Take-Two Restates, Reports Loss

Video-game publisher Take-Two Interactive(TTWO Quote) restated its financial results for fiscal 2006 late Wednesday and blamed the higher-than-expected loss on the video-game industry's transition toward next-generation platforms such as Sony's(SNE Quote) PlayStation 3, Nintendo's Wii, and Microsoft's(MSFT Quote) Xbox 360 consoles.

Net loss for the fourth quarter of fiscal 2006 was $14 million, or 20 cents a share, compared with net income of $18.9 million, or 27 cents a share, the year before. Analysts were expecting earnings of 13 cents a share.

The fourth-quarter loss included $5.5 million for legal and other professional fees associated with the investigation, beginning in June 2006, of stock option grant practices. ...