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ValuEngine Detailed Valuation Report for TTWO

ValuEngine Detailed Valuation Report for TTWO

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Published by ValuEngine.com
Advanced academic research that brings you superior investment strategies in an actionable format. The most comprehensive and useful report available. ValuEngine's three models: Valuation Model, Forecast Model and Ratings Model are incorporated to give you a well-rounded analysis from three different perspectives. Consensus EPS trend and Earnings Surprise statistics provide additional insights. Also, detailed Company Profile, ValuEngine Fair Valuation; 1-3-6 month and 1-2-3 yr forecasts, ValuEngine 1-5 Engine Rating, Multi-stock comparison, Financials, Earnings Estimates, Risk Assessment, Data Summary and much more.
Advanced academic research that brings you superior investment strategies in an actionable format. The most comprehensive and useful report available. ValuEngine's three models: Valuation Model, Forecast Model and Ratings Model are incorporated to give you a well-rounded analysis from three different perspectives. Consensus EPS trend and Earnings Surprise statistics provide additional insights. Also, detailed Company Profile, ValuEngine Fair Valuation; 1-3-6 month and 1-2-3 yr forecasts, ValuEngine 1-5 Engine Rating, Multi-stock comparison, Financials, Earnings Estimates, Risk Assessment, Data Summary and much more.

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VgluEngine

TM

DETAILED RESEARCH REPORT
Mar. 04, 2011

TAKE-TWO INTER(TTWO)
VALUENGINE RECOMMENDATION & BASIC INFORMATION
2 8 ©ValuEngine.com 2011 25 22 20

RECOMMENDATION NEGATIVE underperform NEUTRAL match POSITIVE outperform

18

Volume (million)

15 12 10 8 5 2

Price
Rank top 3% top 44% top 1% top 33% top 12% top 30%

VALUENGINE RATING

18 15 12 10

RECOMMENDATION FACTORS Value Overall Rank Fair Value 1Yr Target Price P/E Ratio Last 1-Y Return Market Cap(bil) $15.18 $28.39 16.4 78.74% $1.38

8 5 2007 Close Price 2008 Target Price 2009 Volume 2010 Sell Hold 2011 Buy

VALUENGINE RECOMMENDATION
ValuEngine has issued a STRONG BUY recommendation for TAKE-TWO INTER on Mar. 04, 2011. Based on the information we have gathered and our resulting research, we feel that TAKE-TWO INTER has the probability to OUTPERFORM average market performance for the next year. The company exhibits ATTRACTIVE momentum, company size and P/E ratio.

BASIC INFORMATION Last Trade Trade Date Market Cap(bil) Trailing P/E Forward P/E PEG Ratio P/S Ratio M/B Ratio Sharpe Ratio 5-Y Avg Ann Return Volatility EPS Growth Annual Dividend Dividend Yield LT Debt/Equity Beta VALUATION ANALYSIS TTWO Industry Sector Today's Fair value: $15.18 6.31% overvalued Toys/games/hobby Prod 12.13% undervalued Consumer Discretionary 10.34% overvalued $16.14 03/03/11 $1.37758 16.4 36.50 n/a 1.19 3.63 0.01 0.34% 57.67% -55.08% n/a n/a 0.27 1.38

RECOMMENDATION OVERVIEW
ValuEngine's stock recommendations are based on the proprietary ValuEngine one-year forecast return (1YFR) model output for each individual equity. A stock is rated Strong Buy, Buy, Hold, Sell, Strong Sell based on the Forecast One Year Return. The breakdown for each rating is as follows: • Strong Buy: More than +12% 1YFR • Buy: Between +5% and +12% 1YFR • Hold: Between -5% and +5% 1YFR • Sell: Between -12% and -5% 1YFR • Strong Sell: Less than -12% 1YFR ValuEngine's Strong Buy-rated stocks have an averaged annual return of 19% since 2001. For more details on the ValuEngine One Year Forecast Target price and its components, please go HERE.

FAIR MARKET VALUATION PRICE
Based on available data as of Mar. 04, 2011, we believe that TTWO should be trading at $15.18. This makes TTWO 6.31% overvalued. Fair Value indicates what we believe the stock should be trading at today if the stock market were perfectly efficient and everything traded at its true worth. For TTWO, we base this on actual earnings per share (EPS) for the previous four quarters of $0.98, forecasted EPS for the next four quarters of $0.44, and correlations to the 30year Treasury bond yield of 4.64%. There are an additional 10 firm specific and interest rate related parameters, each playing a role in the valuation analysis. For more details on ValuEngine's Fair Value Model, please go HERE.

FORECAST ANALYSIS 1-Month 3-Month 6-Month 1-Year 2-Year 3-Year Target Price $18.65 $20.73 $24.27 $28.39 $26.94 $40.68 Exp. Return 15.55% 28.45% 50.36% 75.90% 66.93% 152.02%

FORECASTED TARGET PRICES
The predictive variables used in Valuengine's forecast target price models include both proprietary and well-established forecasting variables derived from credible financial research studies and publications. Our forecasting models capture, among other things, several important tendencies that stock prices consistently exhibit: Short-term price reversals, Intermediate-term momentum continuation, and Long-term price reversals. We use a distinct forecasting model for each time horizon and for every industry. We then apply the most advanced statistical/econometric techniques to ensure that our stock return forecasts are as reliable as possible. For more details on ValuEngine's Forecast Model, please click HERE.

Contact ValuEngine:
ValuEngine, Inc. 41 University Drive, Suite 400 Newtown, PA 18940, U.S.A. (800) 381-5576 (T) support@ValuEngine.com www.ValuEngine.com

Copyright © 1998 - 2011 ValuEngine Inc

1

On this page.VgluEngine BUSINESS SUMMARY TM DETAILED RESEARCH REPORT TAKE-TWO INTER(TTWO) BUSINESS SUMMARY. PEG is the most informative as it reflects both the price/earnings ratio and expected future EPS growth.29. DATA SUMMARY & MARKET RATIO BASED VALUATION MARKET RATIO BASED VALUATION Portfolio managers and professionals traditionally rely on market ratios to gauge whether a stock is fair valued or overvalued. The analyst consensus estimate is $0. Valuation Based on TTWO's Past PE Over the past 10 years.34 Fair Value Comparable Stocks' Avg PE Comparable PE-Based Fair Value 13.31% 78. is a leading worldwide developer. This is sometimes confusing to newcomers to ValuEngine.4 Rank 57 89 57 42 3 71 57 58 33 68 1.98 per share in its recent 4 quarters.89 17.2.00%).29 $5.38 0.67% -55. we resort to the P/S to assess its fair value. the more positive the influence each measurement has on the overall attractiveness of the stock.44 for its 4quarter-forward EPS. TTWO's current price sales ratio is 1. Comparables' PE Comparables GLUU JAKK LF RCRC THQI Current PE n/a 11. Otherwise. To establish a valuation standard.2 $16. publisher and distributor of interactive software games.19. we present such a valuation based on one of three market ratios: PEG (price to trailing 4 quarter earnings ratio. LF.00%). while P/E is better than P/S. JAKK. divided by the consensus analyst forecasted next year EPS growth). we apply the P/E to give a fair value for the stock as of today.01 1.19. Inc.08% 1. Take-Two Interactive Software.74% 0. The following assessment is based on multiplying comparable stocks' average PE today with TTWO's next 4 quarter EPS. P/E (price to forward 4 quarter earnings ratio). The analyst consensus estimate is $0. Fair Value Historical Average PE PE-Based Fair Value 36.2011 ValuEngine Inc 2 . Valuation Based on Comparables' PE TTWO's comparables are GLUU. These two alternative perspectives should give you a good idea about where this stock's valuation stands today.63 16. Let's take them one by one: • Valuation rank 57: 43% of stocks are more undervalued • Momentum rank 89: 11% of stocks have higher momentum • Sharpe Ratio rank 57: 43% of stocks have a higher Sharpe Ratio • 5-Year Average Annual Return 57: 43% of stocks have higher average annual return • Volatility rank 42: 58% of stocks have less volatility • EPS growth rank 3: 97% of stocks have greater projected EPS growth • Size rank 71: 29% of companies have higher market capitalization • P/E rank 68: 32% of stocks have lower P/E ratios • Price/Sales rank 58: 42% of stocks have lower price/sales ratios • Market/Book rank 33: 67% of stocks have lower market/book value ratios 2. In other words a high rank is always better. The current PE average of these comparables is 13. we apply the PEG to give a fair value assessment if both its trailing 4 quarter EPS and forecasted EPS growth rate are positive. If its forecasted EPS growth is negative but its forward 4 quarter EPS is positive.98 per share in its recent 4 quarters.89 (or valuation above 31.34% 57. Each of these quantitative measurements is ranked on a scale of 1 to 100. and (ii) the average market ratio today of five comparable stocks in the same sector and from companies of similar size. EVALUATION & RANKINGS Valuation 12-Month Return 5-Y Avg Ann Rtn Volatility EPS Growth Market Cap(bill) Sharpe Ratio P/S Ratio M/B Ratio P/E Ratio Value 6. TTWO earned $0. TTWO earned $0.01 EVALUATION & RANKINGS SUMMARY Just as important as the percentages shown for our ten predictive variables for each stock is the way they are ranked against the 7000 plus stocks in our database. The company's software operates on multimedia personal computers and video game console platforms.13 13. the best time to buy would be below $13. TTWO's average PE is 36. we use both (i) the average historical market ratio of the stock over the past 10 years (or however long there is data available for the stock).8 10. TTWO's current price sales ratio is 1.44 for its 4 quarter forward EPS.88 Copyright © 1998 .97 (or valuation below 8. The best time to sell would be above $19. and P/S ratio (price to trailing 4 quarter sales). They are one of the largest distributors of interactive software games in the United States and one of the top publishers of interactive software games in Europe. Among the three. For each given stock. OPTIMAL BUY-SELL Based solely on the Historical Mispricing of TTWO. RCRC and THQI. The following assessment is based on multiplying the historical PE with next 4 quarter EPS for TTWO. Generally the higher the ranking.19 3.

41% 98 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- EPS Growth Rank The ValuEngine EPS Growth Rank indicates a stock's expected EPS TTWO -55. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Valuation Rank The ValuEngine Valuation Rank measures the relationship between a TTWO 6.5 n/a Rank 68 44 53 n/a The ValuEngine P/E Rank signifies the relative standing of a company on its P/E ratio.42 52 TTWO is in line with the industry.04 61 which has a rank of 48.59 47 with the industry rank of 29. S&P 500 18. A high rank indicates a high growth rate expectation. Sector -10. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 5-Y Avg Ann Rtn Rank The ValuEngine 5-Years Average Return Rank reflects a stock's TTWO 0. which is in line with the Sector 63. TTWO is moderately higher than the industry P/E rank of 44. which has a rank of 63.08% 3 growth rate.83% 51 stocks.89% 61 has an EPS Growth Rank of 3. At a Price/Sales rank of 58. a higher 12-Month Return rank indicates a stronger performance.50% 47 With a rank of 57. TTWO has a Volatility Rank of 42.1 48 same 5 years. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 12-Month Return Rank The ValuEngine 12-Month Return Rank reflects the relative stock TTWO 78.08 63 capitalization within ValuEngine's stock universe. relative to the universe.63 33 relative to the stock universe.35% 46 coverage universe.47% 50 100. TTWO is in line with the industry. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- P/S Ratio Rank The ValuEngine Price/Sales rank signifies the relative position of the TTWO 1. On a scale of 1 to Industry 46. Sharpe ratio is the stock's average annual return Industry -0. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Volatility Rank The ValuEngine Volatility Rank reflects the volatility associated with the TTWO 57. A higher rank indicates a better return performance. With a P/E rank of 68.43% 46 industry Rank of 51.67% 42 stock.19 58 company based on its P/S ratio.79% 50 industry rank of 61.97% 51 the industry's rank score of 50. Generally the higher the ranking. TTWO is significantly higher than S&P 500 18. S&P 500 0. In other words a high rank is always better. Sector 3. Each of these quantitative measurements is ranked on a scale of 1 to 100.13% 69 the more undervalued the stock. S&P 500 n/a n/a -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Market Cap(bill) Rank The ValuEngine Size rank signifies the company's size in terms of TTWO 1. The higher the Valuation rank.38 71 market capitalization.This is substantially lower than the Sector 52. and S&P 500 averages. S&P 500 n/a n/a -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Sharpe Ratio Rank The ValuEngine Sharpe Ratio Rank measures the risk return tradeoff TTWO 0. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- M/B Ratio Rank The Market/Book Rank is a measure of a stock's market to book ratio TTWO 3.2011 ValuEngine Inc .78% 59 rank of 46.31% 57 company's stock price and its Fair Value. which is in line Sector 5.64 29 market book value. The below data points show how the rank for each data point for TTWO relates to the overall industry. the more positive the influence each measurement has on the overall attractiveness of the stock. TTWO is slightly higher than the industry. TTWO is Sector 10. TTWO Industry 162. in comparison with the Industry -11. A higher rank denotes a larger market Industry 6.74% 89 performance of a stock over the recent 12 months. A higher rank corresponds to a lower Industry 10.50% 50 With a 12-Month Return Rank of 89. which has a S&P 500 0.79 52 assigned a rank of 100 while stocks with the highest P/S ratio are Sector 1. Stocks in the top P/E percentile are each assigned a rank of 1(highest P/E stocks) while those in the bottom P/E percentile are assigned a rank of 100 (traditional value stocks). Stocks with the lowest P/S ratio are Industry 1. With a rank of 57. Sector 25.09 48 (over the last five years) divided by its annualized volatility over the Sector -0.4 n/a 30. With a Size rank of 71. 3 Copyright © 1998 .34% 55 slightly lower than the average of its industry group. A higher Volatility Rank indicates a lower volatile percentile of Industry 56.57 61 ranked 1. TTWO has a Market/Book rank of 33. TTWO is in line with the industry S&P 500 n/a n/a rank of 52. which carries a S&P 500 n/a n/a Valuation Rank of 69. sector. S&P 500 n/a n/a -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- P/E Ratio TTWO Industry Sector S&P 500 16.34% 57 average annual return over the last 5 years. Industry -12.01 57 offered by a stock.VgluEngine TM DETAILED RESEARCH REPORT TAKE-TWO INTER(TTWO) VALUENGINE RANKINGS Just as important as the percentages shown for our ten predictive variables for each stock is the way they are ranked against the 7000 plus stocks in our database. With a Valuation Rank of 57.

23% -0.41% 20.26% THQI 1.52% 49.89% 50.82% -38.43% 47.51% 16.61% -6.54% -21.04% 53.43% 48.52 0.63% 48.91 Rank 33 69 38 33 56 P/E Ratio TTWO JAKK RCRC THQI LF 16.VgluEngine Valuation TTWO JAKK RCRC THQI LF 6.76% 43.67 Rank 58 74 60 81 75 M/B Ratio TTWO JAKK RCRC THQI LF 3.03% 47.44% 24.45% -2.95% TM DETAILED RESEARCH REPORT TAKE-TWO INTER(TTWO) COMPARISON OF SIMILAR STOCKS* & RISk ASSESSMENT Rank 57 34 30 93 91 FORECAST COMPARISONS RETURN FORECAST: EXPECTED RETURN JAKK One-Month Three-Month Six-Month One-Year Two-Year Three-Year 0.40% 54.60% 0.1 -0.92% 44.10% -22.34 n/a 116.33% 47.63 7.83% 6.90% 66.12% 9.75% -2.08% 55.81% 89.48% -14.01 -0.18% 57 47 37 16 25 One-Month Three-Month Six-Month One-Year Two-Year Three-Year 71 36 33 27 JAKK 52.07 14.38 3.25% 57.16% 90.01% -0.23% 41.78% -7.17 0.49% 83.19% 10.58% 44.38 0.34% -3.27% RCRC 49.39% 53.63 1.74% 56.96% 62.67% 38.73% RCRC 50.31% 21.32 1.18% -3.51 0.46% 66.12% 50.61% 46.74% 49.75% 42.59% -8.57% 52.15 -0.45 -0.48% 50.45% 50.97% 52.90% -16.59% 79.31% THQI 52.94% -32.02% 12-Month Return Rank TTWO JAKK RCRC THQI LF 78.22% LF 51.19% -29.71% -17.19 0.43 Rank 3 44 60 90 98 Market Cap(bill) TTWO JAKK RCRC THQI LF 1.10% 44.67% 52.96% 46.57% 51.07% 55.93% 44.60% Volatility TTWO JAKK RCRC THQI LF 57.61 1.76% -9.4 0.88% 49.90% 55.59% 6.77% 58.50% -18.24% 56.69 1.60% 45.55 0.2011 ValuEngine Inc 4 .88% TTWO 17.93% 152.65% -3.85% 57.11% 49.02% 71.42% 55.25 Rank 57 45 40 17 30 P/S Ratio TTWO JAKK RCRC THQI LF 1.84% 9.55% 28.50% RCRC 0.15% 42.16% -9.12% TTWO 82.53% TTWO 15.41% 93.38 Rank 68 80 75 17 32 Copyright © 1998 .16% -1.88% 89 82 78 23 15 RISK ASSESSMENT: CHANCE OF GAIN 5-Y Avg Ann Rtn Rank TTWO JAKK RCRC THQI LF 0.12 3.36% 75.78% LF 48.81% LF -0. Sharpe Ratio TTWO JAKK RCRC THQI LF 0.55% 46.26% 50.69% THQI 47.03% -3.4 13.09% -2.40% EPS Growth TTWO JAKK RCRC THQI LF -0.45% 53.85% -9.11 0.29 Rank 71 56 54 52 46 * Comparables are companies in the same Sector and Industry and of approximately similar market capitalization value.47 0.94% Rank 42 RISK ASSESSMENT: CHANCE OF LOSS JAKK One-Month Three-Month Six-Month One-Year Two-Year Three-Year 47.

5 0 0 0.3 900.4 0 45.1 0 0 315 0 0.2 0 382.7 0 10.8 549.2 --48.2 0 0 46.7 544.5 0 0.3 9 707. Net Capital Surplus Retained Earnings Treasury Stock Other Equity Total Shareholders' Equity Total Liabilites & Shareholders Equity Copyright © 1998 .1 50.3 146.6 900.5 200603 142.7 154.1 0 16.2 53. Plant & Equipment Accumulated Depreciation Net Property.1 932. Plant & Equipment Investment & Advances Other non-current Assets Deferred Charges Intangibles Deposits & other assets TOTAL ASSETS Notes Payable Accounts Payable TM DETAILED RESEARCH REPORT TAKE-TWO INTER(TTWO) ANNUAL FINANCIALS (All items in Millions) 201003 106 0 45.5 0 0 130.5 793.4 ---0 179.4 350.5 ---0 215.4 0 0 90.6 5.5 101.4 382.8 0 28.9 0 133.4 0 63.1 136.9 0 84.3 ---0 109.4 0 0 202.2 0 0 173.1 0 285.4 514 --48.3 0 0 34 171.8 613.2 510.6 0 0 25.8 0 5.2 263.3 76 5.8 610.9 --34.7 487.7 0 0 39.5 71.1 128.5 200303 183.7 0 0 0 241.7 950.3 0 106.7 6.5 707.7 0 59.3 0 190.6 513.9 96.6 258.5 0 236.3 868.5 0 164 0 0.5 893.4 0 0.6 -116.8 0 60.2 0 0 0.1 0 -26.2 868.2 ---0 160.3 82.2011 ValuEngine Inc 5 .2 0 198.7 0 53.1 200703 138.9 0 0 93.6 521.7 -70.1 97.7 1.9 0 -10.3 98.6 0 165.7 418 287.1 56.5 39.8 86.8 704.8 0 1.5 255.5 2.1 273.8 0 0.1 0 8 535.8 0 0 140.8 244 0 0 0 70 0 34.9 5 932.9 0 319.7 0 79.6 0 32.4 --22.1 0 181.6 14.1 250.3 0 0 0 0 0 1.5 0 166.7 4.3 0 0 0 0 0 2.8 665.3 Current Portion of Long-term Debt Current Portion of Capital Leases Accrued Expenses Income Taxes Payable Other Current Liabilities Total Current Liabilities Mortgages Deferred Charges (taxes/income) Convertible Debt Long Term Debt Non-Current Capital Leases Other Long-Term Liabilities Minority Interest (liabilities) Total Liabilities Preferred Stock Common Stock.1 773.5 696.1 0 0 115.6 460 --49.1 0 0 0 250.3 107.4 0 348.1 240.1 82.7 4.1 0 0.7 32.4 415.7 17.5 773.3 0 234.8 -45.7 200803 54.2 17.7 0 180.1 0 0.2 0 0.2 0 50 0 0 0 5.8 893.1 0 68.6 462.6 229.4 0 2.2 0 8.3 793.6 0 0 0 98.5 635.VgluEngine BALANCE SHEET Cash Marketable Securities Receivables Inventory Raw Materials Work in Progress Finished Goods Notes Receivable Other Current Assets Total Current Assets Property.5 950.3 200903 217.3 0.5 216.8 552.3 0 25 0 36 0 33.7 0 0.7 0 311 0 0.8 -156.8 533.9 200403 155.4 -32.7 200503 107.4 0 0.5 0 61.3 0 309.7 ---0 61.9 185 0 -2.1 0 79.2 ---0 171.7 426.3 0 64 0 0 164.2 687.1 9.5 0 0 35.6 --41.9 0 258.

9 0 202.4 -21. Net Change in Cash & Cash Equivalents Copyright © 1998 .8 -217.3 0 -3.4 16.5 717.8 0 0 0 -1.8 -2.Acc & Pd Dividends (common) Dividend per share (common) CASH FLOW STATEMENT Net Income (Cash Flow) Depreciation.8 -18.5 0. net EPS .4 36.8 735 246.5 0 96. Other Adjustments .2 0 0 0 37.6 -15.Diluted.2 0 0 0 37.9 -111.2 0 0 0 0 0 0 -62.VgluEngine INCOME STATEMENT Net Sales or Revenues Cost of Goods Sold Gross Profit TM DETAILED RESEARCH REPORT TAKE-TWO INTER(TTWO) ANNUAL FINANCIALS (All items in Millions) 201003 968.9 0 18 0 -1 18 -23.7 63.5 0 62.3 0 4. Plant.6 31.1 191.8 825.1 179.1 -7.9 1.5 -2.4 1.5 0 37.Net Net Cash from (used by) Operating Act.7 6.5 0. Non-Operating Income Interest Expense Pretax Income Provision for Income Taxes Minority Interest Investment Gains (Losses) Other Income Income Before Extraordinaries & Disc Extraordinary Items & Discontinued Net Income Average Shares used for Diluted EPS Average Shares used for Basic EPS Income Before Non-Recurring Items Income From Non-Recurring Items EPS .4 75.9 343.6 -39.8 749.5 -0 0 Research & Development Expense Selling.5 70.4 68.5 -64.5 -0 0 200603 1202. Depreciation.5 2.8 -1.6 -34.2 0 0 0 65.5 988.1 27.6 0.7 0 43.7 378.6 73.9 44.5 0 0.6 75.1 35.4 -81.6 -1.5 -3.6 -17.2 0 0 0 -138.1 43.5 0.6 9.7 637.1 21.9 71.5 -6.5 0 37. Depletion.3 141. Amortization-CF Net Increase(decrease) in Cash from(used in) Discontinued Oper. Amort.9 75 109 -11.4 4.8 -96.7 65.4 62 22 3.2 0 0 0 -2. Depletion.5 71 71 -121.9 2.1 12.2 10.3 -28.5 -21.Diluted.1 0 98.7 0 0 0 -0.1 -2.5 -28 0. before non-recurring Preferred Dividends .1 72.8 63.5 -45.2 0 0 -1..8 0 -3.3 0 40.4 -63.5 -21.2 -10.7 -0 0 0 0 0 -0 5.4 -0.2 0 0 0 98.7 0 43.3 -31.1 0 -54.9 0 -184.6 786 416.1 64.4 0 -138.5 -0 0 200803 981.4 98.2 281.9 0 -184.6 -39.5 1 0. Issuance (purchase) of Equity Shares Issuance (repayment) of Debt Securities Increase (decrease) in Bank & Other Payment of Dividends & Other Cash Other Cash from (used by) Financing Net Cash from (used by) Financing Act.2 293.3 1.3 -56.5 1.1 0 177.4 -38 25.9 64.5 27 -22.8 -3.8 -1.1 25.5 -30.4 0 0 0 -184.8 145 -10.3 -145.6 25.1 71.5 67.Basic.4 62 22 3.9 16.1 0 0 -5.9 -50.7 283.9 37.9 1.6 39.9 85 85 56.9 0 0 0 -0.9 69.6 786 416.4 -12.9 71. & Equ.2 281.7 -29.5 0.9 25 14.3 1.1 -0 0 200303 1033.7 0 0 0 -7.1 76.3 67.5 -0 0 200403 1127.3 1. Amort.3 0 0 22.9 -7.9 0 -133.8 48.4 0 65.8 119 16.3 20.5 0.9 100 0 1.7 6.2 215.3 0 2. Acquisition/Disposition of Subsidiaires Increase (decrease) in Investments Other Cash inflow from Investment Act.7 548.4 -27 -1.3 -32 102.8 0 0 0 0 0 0 3.9 -1.4 -17.8 250. net EPS .8 18.4 0 29.9 -1. Depl.6 12.2011 ValuEngine Inc -33.4 16.1 0 97.1 36.7 -0 0 200503 1202.6 73.3 -6.3 6 .2 4 -1..5 212.3 44. Increase/Decrease in Prop. General & Admin.1 0 0 0 0 1.3 0 165.8 -116.6 -283.5 396.9 80.4 -0 0 200703 1037.1 26.7 0 112. Net Cash from (used by) Invesment Act.5 0.8 76.1 15 0 0 0 97.7 -0 0 200903 1537.5 0 0 0 0 0 -137.6 -2.2 -128.4 25.4 -1.5 279.4 64.5 1. Expense Income Before Depr.8 -5.3 20.4 -1.

2 8.4 0 25.8 -97.8 -156.4 -32.2 944.8 0 0 118.2 -19.7 -70.3 554.8 616.2011 ValuEngine Inc 7 .2 -58.1 --74.8 610.2 0 -19.8 665.7 544.8 244 0 0 0 70 0 34.7 4.8 628.7 0 3.6 521.8 0 70.2 510 886.5 0 0.2 --81. Net Capital Surplus Retained Earnings Treasury Stock Other Equity Total Shareholders' Equity Total Liabilites & Shareholders Equity Copyright © 1998 .VgluEngine BALANCE SHEET Cash Marketable Securities Receivables Inventory Raw Materials Work in Progress Finished Goods Notes Receivable Other Current Assets Total Current Assets Property.6 5.3 0 -7.2 0 34.2 510.1 0 18.2 0 0 153.8 552.5 615.6 0 301 0 0.8 893.8 -139.8 677.1 50.8 723.7 0 0 0 241.7 0 208.3 0 0 128.2 0 68.1 9.4 104.8 603.2 53.6 -17.3 354.1 0 502.1 1008.3 3.5 0 0 0 138 0 11.8 0 60.4 200906 179.8 213.5 0 0 130.4 -66.7 0 53.4 27.3 0 156.8 685 -133.7 32.1 33.6 200909 174.6 0 0 0 98.5 893.8 0 0 0 100.7 0 59.1 0 56.4 0 189.8 220.1 102.2 855.4 0 0 0 70 0 32.5 0 39.7 0 212.2 21.1 63.8 --96.1 0 181.3 200912 102.4 0 0.6 281.9 0 376.3 0 157.1 0 0 0 250.3 Current Portion of Long-term Debt Current Portion of Capital Leases Accrued Expenses Income Taxes Payable Other Current Liabilities Total Current Liabilities Mortgages Deferred Charges (taxes/income) Convertible Debt Long Term Debt Non-Current Capital Leases Other Long-Term Liabilities Minority Interest (liabilities) Total Liabilities Preferred Stock Common Stock.1 0 17.8 -45.9 8.6 517.3 76 5.3 --97.2 201003 106 0 45.6 18.1 74 7.3 548.8 86.6 0 232.6 0 52.3 0 190.9 -42.2 506.4 0 0 0 70 0 17.3 944.9 28.4 0 348.8 603.3 900.8 0 468.8 5.4 0 0.3 1008.5 498.8 614.2 0 33 0 0 231.1 -96.3 0 64 0 0 164.1 0 0 0 238.3 0 0 0 138 0 10.9 0 0 0 244.1 273.5 886.2 201006 180.3 0 -2.9 0 319.1 0 -26.9 94.6 558.1 0 96.8 -119.3 --120.2 0 12 0 396 0 0.4 0 8 0 329.4 0 72.7 855. Plant & Equipment Investment & Advances Other non-current Assets Deferred Charges Intangibles Deposits & other assets TOTAL ASSETS Notes Payable Accounts Payable TM DETAILED RESEARCH REPORT TAKE-TWO INTER(TTWO) QUARTERLY FINANCIALS (All items in Millions) 201009 232.7 0 8.2 98.4 94 10.4 0 45.8 0 0 0 102.3 518.2 200903 217.1 115.5 71.3 0 0 0 238.3 24.2 365.7 226.7 200812 280.3 537 866.2 0 382.9 0 0 167.7 0 10.2 0 0.4 0 0 0 252 10.5 15.1 0 0.4 -83.6 0 173 0 0 175 0 6.5 71.3 0 0 0 257.1 98.8 0 25.3 0 0.2 0 0.3 0 0 0 256.4 0 -4.3 1083.6 900.1 1083.1 0 199.6 0 272. Plant & Equipment Accumulated Depreciation Net Property.8 866.

Net Change in Cash & Cash Equivalents Copyright © 1998 .3 62.1 -33.4 -12.5 -60.4 114.4 16 -3.9 3.5 24.8 26 0 52 0 -1 77 202.5 0 0 0 16.2 21 41 -3.6 0 7.Diluted.5 57.6 -34.8 45.7 -0.2 85..6 -50.4 95.3 -0 -0 0 200906 138.8 18.2 -10.5 0 -55.8 -6.9 68 30.9 80.3 2. Depletion.3 24.8 -19.4 97.8 -7.6 0 192.2 -5.3 3. Non-Operating Income Interest Expense Pretax Income Provision for Income Taxes Minority Interest Investment Gains (Losses) Other Income Income Before Extraordinaries & Disc Extraordinary Items & Discontinued Net Income Average Shares used for Diluted EPS Average Shares used for Basic EPS Income Before Non-Recurring Items Income From Non-Recurring Items EPS .2 -0 0 201003 268 100.8 -22.8 0 -0.4 -210.8 -31.1 -0.8 0 0 0 -1.8 98.8 151.5 -45.9 -3.1 -0.2 0. Other Adjustments . & Equ.4 0 3.2011 ValuEngine Inc -11.2 4.1 2.8 0 0 0 0 0 0 3.1 2.1 76.6 13.9 55.7 -0.6 0 131.4 -0.4 94.9 80.5 0 0 -8.1 156.5 5.2 0 4.1 4.7 4.1 0 4.4 69.5 0 0 0 -33.4 0 -50.Basic.8 -0.4 -70 0 -5 45.6 -8.5 77 77 -55 -0.9 75.2 -115.3 -1.3 0 -48.9 25 14.4 25.5 85.4 4.1 0 0 0 0 0.4 85.1 -97.2 0 0 0 0 0 0 -62. Expense Income Before Depr.5 5.8 62.8 0 0 -17 26.Net Net Cash from (used by) Operating Act. Depl.1 -33.3 0 0 0 0 0 0 78.1 28.8 -31.2 4 -1.3 -5.6 161.7 0 0 0 -22 0 -22 77.2 0.9 20.7 -146.9 -45.7 -0.8 -237.Acc & Pd Dividends (common) Dividend per share (common) CASH FLOW STATEMENT Net Income (Cash Flow) Depreciation. Amortization-CF Net Increase(decrease) in Cash from(used in) Discontinued Oper.. net EPS .2 0 0 0 -2.2 100.1 0.9 85.8 85.6 76.2 -11.5 5. Depreciation.VgluEngine INCOME STATEMENT Net Sales or Revenues Cost of Goods Sold Gross Profit TM DETAILED RESEARCH REPORT TAKE-TWO INTER(TTWO) QUARTERLY FINANCIALS (All items in Millions) 201009 373.4 4.1 -0 0 200812 256.6 -0.8 0 16.9 -105.8 -2.9 2 0 0 0 12.9 33.4 69. Amort.3 0 2.1 -0.3 2.2 0 4.2 0 0.3 -0.7 200.1 0 0 0 -50.9 -120.1 63 -27.8 -0.4 -0.8 111.6 71.9 55.4 -0 0 200909 343. Acquisition/Disposition of Subsidiaires Increase (decrease) in Investments Other Cash inflow from Investment Act.6 -2.6 42.4 16.8 2.3 0 -48.1 -166.1 0 0 0 0 0 0 -100.3 2.2 -0 0 200912 163.1 0 0 0 -10.6 68.9 23.5 54. Amort.9 29.5 0 -15. Plant.1 14.5 0 13.4 53.3 2.4 76.6 0.8 17.9 54.8 0 0 0 54.5 -45.2 -52.1 76.2 3.6 9.2 0 7.2 -0.3 0 0 0 -55.7 -0.8 0.1 0 -10.7 240. Depletion.1 130 -17.1 78.8 -1.2 124.8 -0.5 8 .7 -0. net EPS .5 0 0 -16.2 19. Issuance (purchase) of Equity Shares Issuance (repayment) of Debt Securities Increase (decrease) in Bank & Other Payment of Dividends & Other Cash Other Cash from (used by) Financing Net Cash from (used by) Financing Act.7 40 0 0 36.6 77. Net Cash from (used by) Invesment Act.9 20.6 0.2 12.6 0.5 0 0 -6.Diluted.9 15.9 -137.1 -50.6 -0 0 201006 354.8 200.2 113.2 1. Increase/Decrease in Prop.3 62.7 -0 0 Research & Development Expense Selling.8 -178.7 -5.8 -92.4 0 0 -4.8 -22.7 -0 0 200903 229.7 -50.4 0 -0.3 26.4 -33. General & Admin.5 -9.2 -0.4 -6.2 0. before non-recurring Preferred Dividends .3 -4.5 35.3 -56.1 0.4 -0.9 15.9 78.

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