Take-Two Interactive Software reported revenue of $1.222 billion for fiscal 2013. That’s a 48 percent increase compared to 2012.
The publisher also reported a non-GAAP (generally accepted accounting practices) net income of $33.1 million, or 36 cents per diluted share. That’s up sharply from a net loss of $59.4 million in 2012.
For its fourth quarter, which ended March 31, Take-Two generated $303.1 million in revenue. That was also up big from $148.2 million in the same period from the prior year.
“The largest contributors to net revenue in fiscal fourth quarter 2013 were the release of BioShock Infinite and catalog sales led by Grand Theft Auto IV, Red Dead Redemption, and Sid Meier’s Civilization V,” reads Take-Two’s financial report. The company also noted continuing sales of NBA 2K13 and Borderlands 2 boosted revenue along with the release of Major League Baseball 2K13.
Those aforementioned catalog sales accounted for a quarter of the company’s revenue from January through March. The company also saw a 192 percent boost in digital sales year-over-year. Borderlands 2, BioShock Infinite, the Grand Theft Auto franchise, and NBA 2K13 pushed digital sales to 27 percent of Take-Two’s total revenue.
“Take-Two delivered strong revenue growth and solid non-GAAP earnings for fiscal year 2013, driven by robust demand for our groundbreaking new releases, iconic catalog titles, and expanding portfolio of digitally delivered offerings,” Take-Two chief executive Strauss Zelnick said in a statement. “With BioShock Infinite, Borderlands 2, NBA 2K13 and XCOM: Enemy Unknown, our 2K label released four of the past year’s most critically acclaimed titles. Our commitment to delight consumers with the highest-quality interactive entertainment experiences enabled Take-Two to have an outstanding year, despite a challenging environment for many in our industry.”
Looking forward, the company is expecting net revenues of $1.75 to $1.85 billion in fiscal 2014. It also expects earnings per diluted share to jump to $2.05 to $2.30. That huge increase is likely due to most of the development costs for games like BioShock Infinite and Grand Theft Auto V are in the past, and GTA V will hit on Sept. 17.
That open-world game alone could contribute around $600 million in revenue to Take-Two’s bottom line.
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