Take-Two Interactive Reports Annual Profit and Quarterly Loss

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Take-Two InteractiveTake-Two Interactive reported its financial results for its fourth quarter and fiscal year ended March 31, 2011. The company also renewed its management agreement with ZelnickMedia, allowing ZelnickMedia to extract lots of extra cash from the company. Read on for more details...
For its fourth quarter ended March 31, 2011, Take-Two Interactive announced a net loss of $22.054 million (compared to a net loss of $9.844 million in the same quarter the previous year). The company also announced net income for the year of $48.458 million compared to a net loss of $122.995 million in the previous year. Obviously, the company wanted to focus on the annual profit rather than the quarterly loss.

Take-Two Interactive also announced that it is renewing its agreement with ZelnickMedia (the company helmed by Strauss Zelnick that arranged the hostile takeover of Take-Two Interactive) to "provide financial and management consulting services" (aka: "run the company") until May 31, 2015. ZelnickMedia will continue to provide senior management (who will also be paid for their positions) while paying $208,333 per month increasing 3% annually. ZelnickMedia will also be eligible for a bonus payment of up to $3.5 million based on certain performance thresholds. Beyond the cash payments, ZelnickMedia will also get substantial payment in stock.

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This page contains a single entry by Editor published on May 24, 2011 8:42 PM.

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