The most recent quarter was good for Boston Beer Co. Inc. (NYSE: SAM), which reported that its fourth-quarter profit more than doubled, and not too bad for Take-Two Interactive Software Inc. (NASDAQ: TTWO), which posted a narrower-than-expected loss for the first quarter.
For the quarter that ended December 29, Boston Beer's net income jumped to $6.8 million, or 46 cents per share, from $2.5 million, or 17 cents per share, in the prior year quarter. Revenue rose 26% to $92.2 million from the same period of 2006. Analysts polled by Thomson Financial had expected earnings of 35 cents per share on revenue of $88.9 million.
The company credited its performance to drinkers trading up to craft beers, as well as increasing retailer and wholesale support for the craft category and for Samuel Adams. The company noted that its Twisted Tea brand also performed well in the quarter.
For the full year, profit grew 24% from a year ago, to $22.5 million, or $1.53 per share, while revenue grew 20% to $341.6 million.
Boston Beer shares rose $2.02, or 6%, to close at $35.81, and continued to rise in after-hours trading.
Take-Two, which recently rebuffed a $2 billion buyout offer from a rival video game publisher, reported that for the three months ending January 31, it had a loss of $38 million, or 52 cents per share, compared with a loss of $21.5 million, or 30 cents per share, in the same period a year earlier. Excluding other items, the quarter's loss came to 41 cents per share. Revenue fell 13% to $240.4 million. Analysts had expected a wider loss of 51 cents per share, excluding items, on sales of $211.7 million.
New York-based Take-Two credited sales of games "BioShock" and "Carnival Games" for boosting results. The latest version of "Grand Theft Auto," the company's most profitable game, goes on sale April 29.
Take-Two forecast second-quarter earnings of $1 to $1.10 per share and sales of $450 million to $500 million. Analysts estimate quarterly earnings of $1.02 and sales of $462.8 million.
For the fiscal year ending in October, Take-Two expects a profit of $1.35 to $1.55 per share on sales of $1.25 to $1.4 billion, while analysts expect earnings of $1.36 per share on sales of $1.36 billion.
Shares of Take-Two jumped 65 cents, or 2.6%, to $25.30 in after-hours trading.
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