Take-Two Interactive Sees FY12 Non-GAAP EPS Down by $0.60-0.70; Net Rev Decline by $210M-$230M

Take-Two Interactive Software, Inc.

today announced that Rockstar Games expects to launch Max Payne 3 in May 2012, adding the title to the Company's lineup of new releases planned for its fiscal year ending March 31, 2013. Max Payne 3 had previously been slated for release in March 2012. Rockstar Games plans to announce further details later today. This brief delay has the effect of moving the initial release of Max Payne 3 from Take-Two's fiscal fourth quarter 2012 into its fiscal first quarter 2013. As a result, Take-Two now expects to report a net loss for fiscal year 2012. Specifically, the Company expects this change to reduce its fiscal year 2012 net revenue by $210 – 230 million and Non-GAAP net income per share by $0.60 – $0.70 including $0.03 – $0.04 per share related to a lower share count of 83 million shares used for purposes of calculating Non-GAAP net income (loss) per share. Take-Two will update its fiscal 2012 financial outlook to reflect this change and other factors when it announces its third quarter financial results on February 2, 2012. “We do not take changes to our release schedule lightly, and this short delay will ensure that Max Payne 3 delivers the highest quality, groundbreaking entertainment experience that is expected from our Company,” said Strauss Zelnick, Chairman and CEO of Take-Two. “Max Payne 3 promises to be one of our most exciting releases to date, and we are confident that consumers will once again be amazed by Rockstar's ability to take interactive entertainment to another level.