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Take-Two Interactive Warns of More Losses

September 01, 2006|From Reuters

Take-Two Interactive Software Inc., maker of the "Grand Theft Auto" video games, warned that its fiscal third-quarter loss would be bigger than Wall Street expects, part of a slew of negative news that sent its shares down 8%.

The New York-based company added that its fiscal fourth-quarter revenue and earnings would be below expectations and said it received more subpoenas concerning its stock option grant practices.

Take-Two said fiscal third-quarter preliminary revenue rose to $240 million from $169.9 million a year earlier, in line with analysts' forecasts.

Take-Two said it would delay reporting full third-quarter results and filing its quarterly report until it completed an internal review of its option practices and wrapped up any related accounting reviews.

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