[UPDATE] In a post earnings financial call, Take-Two spoke of Grand Theft Auto V, saying the project is in full development and is making "substantial progress." No other information about the open-world game was made available. Platforms and a release date for the game remain listed as TBA.

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Take-Two had a rough three months ended June 30. The Grand Theft Auto publisher today announced its first quarter financial results, revealing a $110.8 million loss, due in part to lower-than-expected sales of Spec Ops: The Line and Max Payne 3, as well as impact from an unspecified one-time payment of $15 million. Net revenue for the period came in at $226.1 million, down from the $334.4 million the firm hauled during the same period last year. Spec Ops: The Line performed under expectations, Take-Two said.

Take-Two said the strongest contributors to its bottom line during the period were the release of Max Payne 3, which has shipped 3 million copies, catalog sales from the Grand Theft Auto and Red Dead Redemption franchise, the release of Spec Ops: The Line, and continued sales of NBA 2K12.

According to Take-Two, catalog sales jumped 50 percent year-on-year, accounting for 26 percent of total revenue. Additionally, the company's digital sector was a bright spot, growing 33 percent from the year prior, and making up 13 percent of net revenue. This was driven by downloadable content offerings for the Sid Meier's Civilization series, NBA 2K12, and the Grand Theft Auto franchise and Red Dead Redemption franchises.

Looking ahead, Take-Two is forecasting second quarter revenue to come in at between $200-$250 million, with full-year expectations slated to hit between $1.7-$1.8 billion, with a swing to profitability also expected.