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Bad news comes in for THQ as they revealed their third-quarter earnings, which dropped to $314.6 million this year, compared to $356.7 million for the same period last year. According to the report, “for the three months ended December 31, 2010, the company reported a net loss of $14.9 million, or $0.22 per share, compared with net income of $542,000, or $0.01 per share, in the prior-year period.” Unfortunately for THQ, adverse market forces conspired against them, including a less than hospitable climate in the kids’ movie-based license sector, causing $30.3 million in losses, and $9.9 million in losses due to the cancellation of Company of Heroes Online and WWE Online. The report goes on to inform investors to expect a net loss of 25 to 35 cents per share by the end of the fiscal year.  According to THQ President and CEO Brian Farrell, this fiscal year will be different: “We posted a strong holiday quarter led by our new uDraw GameTablet, which shipped 1.2 million units. This owned intellectual property provides THQ with a new growth opportunity focused on innovative and creative game play,” he said. “Our fiscal fourth quarter continues our robust release schedule of high quality, high profile games including Homefront, WWE All Stars, and de Blob 2. “THQ is poised for significant net sales and earnings growth in fiscal 2012 as a result of aggressive investment in owned intellectual properties and major franchises, a lean cost structure, and growing digital revenues. Fiscal 2012 will be driven by the strongest core games line-up in our history, including: Red Faction Armageddon, Warhammer 40,000 Space Marine, MX vs. ATV Alive, and the newest installment of our Saints Row franchise.” |