Take-Two's Mixed Results

The video-game publisher narrows losses in the fourth quarter.
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Video-games publisher

Take-Two

(TTWO) - Get Report

offered mixed results, as the company narrowed fourth-quarter losses but offered guidance that was below Wall Street expectations.

The company hopes, however, that the release of its much-awaited game,

Grand Theft Auto IV

in the second quarter of fiscal 2008 will help beat analysts' expectations for the year.

The net loss for the fourth quarter was $7.1 million, or 10 cents a share, vs. a loss of $14 million, or 20 cents a share, in the year-ago quarter. Excluding charges, the company reported income of $3.4 million, or 5 cents a share, compared with a loss of $1.8 million, or 3 cents a share, a year ago. Analysts polled by Thomson Financial were expecting a loss of 23 cents a share.

Revenue for the fourth quarter was $292.6 million, compared with $266.6 million a year ago. Analysts were expecting revenue of $292.7 million.

The company's fourth-quarter sales were led by new releases

BioShock

,

NBA 2K8

and

Carnival Games

along with continued sales of older games from the

Grand Theft Auto

franchise.

Shares of Take-Two were off 53 cents, or 2.9%, to $17.50 in extended trading.

For the first quarter fiscal 2008, Take-Two guided revenue in the range of $175 million to $225 million and a loss in the range of 50 cents to 60 cents a share. Analysts are expecting revenue of $279.3 million and a loss of 18 cents a share. The company forecast revenue in the range of $1.1 billion to $1.4 billion for fiscal year 2008 and earnings of $1.30 to $1.50 a share. Analysts are expecting revenue of $1.36 billion and earnings of 94 cents a share.