Updated from 5:13 p.m. EST
The video game-software publisher slashed expectations for its fiscal year that ends Monday, for its coming first quarter and for its next fiscal year.
From the company's statement, it sounds like just about anything that could go wrong has recently for the developer of the hit Grand Theft Auto series. Take-Two blamed the warning on the delay in shipping a key title, disappointing sales and orders of other titles and worse-than-expected sales at its distribution unit."It is disappointing to reduce our financial guidance," said company CEO Paul Eibeler in a statement. "However, we remain optimistic about Take-Two's overall prospects and the favorable dynamics of our industry." Color investors were somewhat pessimistic. After a 35-minute trading halt, Take-Two's shares were off $1.55, or 8%, in recent after-hours trading. The company now expects to earn 53 cents to 56 cents a share in fiscal 2005 on sales of $1.18 billion to $1.185 billion. Analysts had predicted earnings of 86 cents a share on $1.25 billion in sales. Last month, the company