Take-Two Interactive hurt by delay of Grand Theft Auto 4 |
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Frustrated with the delay of Grand Theft Auto 4? Well, probably not as frustrated as Take-Two Interactive. Not only has the company taken a financial hit due to the delay, it also has to keep burning up more cash for the game's development until it can be released.
The success of the game could also determine the fate of the company. "Video-game development is not getting any cheaper," as CEO Ben Feder once said. The company has already restructured its operations in an effort to cut costs.
Last January, Take-Two still had US$ 138 million in assets, but this decreased to US$ 61.62 by the end of July. The company has also increased its five-year revolving credit facility up to US$ 140 million from its previous US$ 100 million.
The delay caused Take-Two to drop its revenue forecasts for the year from US$ 1.25 billion to US$ 1 billion. Analysts predict that if it continues at this rate, Take-Two might have to draw from its credit facility by January or February.
Despite it all though, analysts are optimistic that Grand Theft Auto 4 (Xbox 360, PS3) will be successful. Michael Pachter, an analyst from Wedbush Morgan, predicts that the game will sell 10.5 to 11.5 million copies in the first year of its release.
Via TheStreet.com
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Comments
Dah the game will sell, and really well too! I mean, I'll buy it on launch day with millions of others, lol. Me on ps3, others on x360, this could even beat the halo3 record! (I'm sure it'll beat it if they can produce enough copy of the game)
Sucks for take two but i have no worries, with the game itself and the exclusive content that both PS3 and 360 are getting im sure the sales will be beyond expectations.
I hope this doesn't make them rush the game.
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