Take-Two Interactive Software posted a higher loss for the first quarter of the year, blaming high marketing costs, development and legal fees despite stronger sales.
Net revenue for the first quarter of 2009 was $256.8 million, compared to $240.4 million for the same quarter of fiscal 2008. First quarter sales were led by GRAND THEFT AUTO IV, CARNIVAL GAMES, NBA 2K9 and MIDNIGHT CLUB: LOS ANGELES.
Net loss for the first quarter was $50.4 million or $0.66 per share, compared to a net loss of $38.0 million or $0.52 per share in the first quarter of fiscal 2008. The company's increased loss for the first quarter compared to the prior year was primarily due to higher marketing, legal, and research and development expenses.
The first quarter results include $6.2 million in stock-based compensation expense ($0.08 per share) and $4.9 million in expenses related to unusual legal matters ($0.06 per share). Results for the first quarter of 2008 included $6.1 million in stock-based compensation expense ($0.08 per share) and $1.7 million in expenses related to unusual legal matters and business reorganization costs ($0.02 per share).
The bright spot for Take-Two is sales of Rockstar Games' GRAND THEFT AUTO IV, which have shipped more than 13 million units since January 31.
