Take-Two: Delays led to FY2012 revenue miss

"Grand Theft Auto 5 is in full development and making substantial progress"

Strauss Zelnick, chairman and CEO of Take-Two, has blamed delays to several of its titles for its poor financial results last year, when it showed a net loss of $107.7 million.

"This was primarily due to our decision to postpone the release of several titles in order to allow for additional development time," he said during the company AGM.

"Although our commitment to quality may occasionally affect near-term results, we believe it's the right approach for maximising revenue and profits over the long-term."

He also noted that LA Noire was the highest selling new games IP in 2011 and the more recent Borderlands 2 received a special mention for its critical reception. Zelnick also promised "Grand Theft Auto 5 is in full development and making substantial progress."

"We increased our financial flexibility by raising $250 million through a convertible notes offering," he continued. "And renewing our credit facility, both on highly attractive terms."

In July the company's Q1 2013 results showed a total sales decline from $334.4 million to $226.1 million.

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