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THQ stems losses

THQ stems losses

For the twelve months ended March 31, THQ's net sales rose 8% to $899 million, compared with sales of $830 million a year ago. The company posted a loss of $9 million for the year, a marked improvement on last year's loss of $431 million.

THQ President and CEO Brian Farrell said, "In fiscal 2010, we achieved a successful turnaround, grew market share and exceeded our financial and operating targets. We have streamlined our cost structure, which will provide us with increased operating leverage in our model as our business continues to grow."

He added, "Importantly, during the fiscal year we established three major core game franchises, UFC, Darksiders and Red Faction. We are very excited about our development pipeline and how we've positioned THQ to capitalize on both traditional and digital gaming opportunities going forward."

For its fourth quarter, THQ sales were up 16 percent, from $170 million in 09, to $198 million. Losses for the period came in at $10.4 million, down from $97 million a year ago.

In its statement, THQ also pointed to product quality improvements, with a Metascore average of 82, up from 80 in fiscal 2009 and 72 in fiscal 2008.

However, its fiscal forecasts for the year ahead are conservative. The company expects sales of around $920 million, a 4% YoY increase. Farrell said, "We plan to build on our fiscal 2010 momentum by demonstrating continued progress in fiscal 2011 and delivering accelerated growth in fiscal 2012 when we expect to launch three core games, including the third installment of our successful Saints Row franchise."

 

Pic credit: Sky

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Tags: usa , financial results , brian farrell

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