THQ Q1: $15m net income; Insane returned to Guillermo del Toro

THQ has announced financial results for its past quarter, with the troubled publisher reporting a profitable period following heavy restructuring.

Net income for the company’s Q1 FY2013 came in at $15m, according to THQ’s report.

Total sales were down year over year at $133.7m compared to 195.2m in 2011, but that didn’t come as a surprise given the current landscape. More critical was the net gain, which had not occurred in the last several quarters for the publisher.

The quarter was, for better or worse, a busy one for THQ including layoffs, closures, the introduction of Jason Rubin as president, the transfer of the UFC license to EA, a reverse stock split, and more.

"We have made significant progress reshaping the company. With the changes implemented over the last several months, we are in a much better position today to deliver on our pipeline of games, beginning with Darksiders II, which launches next week in North America," said THQ Chairman and CEO Brian Farrell.

"We are also pleased to have new management on board at THQ, led by President Jason Rubin, who brings tremendous experience to the company and has a proven track record of bringing multimillion unit sellers to market; Jason Kay, a fifteen-year media and entertainment industry veteran, as Chief Strategy Officer; and Ron Moravek, a seasoned creative development executive who has cofounded and led several technology businesses, including one of our most successful studios, Relic Entertainment, as EVP, Production. Jason Rubin and his new team bring an entrepreneurial approach to our game slate as we seek to maximize the value of our intellectual properties and evolve our business in the face of our increasingly digital future."

The company’s remaining FY2013 has five titles on the schedule: Darksiders II, WWE 13, Company of Heroes 2, Metro: Last Light, and South Park: The Stick of Truth.

In related news, Rubin announced during a call to investors earlier today that THQ is no longer working on Guillermo del Toro’s video game Insane. The rights have been returned to del Toro.

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