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    Take-Two shares up as Grand Theft Auto looms

    Associated Press – Fri, Feb 3, 2012

    NEW YORK (AP) — Shares of video-game publisher Take-Two Interactive Software Inc., climbed Friday after it posted a drop in revenue for a latest quarter, but promised a strong slate of games for the fiscal year that starts in April.

    THE SPARK: Late Thursday, New York-based Take-Two said its sales dropped 29 percent in its fiscal third quarter, which ended Dec. 31, because the NBA lockout held back sales of "NBA 2K12." Net income fell 65 percent because of the sales slump and a debt issue.

    The company also cut its outlook for the current quarter, citing its previously announced delay in the release of "Max Payne 3" game until May.

    That means "Max Payne 3" will join sequels in Take-Two's "Grand Theft Auto," ''BioShock" and "Borderlands" franchises for release in fiscal 2013, which starts in April.

    THE ANALYSIS: "Modest results in fiscal 2012 are already in the rearview mirror, as Take-Two preps for one of the biggest fiscal years in company history," said Todd Mitchell at Brean Murray Carret & Co.

    Evan Wilson at Pacific Crest Securities said it was notable that Take-Two didn't announce delays to any of the games slated for next fiscal year, but delays could still happen. He hopes the third-quarter report "is the last, last negative data point before investors can focus on F2013."

    SHARE ACTION: Take-Two shares rose 59 cents, or 3.8 percent, to $16.31 in afternoon trading, after going as high as $16.99 soon after the opening bell. They're close to their three-year high of $17.58, hit in May.

     

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