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.

Saying in a conference call today that they didn't think it was "helpful or beneficial" to go in to specifics, Take 2 declined to say the exact issues behind the delays, though they did say that it was "almost strictly technological challenges." They emphasized that they're highly confident that the delay will be enough time to bring the game up to snuff and that consumers and investors would "agree that the end result was worth the wait."