The bloated holiday release schedule this year just got a lot lighter as this afternoon Take-Two Interactive announced it will be delaying Grand Theft Auto IV to the second quarter of its 2008 fiscal year, which begins on February 1, 2008.
Published by Take-Two subsidiary Rockstar Games, the follow to the wildly successful Grand Theft Auto: San Andreas and Grand Theft Auto III was slated to ship for the Xbox 360 and PlayStation 3 in North America on October 16, 2007.
"Certain elements of development proved to be more time-intensive than expected, especially given the commitment for a simultaneous release on two very different platforms," said Take-Two chairman Strauss Zelnick in a statement.
Along with the shocking announcement, Take-Two released a seriously stunted earnings expectation for its 2007 fiscal-year lineup, speculating a net revenue of $950 million to $1.0 billion for the 12 months ending October 31, and a loss of $1.25 to $1.35 per share. That figure is over $200 million lower than prior estimates of $1.2 billion to $1.25 billion in annual revenue--which would have been "break even results" according to the company's second-quarter earnings statement.
With the AO-rated Manhunt 2 on indefinite hold, Take-Two now expects net revenue between $275 million to $300 million for its fourth fiscal quarter, with a net loss of $0.05 to $0.10 per share.
"Obviously, we are very disappointed to reduce guidance after having previously reaffirmed it," said Take-Two CEO Ben Feder. "Other than a matter of timing, the movement of Grand Theft Auto IV does not compromise Take-Two in any way. We are in sound financial condition and have a great product lineup."
source:gaming.monstersandcritics.com
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