September 2, 2010 / 8:52 PM / 9 years ago

CORRECTED - UPDATE 1-Take-Two posts profit, raises outlook

(Corrects EPS figure for Q3 2010 to a net profit of 7 cents from a profit of 14 cents and corrects Q3 2009 to a net loss of 73 cents per share from a net loss of 76 cents per share in paragraph 3)

* Q3 EPS ex-items of 28 cents beats company’s forecast

* Raises outlook on “Red Dead Redemption” sales

By Alex Dobuzinskis

LOS ANGELES, Sept 2 (Reuters) - Video game maker Take-Two Interactive (TTWO.O) Inc reported on Thursday fiscal third-quarter earnings that topped its own forecast, citing strong sales for its “Red Dead Redemption” title.

The New York-based company also raised its outlook for the fourth quarter and said it expects to be profitable for the full fiscal year, after previously forecasting a net loss.

The company posted a net profit for the quarter ended July 31, of $5.9 million, or 7 cents per diluted share, compared with a net loss of $56.5 million or 73 cents per share, in the year-ago period.

Excluding items, the company earned 28 cents per share, beating the 10 cents to 20 cents per share it had forecast in June.

The company, best known for its top-selling “Grand Theft Auto” game franchise, posted net revenue of $354.1 million, more than triple its sales of $94.9 million in the year-ago period.

For the fiscal fourth quarter ending on Oct. 31, Take-Two forecast earnings, excluding items, of 20 cents to 30 cents. It raised its outlook from an earlier forecast of a fourth-quarter loss, excluding items, of 10 cents to 20 cents, citing continued strong sales of “Red Dead Redemption.” (Reporting by Alex Dobuzinskis; editing by Carol Bishopric)

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