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GTA helps Take-Two trim losses

Take-Two has released its first quarter results for 2007 with losses trimmed to US $21.5 million (EUR 16.3m), improving on the loss of US $29.1 million (EUR 22.1m) in the same period last year.

Take-Two has released its first quarter results for 2007 with losses trimmed to US $21.5 million (EUR 16.3m), improving on the loss of US $29.1 million (EUR 22.1m) in the same period last year.

Net revenue for the three months ended January 31 2007 was US $277.3 million (EUR 210.6m), up from US $265 million (EUR 201.2m) in 2006.

A total of US $6.4 million (EUR 4.8m) in losses was attributed to the ongoing legal fees associated with the company's messy stock option investigation.

The investigation has led to suggestions that the company could face a revolt by investors who may demand the resignation of current CEO Paul Eibeler — and possibly putting the Grand Theft Auto publisher up for sale.

The company made US $12.1 million (EUR 9.1m) in cash flow from operations in the first quarter of 2007, due to the strong performance of Grand Theft Auto: Vice City Stories, NBA 2K7, The Elder Scrolls IV: Oblivion and College Hoops 2K7.

Take-Two's annual general meeting will take place next week, March 23.

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Matt Martin

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Matt Martin joined GamesIndustry in 2006 and was made editor of the site in 2008. With over ten years experience in journalism, he has written for multiple trade, consumer, contract and business-to-business publications in the games, retail and technology sectors.

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