Take-Two: No GTA IV Until 2008

Fans of Grand Theft Auto will have to wait a bit longer as Take-Two Interactive Software said Thursday that the next installment in the game series has been delayed until 2008.

The company said it wanted to have more time to perfect the game, with its chairman saying in a statement that "certain elements of development proved to be more time-intensive than expected," and that its dual development for both the Xbox 360 and PS3 contributed to the delay.

"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," chairman Strauss Zelnick said in a statement.

As a result of the move out of the current fiscal year that ends October 31, Take-Two was forced to change its financial guidance. Instead of breaking even on revenues of $1.2 to $1.25 billion, the company now expects to post a loss on revenues of $950 million to $1 billion.

GTA IV will now release in the late winter or early spring of next year. The company was adamant in saying that the movement of the release "does not compromise Take-Two in any way."

Shares of Take-Two have taken a hit as a result. On Thursday, shares closed at $16.55 after being as high as $17.35 during the day's trading.