Take 2 reports annual loss of $185m

Take-Two has reported an annual loss of US $185 million (EUR 139) for 2006, according to the publisher's restated financial results.

The publisher suffered a fourth quarter loss of US $14 million (EUR 10.5m), compared to profits of US $19 million (EUR 14.3m) the previous year.

The company has blamed the console transition for a drop in sales from US $1.2 billion (EUR 907m) to US $1 billion (EUR 756m).

Take-Two was also hit hard by the investigation in stock option practices, leaving it with a US $5.5 million bill.