significance within the Company's publishing business, global PC publishing sales grew from $9.4 million to $18.1 million, an increase of 93%. Ryan Brant brant or brant goose, common name for a species of wild sea goose. The American brant, Branta bernicla, breeds in the Arctic and winters along the Atlantic coast. , Chief Executive Officer, said, "The first quarter of fiscal 2000 was another very strong quarter for our company, adding to our exceptional historical growth record. Looking ahead, our Rockstar Games “R*” redirects here. For *R, see Hyperreal number. Rockstar Games is a development division of video game publisher Take-Two Interactive, based in New York City, United States. The brand is most known for the Grand Theft Auto series. division has invested heavily in a significant portfolio of products, including Grand Theft Auto, Austin Powers and Duke Nukem' for next generation platforms with Internet capabilities. The Company is focusing its expansion efforts on the Internet by continuing to evaluate and make strategic investments in online entertainment and e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. providers, and building on the Internet brand identity of Rockstar Games and the multiplayer capabilities of its interactive gaming content with particular focus on broadband connectivity of next-generation video game systems." Headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , 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 Sony Playstation - Playstation , Nintendo 64, Nintendo Game Boy Color The Game Boy Color (ゲームボーイカラー and the Sega Dreamcast. The Company publishes and develops products through various wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. including: Rockstar Games, TalonSoft, Joytech and DMA (1) (Digital Media Adapter) See digital media hub. (2) (Document Management Alliance) A specification that provides a common interface for accessing and searching document databases. 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 Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. distribution arm maintains sales and marketing offices in Cincinnati, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Toronto, London, Paris, Munich, Oslo, Stockholm, Copenhagen, Milan and Sydney. All trademarks and copyrights contained herein are the property of their respective holders. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under the Private Securities Reform Act of 1995: The statements contained herein which are not historical facts are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties including, but not limited to, risks associated with the Company's future growth and operating results, credit risks, inventory obsolescence ob·so·les·cent adj. 1. Being in the process of passing out of use or usefulness; becoming obsolete. 2. Biology Gradually disappearing; imperfectly or only slightly developed. , 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 significantly impact the Company's business and result in future operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. . The Company's actual results may vary significantly from such forward-looking statements. Take-Two undertakes no obligation to update forward-looking statements contained within this press release.
TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
Condensed Consolidated Statements of Operations
For the three months ended
January 31, 2000 (unaudited) and 1999 (unaudited)
Three months ended January 31,
2000 1999
(Unaudited)
Net sales $ 122,889,726 $ 68,280,653
Cost of sales 86,273,609 53,537,840
Gross profit 36,616,117 14,742,813
Operating expenses:
Selling and marketing 15,275,624 4,161,203
General and administrative 9,294,922 4,411,498
Research and development costs 1,625,437 592,144
Depreciation and amortization 1,402,667 453,415
Total operating expenses 27,598,650 9,618,260
Income from operations 9,017,467 5,124,553
Interest expense 1,506,336 816,517
Income before equity in loss
of affiliate and income taxes 7,511,131 4,308,036
Equity in loss of affiliate 156,303
-
Income before income taxes 7,354,828 4,308,036
Provision for income taxes 2,568,170 1,413,200
Net income $ 4,786,658 $ 2,894,836
Per share data:
Diluted:
Weighted average common shares
outstanding 24,477,933 19,534,411
Net income per share $ 0.20 $ 0.15
OTHER INFORMATION
Total revenue mix
Distribution 49% 65%
Publishing 51% 35%
Geographic revenue mix
Domestic 66% 79%
International 34% 21%
Publishing platform revenue mix
Video Game Consoles 55% 39%
Nintendo Color Gameboy 7% 22%
PC 29% 39%
Accessories 9% 0%
TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
Condensed Consolidated Balance Sheet
As of January 31, 2000 (unaudited) and October 31, 1999
ASSETS: January 31, 2000 October 31, 1999
(Unaudited)
Current assets:
Cash and cash equivalents $ 19,255,178 $ 10,374,562
Accounts receivable, net 95,442,481 108,802,903
Inventories, net 45,958,636 41,299,838
Prepaid royalties 31,101,065 20,118,160
Prepaid expenses and
other current assets 11,196,217 8,378,720
-------------------- ---------------------
Total current assets 202,953,577 188,974,183
Non-current assets 47,147,468 43,742,194
==================== =====================
Total assets $ 250,101,045 $ 232,716,377
==================== =====================
LIABILITIES and STOCKHOLDERS' EQUITY:
Current liabilities:
Lines of credit,
current portion $ 74,520,254 $ 56,047,846
Current portion of
capital lease obligation 49,561 65,204
Notes payable - 30,611
Accounts payable 56,832,836 71,229,744
Accrued expenses 27,277,951 20,161,810
-------------------- ---------------------
Total current liabilities 158,680,602 147,535,215
Non-current liabilities 14,409 78,245
-------------------- ---------------------
Total liabilities 158,695,011 147,613,460
-------------------- ---------------------
Commitments and contingencies
Stockholders' equity 91,406,034 85,102,917
==================== =====================
Total liabilities and
stockholders' equity $ 250,101,045 $ 232,716,377
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