Take-Two Interactive Reports Loss of $91.4 Million
Video-game publisher Take-Two Interactive restated its financial results for fiscal 2006 late Wednesday and blamed the higher-than-expected loss on the video-game industry’s transition toward next-generation platforms such as Sony’s PlayStation 3, Nintendo’s Wii, and Microsoft’s Xbox 360 consoles.
Net loss for the fourth quarter of fiscal 2006 was $14 million, or 20 cents a share, compared with net income of $18.9 million, or 27 cents a share, the year before. Analysts were expecting earnings of 13 cents a share. The fourth-quarter loss included $5.5 million for legal and other professional fees associated with the investigation, beginning in June 2006, of stock option grant practices. Revenue for the quarter ended Oct. 31, was $266.6 million falling from $306.8 million for the same period a year ago.
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