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THQ reports financial quarter results

Company announces business realignment as CEO salary halved and 240 are let go, Homefront 2 confirmed

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THQ has today reported financial results for the third quarter ended December 31, 2011, as well as taken drastic steps in the company's ongoing realignment strategy.

The recently announced business strategy is to exit the traditional kids' licensed video game category and focus on core game franchises. As part of this, the company has plans to lay off up to 240 selling, general and administrative personnel worldwide between now and September 2012. Not only that, CEO Brian Farrell will take a pay cut for the year starting February 15, which reduces his salary from $718,500 to $359,250. His salary will go back up the next year.

Not all is bad though. With third quarter shipments of approximately 3.6 million units (life to date 3.8 million units), Saints Row: The Third is the largest owned-IP launch in THQ's history. WWE '12 also shipped more than two million units in the quarter, in line with the expectations. THQ was the #5 publisher in the U.S. in 2011, but with a mere 5.4% market share.

"Saints Row: The Third and WWE '12 demonstrate the strengths of THQ's core gaming capabilities. These titles performed at or better than the expectations we shared during our last investor conference call, driven by favorable critical reviews, community engagement and outstanding marketing efforts," said Brian Farrell, THQ President and CEO. "Sales of the uDraw GameTablet and related software, and other titles in the kids, family and casual category were far weaker than anticipated, substantially reducing our financial results for the quarter."

Looking to the future, THQ confirmed Darksiders II shipping in June, while Metro: Last Light and Devil's Third are set for late 2012/early 2013. In 2013, the company expects to ship Homefront 2 from Crytek (now official), Warhammer 40K-based MMO from Vigil and Relic (despite cancellation rumours), as well as two unnamed games from Turtle Rock Studio and newly formed THQ Montreal, respectively.

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