In some rather surprising (and extremely disappointing) news, Take-Two has announced that it is reducing its fiscal 2007 guidance due to Grand Theft Auto IV for the PlayStation 3 and Xbox 360 being delayed until fiscal 2008. Currently, GTA IV is set for release in the second fiscal quarter of ’08. Take Two’s second fiscal quarter runs from February 1, 2008 to April 30, 2008. The delay is due to additional time required to finish developing the game.

Strauss Zelnick, Chairman of Take-Two, stated, “With Grand Theft Auto IV, Rockstar is setting a new standard for next generation video games. Certain elements of development proved to be more time-intensive than expected, especially given the commitment for a simultaneous release on two very different platforms. We all recognize that perfecting the game is vital and I can assure everyone it will be worth the wait. 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.”

Sam Houser, Founder and Executive Producer of Rockstar Games, added, “The new consoles are allowing us to create the Grand Theft Auto game we always dreamed about. Every aspect of the game and its design has been completely transformed. The game is huge and is pushing the hardware platforms to their absolute limits. The top engineers from Sony and Microsoft are working closely with the team in Edinburgh right now, helping us to fully leverage the power of both platforms. As always, our goal is to surpass even the wildest expectations of the game’s fans, and to create the ultimate high definition video game experience.”