Take-Two confirms that the release of Grand Theft Auto IV will have to be pushed back until sometime after the second quarter of 2008, as it expects more development time will be required to polish things off. The highly anticipated PlayStation 3 and Xbox 360 title was previously scheduled for release around the fourth quarter of this year.
Given the hype surrounding GTA IV, the delay announcement was enough to force Take-Two to revise its revenue and earnings forecast for the remainder of its current fiscal year. Additional difficulties surrounding the release Manhunt 2, scheduled for the third quarter of 2007, also contributed to the call for a fiscal update.
Take-Two is reducing its fiscal 2007 guidance primarily to reflect the movement of the launch of Grand Theft Auto IV for the PLAYSTATION 3 computer entertainment system and the Xbox 360 video game and entertainment system from the fourth quarter of fiscal 2007 to fiscal 2008, due to additional development time required to complete the title. The title is now planned for release in the Company's second quarter of fiscal 2008. Additionally, Take-Two is updating third quarter and fiscal year 2007 guidance to reflect the movement of Manhunt 2 for the PlayStation 2 computer entertainment system, PSP (PlayStation Portable) system and the Wii out of the third quarter and the fiscal year.
Strauss Zelnick, Chairman of Take-Two, stated, "With Grand Theft Auto IV, Rockstar is setting a new standard for next generation video games. 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. We all recognize that perfecting the game is vital and I can assure everyone it will be worth the wait. We owe it to the game's millions of fans, to our dedicated development team, and to our shareholders to make sure that Grand Theft Auto IV is a groundbreaking gaming experience that takes maximum advantage of next generation technology."