Take-Two Interactive Software, Inc. TTWO -3.83% today reported financial results for the first quarter of its fiscal year 2013, ended June 30, 2012. In addition, the Company updated its financial outlook for the fiscal year 2013, ending March 31, 2013, and provided its initial financial outlook for the fiscal second quarter ending September 30, 2012.

For the first quarter of fiscal 2013, net revenue was $226.1 million, as compared to $334.4 million for the first quarter of fiscal 2012. GAAP loss from continuing operations was $110.8 million, or $1.30 per diluted share, as compared to $8.6 million, or $0.11 per diluted share, for the year-ago period. Non-GAAP net loss was $98.8 million, or $1.16 per diluted share, as compared to Non-GAAP net income of $2.0 million, or $0.02 per diluted share, for the year-ago period. Both GAAP loss from continuing operations and Non-GAAP net loss for the first quarter of fiscal 2013 include the negative impact from a one-time contractual obligation of $15 million, or $0.18 per diluted share.

The strongest contributors to net revenue in the first quarter were the release of Max Payne 3, catalog sales led by the Grand Theft Auto franchise and Red Dead Redemption, the release of Spec Ops: The Line, and continuing sales of NBA 2K12. Catalog sales grew 50% year-over-year and accounted for 26% of net revenue. Revenue from digitally delivered content grew 33% year-over-year and accounted for 14% of net revenue, driven by offerings for the Sid Meier's Civilization franchise, the Grand Theft Auto franchise, the Max Payne franchise, NBA 2K12, and Red Dead Redemption.