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Super Hosting Blue Ribbon Commission holds public hearing, will issue findings next Wednesday on economic, social, environmental costs of automaker’s proposal to close award-winning NUMMI plant in Fremont

SAN FRANCISCO, Feb. 24 /PRNewswire/ — A 10-member panel of California leaders convened by State Treasurer Bill Lockyer held a public hearing in San Francisco today to gather facts and take testimony from a broad range of experts on the expected impact of Toyota’s planned shutdown of New United Motor Manufacturing, Inc. – or NUMMI – auto plant in Fremont. The plant has consistently won top ratings from J.D. Powers and is widely regarded as a model for the auto industry.

A shutdown of NUMMI would be the largest mass layoff in the current recession, and the prospect of having to endure the loss of potentially tens of thousands more managed care nursing jobs in the plant itself and related industries has spurred broad concern throughout the state. The Blue Ribbon Commission has been charged with both collecting the facts on the impact of closing NUMMI and examining alternatives for keeping the plant in operation.

Lockyer explained, “Californians are deeply concerned about how the loss of this plant might affect their economy, their state and their lives, and it is the job of this Commission to help find the answers to those questions. It is a testament to the quality of leaders on this panel that they have been more than willing to take up this challenge. I have asked the panel, and they have agreed, to gather and assess the facts and to have a report on my desk by next Wednesday morning so that I can share it with the public at noon.”

Acclaimed actor Danny Glover, who serves on the Commission, echoed those sentiments when he said, “lvn jobs california – religious, civic, labor, and business – have come together on this Commission to determine for ourselves if the closing of Toyota’s California plant is necessary, to assess the severity of the impact that would follow such a closing, and, if possible, to explore strategies that might make it possible to avoid a shutdown. It is an honor to have been asked to serve my state in this serious and important matter.”

Some economic experts have projected that Toyota’s impending NUMMI shutdown could cost the state – already one of the hardest-hit by unemployment during this recession – as many as 50,000 more lvn jobs in los angeles. That figure includes the more than 5,000 now employed at the plant itself and an estimated 50,000 more in related industries up and down the state. In anticipation of the closure, some companies that supply the plant with parts and material have already announced layoff plans.

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Management Comment

Strauss Zelnick, Chairman of Take-Two, stated, “We are pleased to begin this fiscal year with better than expected results that reflect our ability to produce compelling titles and to enhance the potential of our franchises through downloadable content and digital envision log management offerings. We’ve also taken important steps to improve the security log management efficiency of our business and align our corporate cost structure more closely with our current goals. Our updated outlook for 2010 underscores a prudent approach toward what we still believe to be a challenging year ahead. We remain committed to creating long term value, and continuing to improve upon our execution and efficiency.”

Ben Feder, Chief Executive Officer of Take-Two, commented, “Our first quarter performance was driven by the market dominance of NBA 2K10, successful launch of Borderlands, growth of our digital business and continued strength of our catalog titles. We are building upon this success with the global launch of BioShock 2, and have a strong line up of triple-A titles from our diverse portfolio of proven brands planned for release this fiscal year. Take-Two has been strengthened through our cost savings initiatives and the sale of Jack of All Games, which allows us to focus our resources solely on our core log management software business. We will continue to evaluate our cost structure for additional savings, and work to maximize the value of our intellectual property by selectively engaging in strategic opportunities in emerging markets and new platforms.”

Conference Call

Take-Two will host a conference call today at 4:30 p.m. Eastern Time to review these results and discuss other topics. The call can be accessed by dialing (877) 407-0984 or (201) 689-8577. A live listen-only webcast of the call will be available by visiting http://ir.take2games.com and a replay will be available following the call at the same location.

Non-GAAP Financial Measures

In addition to reporting financial results in accordance with U.S. generally accepted accounting principles (GAAP), the siem management Company uses non-GAAP measures of financial performance that exclude certain non-recurring or non-cash items. Non-GAAP gross profit, income (loss) from operations, net income (loss) and earnings (loss) per share are measures that exclude certain non-recurring or non-cash items and should be considered in addition to results prepared in accordance with GAAP. They are not intended to be considered in isolation from, as a substitute for, or superior to, GAAP results. These non-GAAP financial measures may be different from similarly titled measures used by other companies.

The non-GAAP measures exclude the following items from the Company’s statements of operations:

– Stock-based compensation;

– Business reorganization, restructuring and related expenses;

– Professional fees and expenses associated with unusual legal and other matters;

– Non-cash interest expense related to convertible debt; and

– Non-cash tax expense for the impact of deferred tax liabilities associated with tax deductible amortization of goodwill.

In addition, the Company may consider whether other significant non-recurring items that arise in the future should also be excluded from the non-GAAP financial measures it uses.

The Server monitoring Company believes that these non-GAAP financial measures, when taken into consideration with the corresponding GAAP financial measures, are important in gaining an understanding of the Company’s ongoing business. These non-GAAP financial measures also provide for comparative results from period to period. Therefore, the Company believes it is appropriate to exclude certain items as follows:

Stock-based compensation

The Company does not consider stock-based compensation charges when evaluating business performance and log management siem does not contemplate stock-based compensation expense in its short and long-term operating plans. The Company places greater emphasis on stockholder dilution than accounting charges when assessing the impact of stock-based equity awards.

Business reorganization, restructuring and related expenses

From time to time, the Company may engage in business reorganization and restructuring activities, which may result in costs related to severance, asset write-offs and associated professional fees. The Company does not engage in reorganization activities on a regular basis and therefore believes it is appropriate to exclude business reorganization, restructuring and related expenses from its non-GAAP financial measures.

Professional fees and expenses associated with unusual legal and other matters

The Company has incurred significant legal and other professional fees associated with both the investigation of its historical stock option granting practices and the Company’s responses to related governmental inquiries and civil lawsuits. One of management’s primary objectives is to bring conclusion to its outstanding legal matters. The Company continues to incur expenses for professional fees and has accrued for legal settlements that are outside its ordinary course of business. As a result, the Company has excluded such expenses from its non-GAAP financial measures.

Non-cash interest expense related to convertible debt

The Company adopted a new accounting standard in the first quarter of fiscal 2010 that requires convertible debt to be bifurcated into debt and equity components. As a result of the new standard, the Company has begun to record non-cash interest expense on its convertible notes, in addition to the interest expense already recorded for coupon payments. The Company excludes the non-cash portion of the interest expense from its non-GAAP financial measures because these amounts are unrelated to its ongoing business operations.

Non-cash tax expense for the impact of deferred tax liabilities associated with tax deductible amortization of goodwill

The Company records non-cash tax expense for the impact of deferred tax liabilities associated with tax deductible amortization of goodwill. Due to the nature of the adjustment as well as the expectation that it will not have any cash impact in the foreseeable future, the Company believes it is appropriate to exclude this expense from its non-GAAP financial measures.