Take Two has announced its financial results for its first quarter ended January 31st, with revenues down year on year from $277.3m to $240.4m - although the firm said that Q1 2007 had benefited "from more new game releases", hence the drop.

The firm's sales were led by a number of back catalogue games, including BioShock, Carnival Games, NBA 2K8, Grand Theft Auto catalog titles, and the release of Grand Theft Auto: Vice City Stories in Japan

Net loss for the first quarter was $38m, a rise on a net loss of $21.5m in the first quarter of fiscal 2007.

However the firm said its distribution revenues were up, boosted by the strength of next-gen hardware and software sales, including "robust demand" for Wii products.

The firm announced a number of new games, including DS and Wii spin-offs of casual title Carnival Games and a sequel to the bestselling 360/PC game BioShock.

But all eyes are now on GTAIV to provide another sales boom as is customary for Take Two and the release of the headline-grabbing open world game.

Chairman Stauss Zelnick said the firm was "eagerly awaiting the release of Grand Theft Auto IV in the second quarter", adding that overall the company was "pleased with Take-Two's stronger than expected top and bottom line results for the first quarter.

"Our performance benefited from a diverse range of hit titles in the first quarter."

Take Two, currently the target of a rebuffed-takeover from Electronic Arts, has "extraordinary creative assets and improving operational efficiency" which will be "sources of significant value for shareholders as the interactive entertainment industry moves further into the current growth cycle," Zelnick added.

Ben Feder, CEO, added that the company now has"one of the strongest release schedules in the industry": "Take-Two is clearly well positioned for the future. In addition to Grand Theft Auto IV, for the balance of fiscal 2008 our releases will include Midnight Club: Los Angeles, Sid Meier's Civilization Revolution, Top Spin 3, Don King Presents: Prizefighter, Carnival Games for DS, Carnival Games: Mini-Golf for Wii, NBA 2K9, NHL 2K9, episodic content for Grand Theft Auto IV on Xbox 360, as well as other titles.

"We also have significant visibility into fiscal 2009, which includes additional episodic content for Grand Theft Auto IV, Mafia II, Borderlands, BioShock 2, our complete sports lineup, additional Nick Jr. titles under our agreement with Nickelodeon, and several new brands."