THQ Suffers $44.1 Million In Losses For Quarter Ending March 31

By Colin Tan on May 3, 2011, 11:24PM EDT
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THQ have posted their financial results for the quarter ending March 31. The company has suffered a loss of $44.1 million for the quarter, quite a big increase compared to the $10.4 million loss in the same period last year. Yearly losses were up to $136.1 million, far greater than that of last year's $9 million loss.

GI.biz also reports a slow down in GAAP net sales, dropping from March 2010's $197.7 million to $124.2 million in the same period this year. All this regardless of strong performance from THQ and Kaos' Homefront, which hit stores on March 15. Yearly sales also dropped from $899.1 million to $665.3 million.

"THQ posted strong fourth quarter results primarily driven by the success of Homefront," said Farrell, who remained undeterred by the company's losses.

"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.

"We also continued to grow the uDraw franchise with the successful international debut of this compelling new tablet. Today, I am pleased to announce that we plan to bring exclusively designed uDraw GameTablets to Microsoft Xbox 360 and Sony PS3 platforms this holiday.

"We expect to generate significant growth, profitability and cash in fiscal 2012, driven by the latest instalments of multi-million unit selling franchises, Saints Row, Red Faction, Warhammer 40,000, MX vs. ATV, UFC, WWE, and uDraw. 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.

"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."

Source: GamesIndustry.biz

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