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40°

NY Times: Take-Two Vows to Beat Expectations and a Bidder

NY Times writes: "Facing a takeover bid from rival Electronic Arts, Take-Two Interactive sought to assure Wall Street investors on Tuesday that it is capable of growing on its own.

Take-Two, the video game maker under new management after a series of financial and regulatory problems, said it expects to perform better this year than Wall Street had projected. The company estimated that for its fiscal 2008, it expects to earn as much as $1.55 a share, compared with analyst projections that it would earn about $1.35 a share. Revenue, it said, would grow more than 40 percent to as high as $1.4 billion.

For the current quarter, the company projected sales of up to $500 million, double last year's revenue, with earnings of $1 to $1.10 a share, which were also higher than analyst estimates. Daniel Ernst, an analyst with Soleil Hudson Square Research, who recommends his clients buy Take-Two, said the improved forecast sends a message to investors that the company was stronger than Electronic Arts was giving it credit for.

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