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THQ Posts $136M Loss For Fiscal 2011

THQ Posts $136M Loss For Fiscal 2011

May 3, 2011 | By Frank Cifaldi

THQ has announced the financial results for its 2011 fiscal year, posting a loss of $136.1 million, significantly more than the $9 million it lost in fiscal 2010.

Revenue was reported at $665.3 million, also down from the $899.1 million in the prior year.

Fourth quarter comps fared a little better, with revenue reported at $124.2 million (down from $197.4 million) and a loss of $44.1 million (from $10.4 million), consistent with its guidance.

"THQ posted strong fourth quarter results primarily driven by the success of Homefront," said THQ President and CEO Brian Farrell. "We have already shipped 2.6 million units, a solid start for this new franchise, which kicks off the strongest pipeline of AAA core games in our history."

Looking forward, the company said it will generate "significant growth, profitability and cash" in fiscal 2012, driven by upcoming installments in its Saints Row, Red Faction, Warhammer 40,000, MX vs. ATV, UFC, WWE and uDraw franchises.

"We are creating a digital ecosystem for each of these games that will continue to keep consumers engaged and generate additional revenue opportunities beyond the initial retail sale," said Farrell.

"We also continue to aggressively invest in our digital initiatives, including online social and mobile offerings as well as our Warhammer 40,000: Dark Millennium Online MMO."

The company also announced that its uDraw franchise will expand from its Wii-only debut to the Xbox 360 and PlayStation 3 this holiday season, with "GameTablet" accessories designed specifically for those systems.

During fiscal 2011, in addition to 2.6 million copies of Homefront, THQ shipped 1.7 million units of the uDraw GameTablet, 4 million units of 8ts WWE-branded titles SmackDown vs. Raw 2011 and WWE All Stars, and 3 million units of UFC Undisputed 2010.

The company also announced plans to bring Jimmy Buffet's Margaritaville brand to Facebook, iPad, and iPhone in fiscal 2012. The 1977 song has also been developed into restaurants, alcoholic beverages, prepared foods, clothing and furniture.

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