When electronics providers like Wal-Mart (NYSE:WMT), Best Buy (NYSE:BBY), and Target (NYSE:TGT) announced that the latest version of Grand Theft Auto was being slapped with an Adults Only rating and yanked from store shelves, it didn't take a fortune cookie to foresee that Take-Two Interactive Software's (NASDAQ:TTWO) dancing days were numbered. In large part because of the hit from its flagship franchise, its newly released third-quarter results were indeed all left feet.

It has happened to many businesses: As in romance, the one who brought you to the dance can also be the one who breaks your heart. Take-Two's Grand Theft Auto helped propel the stock to a gain of more than 400% since 1999. But the same label that caused its stock to dance a jig over the past few years is also the one that bust its moves in the latest report.

The company lost $0.41 per share in the third quarter, more than the $0.38 that analysts had anticipated. Net sales of $169.9 million also fell below consensus estimates of $175.6 million. Revenues grew by a mere 5.6% over the same period a year ago.

When you toss in the sack it took from Electronic Arts (NASDAQ:ERTS), losing rights to the NFL, it has certainly been a tough fiscal year for Take-Two. But there does seem to be reason for optimism ahead.

Microsoft (NASDAQ:MSFT) will soon unveil its latest gaming device, and Sony (NYSE:SNE) will follow suit with a new hardware release in 2006. These two major product launches should signal the beginning of renewed growth for the company. In addition, Take-Two's solid balance sheet allows for plenty of flexibility to look into other potential growth drivers.

As the market digests the latest hit to its bottom line, it's likely that Take-Two's stock will continue to feel pressure over the next several weeks. While some head for the exits, it may be a good time to take a closer look at this company's performance. 2006 is likely to be a platinum year for many game developers.

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Best Buy and Electronic Arts are Motley Fool Stock Advisor recommendations.

Fool contributor Jeremy MacNealy does not own shares in any of the companies mentioned.