Take-Two Announces $55 Million Quarterly Loss and $20 Million Class Action Settlement

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Take-Two InteractiveTake-Two Interactive announced the financial results for its fiscal third quarter ended July 31, 2009. The company also announced that it has settled a securities-related class action lawsuit:
For its third quarter, the company announced a net loss of $55.473 million, compared to net income in the same quarter the previous year of $51.826 million.

Take-Two Interactive also announced that it has settled its pending securities class action lawsuit. To get the lawsuit dismissed, the company has agreed to pay $20.115 million into a settlement fund. Of that payment, $15.2 million will be paid by Take-Two's insurance provider and the company will have to pay $4.915 million. Take-Two will also have to make additional changes to its corporate governance policies.

69% of the company's revenues came from publishing operations, with the remainder coming from distribution operations, and North American operations provided 74% of revenues. By platform, Xbox 360 sales provided 32% of publishing revenues, Wii sales contributed 16% and PC sales contributed 14% with other platforms contributing the remainder.

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This page contains a single entry by Editor published on September 1, 2009 1:49 PM.

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