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.
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