I think we're going to get started. Good afternoon and thank you for joining us today for our annual meeting. My name is Hank Diamond and I'm Senior Vice President of Investor Relations and Corporate Communications for Take-Two . Please note that today's shareholder meeting is being broadcast via listen-only webcast that is available on our website at www.take-two-games.com. A replay of the webcast will also be available on our website later today. Before we begin, I'm obliged to quickly review our safe harbor statement by reminding everyone that the statements made during this meeting that are not historical facts are considered forward-looking statements under federal securities laws. These forward-looking statements are based on the beliefs of our management, as well as assumptions made by and information currently available to us. We have no obligation to update these forward-looking statements.
Actual operating results may vary significantly from these forward-looking statements based on a variety of factors. These important factors are described in our filings with the SEC, including our 10-K for the fiscal year ended March 31, 2011. These documents may be obtained from our website. Now I'd like to introduce Strauss Zelnick, Chairman and CEO of Take-Two .
Thank you, Hank. Good afternoon and welcome. The annual meeting of stockholders of Take-Two Interactive Software will please come to order. Today's agenda includes a discussion of our financial performance for fiscal year 2011 and some of our key accomplishments, an overview of our recent business highlights, ongoing strategic initiatives, and a lineup of upcoming releases, a review of the procedure for today's meetings and the proposals to be voted upon, and finally, a question and answer session. Now I'd like to introduce our officers and directors: Seth Krauss, Executive Vice President and General Counsel; Lainie Goldstein, Chief Financial Officer; Karl Slatoff , Executive Vice President and Chief Operating Officer; Dan Emerson, Senior Vice President and Associate General Counsel and Secretary of the Company. I'd also like to introduce our board members who are present today: J Moses, James Nelson, Michael Sheresky .
Unfortunately, Michael Dornemann , our Lead Independent Director; Sunghwan Cho ; Bob Bowman; and Brett Icahn are unable to be here today. Fiscal 2011 was an outstanding year for Take-Two creatively, financially, and strategically. Our company delivered better-than-expected results, including revenue of $1.14 billion, which was 49% more than last year, and non-GAAP earnings of $1.02 per share. Both of our labels, Rockstar Games and 2K, contributed to our success and continue to deliver what we believe are the highest quality interactive entertainment experiences that set new standards for creative excellence and innovation. Our team's accomplishments have included launching Red Dead Redemption, which has become one of the highest-selling titles in the history of Rockstar Games and received over 160 Game of the Year awards. As a result of the extraordinary success of this title and its add-on content, the Red Dead franchise has now sold in over 12.5 million units.
Releasing NBA 2K11, the most successful title in the history of both 2K Sports and our basketball franchise, the game has sold in nearly 5.5 million units and received over 20 Game of the Year awards. Extending 2K Sports' long-term partnership with the National Basketball Association, thereby ensuring that fans will be able to enjoy new versions of NBA 2K for years to come. Achieving continued profitability in our sports business, entering into a new partnership with Nexon Corporation to develop and publish an online baseball simulation game for the South Korean market, entering into a new partnership with XLGAMES to deliver a massively multiplayer online game for the Asian online gaming market based on one of 2K's top-selling franchises, extending long-term employment agreements with Rockstar Games' key creative talent, and entering into a new management agreement with Zelnick Media, which is subject to stockholder approval at today's meeting.
Brett Icahn just joined us. Welcome, Brett. Our core strategy for growth and profitability is to produce and distribute a select number of AAA titles, build franchises, and support them with add-on content delivered both on disc and digitally. Since 2007, we've launched five new successful franchises and released 32 multimillion unit selling titles. An integral component of our success has been and will continue to be our creative team's talent. Our track record was built by the extraordinary work of our more than 1,550 development personnel who we believe are the very best in the business. Take-Two has published three of the five highest-rated titles of the current console generation, including Grand Theft Auto IV, Red Dead Redemption, and BioShock. The company was also ranked number one out of all publishers by Metacritic for producing the highest quality games in the industry in 2010.
Today, creating a blockbuster hit requires highly strategic global marketing and distribution that leverages every form of media. Our marketing and sales teams support our titles with integrated promotions with our key retail partners that turn our launches into tentpole events for their stores and their consumers. Our disciplined worldwide distribution ensures that our products are on shelves and ready to delight consumers wherever they're located. While packaged goods for the console and PC markets remain our core business, emerging platforms, including online gaming and mobile gaming, offer exciting opportunities to enhance our growth and profitability. We're executing an aggressive and focused strategy to pursue these opportunities by leveraging our intellectual property and world-class development capabilities across all gaming platforms. In July, we launched our first social game, Sid Meier’s Civilization World, for Facebook. Applauded by critics, it's one of the deepest interactive entertainment experiences currently available via Facebook.
We also recently released our ninth offering for Apple's iOS platform, Sid Meier's Pirates app for the iPad. The Pirates app received an 88 rating on Metacritic and has been among the top 10 paid apps for iPad. In Asia, we've announced three online projects. These include our partnership with Tencent to develop an online version of NBA 2K and the two Korean partnerships I discussed earlier. These initiatives are exciting not only because they provide Take-Two with access to the large and growing Asian online market, which is now approaching $9 billion, but also because each represents a unique collaboration of development teams that are recognized leaders in their respective fields. These initiatives are just the beginning of what we anticipate will be exciting new growth opportunities for our company in the years to come.
We have many other projects in development, and we'll have more to say about them in the coming months. I'm pleased that fiscal 2012 is off to a promising start with first quarter results that were in line with our expectations. The highlight of our first quarter was Rockstar Games' May release of L.A. Noire, which has transcended the traditional boundaries of video games by creating an entirely new genre of interactive entertainment. The first video game ever to appear at the renowned Tribeca Film Festival, L.A. Noire has generated a fantastic response from the press and consumers and has sold in over 4 million units to date. It's also been supported with several releases of successful downloadable content. Other key releases during the first quarter included Duke Nukem Forever and our first two titles for Kinect for Xbox 360: Carnival Games: Monkey See, Monkey Do and Nicktoons MLB.
Looking ahead, we have one of the strongest development pipelines in Take-Two's history, which we expect will enable the company to deliver continued profitability on a non-GAAP basis for fiscal 2012 and substantial revenue and earnings growth for fiscal 2013. On October 4th, fans will experience NBA 2K12, which will feature three of the greatest basketball legends of all time: Michael Jordan, Larry Bird, and Magic Johnson. We have two new Kinect titles coming from 2K Play for the holiday season: Let's Cheer and Nickelodeon Dance. In February, 2K plans to release The Darkness II, a graphic noir-style shooter based on a supernatural horror comic book series. In March, 2K plans to release XCOM. Set in mid-20th century America, XCOM combines the deep, visceral gunplay of a shooter with powerful science fiction intrigue.
Also in March, we'll release our most anticipated title for fiscal 2012: Max Payne 3, the latest iteration of Rockstar Games' gritty, action-packed shooter franchise that has sold nearly 7.5 million units. In addition to a riveting storyline, cinematic graphics, and cutting-edge technology, Max Payne 3 will be the first title in the series to introduce an engrossing multiplayer experience. Turning to fiscal 2013, we've announced three titles to date. BioShock Infinite is currently in development at Irrational Games, the original creator of the franchise that has sold nearly 9 million units. Set in an immense city in the sky, the title blew away E3 attendees and judges this year with an incredible demo that won 77 editorial awards, including 41 for Game of Show. Borderlands 2 is the next installment in the critically acclaimed role-playing shooter franchise that has sold over 4.5 million units.
It features all new characters, environments, and weapons, which come together in an ambitiously crafted story. Finally, Spec Ops: The Line is a provocative military shooter that's in development at 2K and is slated for release during the first half of fiscal 2013. In addition to these titles, we have a robust development pipeline of unannounced offerings for fiscal 2013 and beyond. Summing up, we believe Take-Two is in a better position creatively, operationally, and financially than at any other time in our history. We believe we have the top creative talent in our industry that continues to set new benchmarks for innovation and excellence. We have the strongest intellectual property portfolio in the business, and that portfolio translates into profits.
We're actively pursuing emerging growth opportunities presented by digitally delivered content and online and mobile gaming, and our strong balance sheet, cash position, and profitability give us a solid financial foundation to pursue our numerous growth opportunities. We're proud of these accomplishments and excited about the opportunities that are on the horizon for Take-Two. I'd like to thank all our colleagues for their continued dedication and hard work, and I'd like to thank our shareholders for your support. I'll turn the call and the meeting over to Seth Krauss.
Thank you, Strauss. Good afternoon. I will act as the Chair of this portion of the meeting. Mr. Emerson will act as the Secretary of the meeting. This meeting will be conducted in accordance with the agenda that was distributed at the start of the meeting. As detailed in Take-Two's proxy filing, the proposals to be considered and voted upon at this annual meeting are as follows: Number one, the election of eight directors to hold office until the next annual stockholder meeting and until their respective successors have been duly elected and qualified. Number two, the approval of an amendment to the Take-Two Interactive Software Inc 2009 stock incentive plan to increase the available shares reserved thereunder. Number three, the approval of the management agreement dated as of May 20, 2011, by and between Zelnick Media Corporation and the company.
Number four, the casting of an advisory vote to approve the compensation of the company's named executive officers. Number five, the casting of an advisory vote regarding the frequency of holding future advisory votes to approve the compensation of the named executive officers. Number six, the ratification of the appointment of Ernst & Young LLP as our independent registered public accounting firm for the fiscal year ending March 31, 2012. Number seven, such other business as may properly come before the annual stockholder meeting or any adjournment thereof. I will note that only stockholders of record at the close of business on July 28, 2011, are entitled to vote on these proposals at this annual meeting or any adjournment thereof.
This meeting will be conducted in accordance with procedural rules that have been established and distributed today to ensure that stockholders have an opportunity to properly consider and vote upon the business to come before this meeting. I would like to take a moment to review several key rules. Anyone wishing to address the meeting must be a stockholder of record or a person holding a valid proxy from a stockholder of record. Stockholders of record should have a yellow-coated name tag and a blue index card stating stockholder of record, such as the one I'm holding, which was provided at the registration area before the meeting. Following the presentation of proposals on the agenda, and while the polls are deemed open for voting on the proposals, we will entertain questions directly related to the matters being voted upon.
During the question and answer period, each speaker will be limited to three minutes. Anyone who would like to ask a question will do so using the microphone at the front of the room in order to have the questions heard on our webcast today. No one shall be permitted to allot all or part of their time to another speaker. After we have concluded the business of the meeting, the meeting will be adjourned. We will open the floor to general questions. By your presence at this meeting, you acknowledge your understanding of and willingness to abide by the procedural rules that were provided to you today. Now let's continue with the business of the meeting. Mr. Emerson, will you please present proof of notice of this meeting?
Let the record reflect that I have been presented with a copy of the notice of annual meeting of stockholders dated July 29, 2011, and the proxy dated July 29, 2011, together with an affidavit of an authorized representative of Broadridge, the company responsible for mailing said materials, affirming as to the mailing on August 12, 2011, of the notice of annual meeting and proxy materials to stockholders of record at the close of business on July 28, 2011. I order the affidavit of mailing to be filed within minutes of this meeting. Mr. Emerson, will you please present a certified list of stockholders as of the close of business on July 28, 2011, the record date fixed by the Board of Directors for the purpose of determining the stockholders entitled to vote at this meeting?
Let the record reflect that I have been presented with a list of stockholders of record as of the close of business on July 28, 2011, certified by an authorized representative of the company's transfer agent. There are 86,740,145 shares of common stock entitled to vote at this meeting. The list of stockholders will be open for inspection by any stockholder of record for the duration of this meeting. I hereby appoint Tom Tighe of Broadridge to act as the Inspector of Elections to determine: one, the number of shares outstanding and entitled to vote; two, the number of shares represented at the meeting; three, the existence of a quorum; four, the validity and effect of proxies; and five, to receive and tabulate the votes on the matters to be acted upon at the meeting. Mr. Tighe has executed an affidavit to faithfully execute his duties as the inspector.
The Secretary will attach the affidavit to the minutes of this meeting. It is anticipated the results will be reported to me as soon as it's practicable. Is there any stockholder present who has not filled out the attendance sheet showing the name of the stockholder and the number of shares he or she owns? All stockholders of record who have not submitted proxies should do so now unless they wish to vote in person. If you have previously executed a proxy and now wish to vote in person, the proxy will be returned to you upon your request. Mr. Tighe, please state the number of shares of common stock present in person or by proxy.
They are present by proxy and in- person more than 50% of the outstanding shares entitled to vote at this meeting.
Thank you. Legal notice of the meeting having been given and a quorum being present, the meeting is lawfully convened and ready to transact business. The first order of business on the agenda is to elect eight directors to serve until the annual meeting of stockholders of the company to be held in 2012 and until their successors have been duly elected and qualified. Nominations are now in order.
I nominate the following persons who are named in the company's proxy statement to serve as directors of the company until the annual meeting of stockholders to be held in 2012 and until their successors have been duly elected and qualified: Strauss Zelnick, Robert Bowman, Sunghwan Cho , Michael Dornemann , Brett Icahn, J Moses, James Nelson, and Michael Sheresky.
I second the nominations.
If there is a stockholder of record who does not yet have a ballot who wishes to vote in person, please raise your hand so the Inspector of Elections can deliver a ballot to you. The next order of business on the agenda is to vote upon the approval of, the adoption of, an amendment to the Take-Two Interactive Software Inc 2009 stock incentive plan to increase the available shares reserved thereunder. Proposals are now in order.
I propose that the stockholders approve the adoption of an amendment to the company's 2009 stock incentive plan as set forth in Annex A to the proxy statement.
I second the proposal.
If there is a stockholder of record who does not yet have a ballot who wishes to vote in person, please raise your hand so the Inspector of Elections can deliver a ballot to you. The next order of business on the agenda is to vote upon the approval of the management agreement dated as of May 20, 2011, by and between Zelnick Media Corporation and the company. Proposals are now in order.
I propose that the stockholders approve the management agreement dated as of May 20, 2011, by and between Zelnick Media Corporation and the company as set forth in Annex B to the proxy statement.
I second the proposal.
If there is a stockholder who does not have a ballot who wishes to vote in person, please raise your hand so the Inspector of Elections can deliver a ballot to you. The next order of business on the agenda is to cast an advisory vote to approve the compensation of the company's named executive officers. Proposals are now in order.
I propose that the stockholders approve the compensation of the company's named executive officers as set forth in the proxy statement.
I second the proposal.
If there is a stockholder who does not yet have a ballot who wishes to vote in person, please raise your hand so the Inspector of Elections can deliver a ballot to you. The next order of business on the agenda is to cast an advisory vote regarding the frequency of future advisory votes to approve the compensation of the company's named executive officers. Proposals are now in order.
I propose that the stockholders approve an annual advisory vote on the compensation of the company's named executive officers.
I second the proposal.
If there is a stockholder who does not yet have a ballot who wishes to vote in person, please raise your hand so the Inspector of Elections can deliver a ballot to you. The next order of business on the agenda is to vote upon the proposal to ratify the appointment of Ernst & Young LLP as the company's independent registered public accounting firm for the fiscal year ending March 31, 2012. I would like to introduce Michael Portegello and Licete Snediker , who are here today representing Ernst & Young. They will be available to answer questions after the meeting. Proposals are now in order.
I propose that the stockholders approve the ratification of the appointment of Ernst & Young LLP as the company's independent registered public accounting firm for the fiscal year ending March 31, 2012.
I second the proposal.
If there is a stockholder who does not yet have a ballot who wishes to vote in person, please raise your hand so the Inspector of Elections can deliver a ballot to you. Do any stockholders have questions related to the business of this meeting? As a reminder, please limit your questions directly to the proposals presented that are to be voted upon at this meeting. As a reminder, all speakers will be limited to three minutes, and no one shall be permitted to allot all or part of their time to another speaker. Please make sure that you have completed all necessary information on your ballots and cast your votes as you have intended for the six agenda items. Will the Inspector of Elections please collect any ballots? The ballots having been collected are now declared the polls closed.
As I mentioned previously, the Inspector of Elections will tabulate the results of the voting, which will be reported to me as soon as it's practicable. As I noted earlier, once the business of the meeting is concluded, we will officially conclude this meeting. There being no additional business to be conducted at the meeting, the business of the annual meeting is hereby concluded. We will now open the floor to a question and answer period, and at this point, I will turn the floor back over to Strauss Zelnick, Chairman and CEO, Take-Two .
Thank you very much. Are there any questions? Thank you. Is that you reporting back now, or?
We will issue a press release.. We will issue a press release. Thank you all for joining us today.