Take-Two Interactive Software, Inc. has announced financial results for its third quarter and nine months ended July 31, 2007, which were in line with the company's previously issued guidance.

Nett revenue for the third quarter was US$206 million, compared to $241 million for the same period of fiscal 2006. Leading third quarter sales this year were The Darkness, Fantastic Four: Rise of the Silver Surfer, The Bigs and All-Pro Football 2K8, all of which were new titles released this quarter. The decrease in nett revenue year over year primarily reflects the strong prior year sales of titles from the company's Grand Theft Auto franchise, led by Grand Theft Auto: Liberty City Stories for the PlayStation 2.

Nett loss for the third quarter was $59 million, compared to a nett loss of $91 million in the third quarter of fiscal 2006. The 2007 third quarter results reflect a decrease in product costs, software development costs, royalties and operating expenses.

Non-GAAP nett loss was $46 million compared to $19 million in the third quarter of 2006.

Strauss Zelnick, Chairman of Take-Two, stated: "Today we are establishing guidance for fiscal 2008 - the first full year to reflect the contributions of our new management team. Our outlook reflects a strong product pipeline, the benefits of a comprehensive restructuring and cost-efficiency program, including the sale of our non-core Joytech accessories division, and the expected profitability of our sports business. We also are announcing a new publishing label - 2K Play - focused on the expanding casual gamer market. We are proud of what this company's management team has accomplished in a short time, and confident that our efforts will build the value of Take-Two in the future."

Ben Feder, Chief Executive Officer of Take-Two, added, "Take-Two is well-positioned to capitalize on the growth of the video game market as next generation consoles gain traction. Our creative teams are delivering a strong and increasingly diverse product portfolio, including our successful new BioShock franchise. We are looking forward to our 2007 holiday line up, as well as our solid 2008 slate, which includes the release of Grand Theft Auto IV in our fiscal 2008 second quarter."