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THQ Posts Reduced Loss On Stronger Sales
by Nich Maragos [PC, Console/PC, Mobile Phone, Mobile Console]
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October 27, 2005
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Major video game publisher and developer THQ has released quarterly results for the second quarter of fiscal year 2006, a period ending September 30th, 2005. Net sales went up to a record $142.7 million, increasing 48% percent over the same period in fiscal year 2005. Net loss was a mere $1.4 million compared to a net loss of $6.4 million in the second quarter of FY 2005..
The company had several strong sellers in the second quarter: original IP such as Tak: the Great Juju Challenge and Destroy All Humans! did well, as did licensed games WWE Day of Reckoning 2 and Scooby Doo! Unmasked. Juiced, a nearly-complete acquisition acquisition from the defunct Acclaim, rounded out the company's portfolio of relative successes.
"THQ's games continue to strike a responsive cord in players of all ages around the world," said CEO Brian Farrell. "Our catalog also continues to perform well, with three of our holiday 2004 titles moving to Greatest Hits status during the second quarter."
In the coming half, THQ has new SpongeBob SquarePants and Incredibles games for the third quarter, as well as other licensed children's games. "This holiday season we plan to bring to market games based on our most successful brands targeted to the mass-market consumer on the huge installed base of current generation hardware," said Farrell. The company also announced an extension of its new Juiced racing brand to the PSP, to launch in Spring 2006.
For the fiscal year ending March 31, 2006, THQ expects net sales of approximately $770 million, slightly above from previous company estimates, and also topping analyst estimates, though profit estimates are unchanged. As a result of the better than expected results, THQ shares were up around 5% to $20.90 in after-hours trading.
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