Take-Two Still Working on Financial Information

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Take-Two Interactive Software, parent of labels such as 2K Games and 2K Sports, released "selected preliminary financial information" today concerning the fiscal third quarter ended July 31. The company confirmed that it is still investigating its own practices involving stock options, and does not plan on releasing final financials until the investigation is complete and audited.
The preliminary financial information is not particularly informative – Take-Two reported net revenues of around $240 million (compared to net revenues in the same quarter the previous year of $170 million). But did not disclose net income.

Importantly, while this sort of delay is not a certain indication of a problem, it does suggest that Take-Two may have identified some problems in its financial records that need to be worked out with its auditors. Take-Two did note that estimates of its earnings by financial analysts for its fiscal third and fourth quarters are too high. In other words, Take-Two won't make as much money as people are expecting.

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This page contains a single entry by Editor published on August 31, 2006 11:01 PM.

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