Take-Two has announced their financial results for the second quarter of 2007. Here are the interesting parts of the results about Take-Two.

After a comprehensive business review, Take-Two's new management team today announced the first of a series of initiatives to revitalize the Company. These initiatives are designed to enhance the efficiency of the organizational structure, support a highly creative and financially disciplined product development process, increase operating margins and improve the Company's productivity and cost-effectiveness. Take-Two said its evaluation process is continuing and expects to report on progress in additional areas in the future.

Take-Two's restructuring plan to date consists primarily of the following key elements:

    * Restructure Take-Two's international operations to consolidate and align the marketing, sales and operational functions according to business discipline rather than geography to create a more efficient and responsive international organization
    * Realign label and studio administrative functions to report to the respective departments at the corporate level, thereby ensuring increased control and accountability
    * Consolidate the management, marketing and business development operations of the 2K and 2K Sports labels on the West Coast to improve access to resources, work more closely with the sports development teams, and provide a centralized organization to increase efficiency and better support the growth of these labels
    * Consolidate third-party PC distribution into North American sales.

Ben Feder, Chief Executive Officer, added, "While the decisions we are announcing today were difficult and will unfortunately require employee layoffs, we believe these necessary actions will improve the financial and operational performance of Take-Two, leading to greater value for our shareholders."

Now, on to the Rockstar Games parts of the results.
Grand Theft Auto: Vice City Stories sales where well this quarter, it sold 1 million units. Manhunt 2 is set to release third quarter 2007 and Grand Theft Auto IV is still set to release in the fourth quarter 2007. Beaterator, Episodic Content for Grand Theft Auto IV, L.A. Noire, and Midnight Club: Los Angeles are all set to release in 2008. Rumors that the Episodic Content for Grand Theft Auto IV will also be on the PS3 have been squashed as the press release does not mention the PS3 under the platforms.

Source: Take-Two Second Quarter 2007 Financial Results