Edav Nomad

Take-Two is hosting a conference call at the time of this writing to discuss this news. We'll keep you updated:

13:45: Call begins

13:48: Strauss Zelnick, Chairman of Take-Two, says they're disappointed for reducing its fiscal 2009 guidance and the main factor is the delay of BioShock 2.

13:49: The delay is intended to "ensure the quality and performance" of BioShock 2 and the publisher assures the delay will benefit the franchise in the long run.

13:51: Zelnick confirms BioShock 2 joins next year's line-up: Mafia II, Max Payne 3 and Red Dead Redemption.

13:52: Ben Feder, Chief Executive Officer of Take-Two, is talking about this (fiscal) year's line up. Borderlands confirmed and the publisher is confident in the commercial success of the game.

13:54: Feder confirms that Mafia II, Max Payne 3, Red Dead Redemption and BioShock 2 will be released in the first half of calendar 2010.

13:55: Q&A session begins.

13:57: According to Take-Two, retailers are cautious in increasing the inventory level in the U.S. and don't want too much AAA titles to compete with each other.

14:00: Answering question on GTA for PSP...we don't care.

14:01: Q: "Can you quantify the impact of the delay of BioShock 2?" A: The delay of BioShock 2 represented the majority of the change in revenue and earnings guidance for fiscal 2009, but not all of it.

14:04: Question on revenue and earnings declines. Take-Two refuses to explain if it booked expenses for games like BioShock 2 that won't be released in fiscal 2009.

14:06: Talking about arrangement with Ghostbusters distribution.

14:07: Q: Is there a particular system that cause the delay of BioShock 2? A: Generally, there are development issues but no particular system or feature is delaying the development of BioShock 2.

14:08: Take-Two refuses to reveal which studios are working on unannounced games. Obviously they won't!

14:10: Talking about incentives for internal studios to deliver games on time. According to Zelnick everyone is working hard to deliver titles on time and guarantee a high quality level.

14:12: Q&A session concludes.

Launch of BioShock® 2 Now Planned for Fiscal 2010

Conference Call Set for 4:45 pm ET Today

New York, NY – July 13, 2009 – Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today announced revised revenue and earnings guidance for fiscal 2009.

Take-Two is reducing its fiscal 2009 guidance to reflect several factors, most significant of which is the movement of the launch of BioShock 2 from the fourth quarter of fiscal 2009 to fiscal 2010, in order to provide additional development time for the title. Additionally, Take-Two is updating third quarter and fourth quarter fiscal 2009 guidance to reflect reduced sales of catalog products and lower than anticipated initial retailer orders of new releases, due to a retail environment that is proving even more challenging than the Company's previous expectations.

Strauss Zelnick, Chairman of Take-Two, stated, "We recognize that our revised outlook for the balance of fiscal year 2009, due to both internal and external factors, is a disappointment. That said, we concluded that moving the release of BioShock 2 into fiscal year 2010 was the right decision for the product. We believe the result will be a more compelling consumer experience and a better performing product in the marketplace. At the same time, near term retail conditions have proven to be more challenging for our business than the assumptions built into our prior outlook. We remain confident in the long term potential for Take-Two's business, and our ability to capitalize on that potential through our exceptional creative talent and solid balance sheet."

Ben Feder, Chief Executive Officer of Take-Two, commented, "The decision to shift a release date is never an easy one, especially with a product as highly anticipated as BioShock 2. We felt that it was essential to invest the additional time to ensure that this title will deliver what its fans expect and deserve. As a result, we will now be launching sequels to several of our strongest franchises - including BioShock 2, Mafia II, Max Payne 3 and Red Dead Redemption - during the next fiscal year. These titles will anchor our lineup for fiscal 2010, and along with other products planned for next year, provide a platform for enhanced financial performance in what we hope will be an improved retail environment."

BioShock 2 Delayed * Updated * - Xbox

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