From the press release:
Take-Two is reducing its fiscal 2007 guidance primarily to reflect the movement of the launch of Grand Theft Auto IV for the PLAYSTATION®3 computer entertainment system and the Xbox 360™ video game and entertainment system from the fourth quarter of fiscal 2007 to fiscal 2008, due to additional development time required to complete the title. The title is now planned for release in the Company’s second quarter of fiscal 2008.
Strauss Zelnick, Chairman of Take-Two, stated:
With Grand Theft Auto IV, Rockstar is setting a new standard for next generation video games. Certain elements of development proved to be more time-intensive than expected, especially given the commitment for a simultaneous release on two very different platforms. We all recognize that perfecting the game is vital and I can assure everyone it will be worth the wait. We owe it to the game’s millions of fans, to our dedicated development team, and to our shareholders to make sure that Grand Theft Auto IV is a groundbreaking gaming experience that takes maximum advantage of next generation technology.
Take-Two are hosting a 20-minute conference-call tonight at 5:30 pm Eastern Time to discuss these developments, accessible by dialing (877) 407-0984 or (201) 689-8577. A listen-only version will be available live online at http://ir.take2games.com, and a replay available online afterwards.
Whilst it is disappointing not to see GTA IV for a few more months, I'm glad that Rockstar are putting their efforts into making this game the best they can, and that they have the guts to delay the launch even just a couple of months away.
The full press release can be read here.