Take Two financial dip due to delayed games - Zelnick

Speaking to investors, Take Two Interactive CEO Strauss Zelnick said delays caused the publisher to miss its financial targets in the past year.

Take Two posted a loss for FY 2012 and didn't show much improvement during Q1 FY 2013.

This was primarily due to our decision to postpone the release of several titles in order to allow for additional development time," Zelnick said during the publisher's AGM, as reported by Joystiq.

"Although our commitment to quality may occasionally affect near-term results, we believe it's the right approach for maximizing revenue and profits over the long-term."

Zelnick didn't name names, but recent Take Two delays include the total silence of 2K Australia's XCOM shooter and BioShock Infinite's shift into early 2013. Although no release window has been set or even alluded to for Grand Theft Auto V, it's believed to have been in the works for years and may have slipped.

The business of the meeting was largely just that - business - with major investors voting on the re-appointment of board members and executive compensation levels. One interesting note is that Take Two chose to increase the number of authorized shares of common stock from 150 million to 200 million, meaning shares owned by individual investors are now worth slightly less of the whole company.