Take-Two revealed their financial results today for the first quarter (which ended January 31st) with the publisher gaining a net revenue of $240.4 million. This figure, however, is down on the same results for 2007 which were higher ($277.3 million) due to strong sales of key titles such as BioShock and Carnival Games.

It was also revealed that 2K Games would be publishing a BioShock sequel (obviously due to the financial and critical success of the first one), but that development of the title - which is currently underway - would not be handled by super dev duo, 2K Boston and 2K Australia. Ken Levine is said to still be involved, but he is also working on new IP for the 2K brand alongside the BioShock sequel which is being handled by 2K Marin.

While the first quarter results aren't nearly as strong as last year, Take-Two still have a big year ahead of them lead by the highly anticipated release of Grand Theft Auto IV and it's continued support throughout the year planned through downloadable episodic content on the Xbox 360. Beyond the strength of GTA IV, they also have Midnight Club: LA, Bully: Scholarship Edition, Civilization: Revolution, Top Spin 3 and Don King Presents: Prizefighter. Alongside all this, it was also revealed the publisher would be expanding their uber-strong Carnival Games series for new titles across both Nintendo DS and Wii.

Looking to 2009, the episodic content for GTA IV should still be keeping the company strong while the release of Borderlands, Mafia II and BioShock 2 will all do their part. According to reports, a conference call to investors also revealed Take-Two have another big title to announce for release in 2009 from Rockstar Games.