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Take-Two Goes 125+ Million in Wrong Direction

Take-Two Interactive Software announced financial results for its second quarter ended April 30, 2006. Net revenues for the second quarter were $265.1 million compared to $222.1 million for the second quarter of fiscal 2005. Net loss for the quarter was $50.4 million compared to a net loss of $8.2 million in the prior year’s second quarter.

The fiscal 2006 second quarter results include a charge of $26.3 million, on a tax effected basis, for asset write-offs and studio closures related to the company’s cost saving initiatives.
Net revenues for the six months ended April 30, 2006 were $530.1 million compared to $724.5 million for the same period a year ago. Net loss for the first six months was $79.5 million compared to net income of $47.1 million in the comparable period last year.

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