THQ quarterly report reveals poor Armageddon sales
Publisher reports a net loss of $38.4 million
THQ has reported financial results for the first quarter ended June 30, 2011.
For the fiscal first quarter ended June 30, 2011, THQ reported net sales of $195.2 million, compared with $149.4 million in the prior-year period. For the three months ended June 30, 2011, the company reported a net loss of $38.4 million, compared with a net loss of $30.1 million in the prior-year period.
"We are disappointed in our first quarter financial performance. Sales of Red Faction: Armageddon and our licensed kids titles were below our expectations, and the late release of UFC Personal Trainer also adversely impacted the quarter," said Brian Farrell, THQ President and Chief Executive Officer.
For the fiscal first quarter ended June 30, 2011, THQ reported net sales of $195.2 million, compared with $149.4 million in the prior-year period. For the three months ended June 30, 2011, the company reported a net loss of $38.4 million, compared with a net loss of $30.1 million in the prior-year period.
"We are disappointed in our first quarter financial performance. Sales of Red Faction: Armageddon and our licensed kids titles were below our expectations, and the late release of UFC Personal Trainer also adversely impacted the quarter," said Brian Farrell, THQ President and Chief Executive Officer.
"Despite a light first half, we are looking forward to a strong and profitable second half, including what we expect to be the biggest third quarter, both in revenue and earnings per share, in our company's history, with proven franchises Saints Row, WWE and the uDraw GameTablet, all launching in November."
The second half of fiscal 2012 is to be driven by releases of proven franchises such as Space Marine, Saints Row 3, WWE, and UFC.
The second half of fiscal 2012 is to be driven by releases of proven franchises such as Space Marine, Saints Row 3, WWE, and UFC.
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