Next-gen reports that Take-Two has increased its net revenues for the first quarter to $277.3 million, up from $265m in the previous year. It also cut its year-on-year losses, down to $21.5m from $29.1m in the same period a year ago.

The firm put its year-on-year success down to titles like NBA 2K7 and the release of Grand Theft Auto: San Andreas in Japan.

The results also included a whopping $6.4m in legal fees related to the publisher’s recent stock option grant investigation, $2.2 million in stock-based compensation and $6.1m to record valuation allowances for deferred tax assets.

The news follows several reports on the web suggesting that a group of Take-Two investors intends to kick out the existing management team.