In Take-Two Interactive's first quarter report for its fiscal 2012, the company posted a downturn in net revenue of $334.4 million versus $375.4 million in its pre-shifted, fiscal 2010 report.
Take-Two's first quarter, fiscal 2012 shows a loss of $8.6 million. Strong sales of Red Dead Redemption during its last reported April-June gave the the company a net income profit of $26.3 million, putting the current reported period in a challenging position.
Despite the loss, Take-Two had a number of highlight releases for the quarter. "Although it received disappointing reviews from critics," company CEO Strauss Zelnick said of Gearbox's Duke Nukem Forever, "the release is projected to be profitable for Take-Two." L.A. Noire and NBA 2K11 were among the other bright spots for the publisher.
Take-Two said it expects non-GAAP (Generally Accepted Accounting Principles) income to exceed $2 per share in fiscal 2012 (running from April 1, 2012, through March 31, 2013). When asked whether or not it would be possible to achieve this goal without a new Grand Theft Auto during an investor relations call, Take-Two instead decided to highlight upcoming titles, such as BioShock Infinite and the recently announced Borderlands 2.
Note: Take-Two had previously shifted its reporting calendar to a new timeline, hence the comparison to fiscal 2010.