Take-Two restates results, loses CFO (TTWO) by Tomi Kilgore
Take-Two Interactive (TTWO) restated financial results for the fiscal year ended
October 2000, and for the first three quarters of fiscal 2001 following a review of
certain transactions and accounting policies. The maker of interactive gaming
software added that Albert Pastino, its chief financial officer, resigned "due to
personal reasons," and would be replaced by Karl Winters, formerly CFO of United
Auto Group. Take-Two said it determined that sales to certain independent
third-party distributors were improperly recognized as revenue. The company also
reported a fiscal fourth-quarter 2001 net loss of $5.3 million, or 15 cents a share.
Exluding losses from the sale of Internet securities, the company lost 13 cents a
share. The company was initially expected to report earnings of 70 cents a share
on average, according to Thomson Financial/First Call. The stock has been halted
for trading since Jan. 22, with the last trade at $18.56.
Take-Two Interactive (TTWO) restated financial results for the fiscal year ended
October 2000, and for the first three quarters of fiscal 2001 following a review of
certain transactions and accounting policies. The maker of interactive gaming
software added that Albert Pastino, its chief financial officer, resigned "due to
personal reasons," and would be replaced by Karl Winters, formerly CFO of United
Auto Group. Take-Two said it determined that sales to certain independent
third-party distributors were improperly recognized as revenue. The company also
reported a fiscal fourth-quarter 2001 net loss of $5.3 million, or 15 cents a share.
Exluding losses from the sale of Internet securities, the company lost 13 cents a
share. The company was initially expected to report earnings of 70 cents a share
on average, according to Thomson Financial/First Call. The stock has been halted
for trading since Jan. 22, with the last trade at $18.56.