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|Take-Two Interactive Software, Inc. Announces Repurchase of the 12.02 Million Shares Held By Icahn Group at Yesterday’s Closing Price|
“This share repurchase reflects our confidence in the Company’s outlook for record results in fiscal 2014 and continued Non-GAAP profitability every year for the foreseeable future,” said Strauss Zelnick, Chairman and CEO of Take-Two. “With our ample cash and strong expected cash flow, we are able to pursue a variety of investment opportunities, including repurchasing our Company’s stock.
“On behalf of our board and management team, I would like to thank Brett, James and Sung for their support, dedication and service to our organization. They leave Take-Two better positioned than ever for continued success.”
The repurchase announced today was made outside of the Company’s
existing share repurchase program, pursuant to which 7.5 million shares
are authorized to be repurchased. The Company has repurchased 4.2
million shares in the open market at an average price of
Take-Two was advised on this transaction by
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Cautionary Note Regarding Forward-Looking Statements
The statements contained herein which are not historical facts are
considered forward-looking statements under federal securities laws and
may be identified by words such as "anticipates," "believes,"
"estimates," "expects," "intends," "plans," "potential," "predicts,"
"projects," "seeks," "will," or words of similar meaning and include,
but are not limited to, statements regarding the outlook for the
Company's future business and financial performance. Such
forward-looking statements are based on the current beliefs of our
management as well as assumptions made by and information currently
available to them, which are subject to inherent uncertainties, risks
and changes in circumstances that are difficult to predict. Actual
outcomes and results may vary materially from these forward-looking
statements based on a variety of risks and uncertainties including: our
dependence on key management and product development personnel, our
dependence on our Grand Theft Auto products and our ability to develop
other hit titles for current and next-generation platforms, the timely
release and significant market acceptance of our games, the ability to
maintain acceptable pricing levels on our games, our ability to raise
capital if needed and risks associated with international operations.
Other important factors and information are contained in the Company's
Annual Report on Form 10-K for the fiscal year ended
Source: Take-Two Interactive
Take-Two Interactive Software, Inc.