Take Two has posted quarterly financial results (thanks Neutronbeam), reporting a smaller-than-expected loss for the quarter, though they are adjusting future estimates downward. They also have settled a couple of cases of shenanigans: "Separately, Take-Two said it has reached an agreement in principle to settle a consolidated securities class action related to allegations of sexually explicit images in "Grand Theft Auto" and the backdating of employee stock options." During an earnings conference call Take Two also said BioShock 2, Max Payne 3, Mafia II, and Red Dead Redemption are all expected before the middle of 2010. Here's word on earnings:

The "Grand Theft Auto" publisher on Tuesday said it swung to a net loss of $55.5 million, or 72 cents a share, in the fiscal third quarter ended July 31, from a year-ago profit of $51.8 million, or 67 cents a share.

Excluding items, Take-Two posted a loss of 66 cents a share, better than the average analyst estimate for a loss of 69 cents a share, according to Reuters Estimates.

Take-Two Chairman Strauss Zelnick told Reuters in an interview that the company continued to cuts costs and sold its catalog titles aggressively in what was its lightest release quarter.

"We took enormous pains to distribute and sell through our catalog aggressively and we had some good success there and we've also continued to focus on making the company more efficient."

Revenue tumbled 68 percent to $138.6 million, versus Wall Street's estimate of $125.3 million.

Sales were led by catalog titles including "Grand Theft Auto IV," "The Bigs 2" and "Major League Baseball 2K9."

The company lowered the top end of its forecast range for earnings and revenue in the current quarter ending Oct. 31. It now expects earnings excluding items of 30 cents to 35 cents a share, on revenue of $350 million to $375 million.

Wall Street was expecting earnings of 35 cents a share on revenue of $369.4 million.