Take-Two's Loss Widens

Updated from 04:31 p.m. EDT

SAN FRANCISCO -- Video games publisher Take-Two Interactive(TTWO Quote) reported wider loss in the first quarter but offered a robust outlook for the fiscal year based on the expected strong sales of its upcoming game Grand Theft Auto IV.

The company also announced that it is working on a sequel to its recent hit BioShock that has sold more than 2 million copies since its release in August. BioShock 2 is being prepared for release in fiscal 2009.

Last month, Take-Two rejected a $2-billion, or $26 a share, unsolicited bid by Electronic Arts(ERTS Quote) for the company saying it was inadequate. Take-Two said it will revisit the offer after the April 29 release of its Grand Theft Auto IV game, widely expected to the biggest blockbuster of the year. ...