Shoppers take escalators under the logo of Nintendo and Super Mario characters at an electronics store in Tokyo, Wednesday, Jan. 30, 2013. Japanese video game maker Nintendo Co. has returned to the black for the first nine months of the fiscal year but remains pessimistic about sales prospects. The Kyoto-based maker of Super Mario and Pokemon games reported Wednesday that April-December profit totaled 14.55 billion yen ($160 million), a reversal from the 48.35 billion yen loss reported a year earlier. (AP Photo/Shizuo Kambayashi)

Take-Two posts higher 3Q net income, revenue

Published: 09:29:09 PM, Tue 05 February 2013 UTC

NEW YORK (AP) — Video game company Take-Two Interactive Software Inc. said Tuesday that its fiscal third-quarter net income rose sharply, helped by higher revenue from games like "NBA 2K13" and "Borderlands 2."

The company earned $71.4 million, or 66 cents per share, in the three months that ended on Dec. 31. That's up from earnings of $14.1 million, or 16 cents per share, in the same period a year ago.

Revenue rose to $415.8 million from $236.3 million.

On an adjusted basis, the company earned 67 cents per share on revenue of $405 million. They exclude one-time items and account for deferred costs and revenue for games with online components.

Analysts, on average, expected earnings of 55 cents per share on revenue of $363.9 million, according to FactSet.

For the current quarter, Take-Two expects adjusted earnings of 10 to 25 cents per share on revenue of $235 million to $285 million

Analysts forecast earnings of 36 cents per share on revenue of $301.6 million.

Chairman and CEO Strauss Zelnick said Take-Two's results surpassed expectations and the company is "pleased that our catalog is a big driver of our success." Older titles, including "Grand Theft Auto IV" and "Red Dead Redemption, accounted for 22 percent of Take-Two's adjusted revenue during the quarter. Revenue from content delivered digitally as downloads accounted for 23 percent of adjusted revenue.

Also, the company's board authorized a buyback of up to 7.5 million shares.

Shares rose 15 cents to close at $12.66.

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