2K Sports 2004 Annual Report Download - page 18

Download and view the complete annual report

Please find page 18 of the 2004 2K Sports annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 80

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80

PART II
Item 5. Market for Registrant’s Common Equity and Related Stockholder Matters
Market Information. Our common stock has traded since September 23, 1998 on the NASDAQ National
Market under the symbol “TTWO.” From April 14, 1997 to September 22, 1998, our common stock traded on
the NASDAQ SmallCap Market. The following table sets forth, for the periods indicated, the range of the
high and low sale prices for the common stock as reported by NASDAQ.
Year Ended October 31, 2003 High Low
First Quarter ...................................................... $31.48 $19.83
Second Quarter ................................................... 24.19 18.30
Third Quarter ..................................................... 31.40 21.66
Fourth Quarter .................................................... 41.67 24.35
Year Ended October 31, 2004
First Quarter ...................................................... 40.91 27.42
Second Quarter ................................................... 37.50 26.90
Third Quarter ..................................................... 31.93 27.40
Fourth Quarter .................................................... 35.55 30.40
Year Ending October 31, 2005
First Quarter (through December 10, 2004) ....................... 36.64 31.80
The last reported sale price for our common stock on December 10, 2004 was $33.71. The number of record
holders of our common stock was approximately 122 as of December 10, 2004. We believe that there are in
excess of 1,000 beneficial owners of our common stock.
Dividend Policy. To date, we have not declared or paid any cash dividends. The payment of dividends, if any,
in the future is within the discretion of the board of directors and will depend upon future earnings, capital
requirements and other relevant factors. Our loan agreement with the bank prohibits us from paying cash
dividends. We presently intend to retain all earnings to finance continued growth and development of our
business and we do not expect to declare or pay any cash dividends in the foreseeable future.
Changes in Securities. During the three months ended October 31, 2004, we issued an aggregate of 34,446
shares of restricted stock to nine employees under our Incentive Stock Plan. In connection with the above
securities issuances, we relied on Section 4(2) promulgated under the Securities Act of 1933, as amended.
Securities Authorized for Issuance under Equity Compensation Plans. The table setting forth this information
is included in Part III — Item 12. Security Ownership of Certain Beneficial Owners and Management.
10