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THQ Management Discusses Q1 2013 Results - Earnings Call Transcript

In describing THQ's financial performance on our call today, we will discuss non-GAAP measures including net sales and EPS. These non-GAAP measures exclude the following: stock-based compensation expense; certain deferred revenue and related costs; business realignment and related expenses; capitalized interest; and other significant charges and benefits.

Non-GAAP results also include the impact of any foreign currency fluctuations on our available-for-sale investment securities. As a reminder, our non-GAAP EPS excludes any impact for the if-converted method of accounting for our convertible debt. Also, we capitalize interest associated with our convertible debt for GAAP purposes. For non-GAAP purposes, we continue to recognize interest expense as incurred. Please refer to the reconciliation of these measures to GAAP results in the tables provided in today's release and on our website.

On today's call, joining us from management, are Brian Farrell, Chairman and CEO; Paul Pucino, Executive Vice President and CFO; and Jason Rubin, President. To begin, I would now like to introduce Brian Farrell, our Chairman and Chief Executive Officer. Brian?

Brian J. Farrell

Thank you, Lisa, and good afternoon, everyone. On the call today, I will give you an update on the progress we have made over the last several months, highlighted by the hiring of Jason Rubin as our President. Paul will give you details on the quarter and our financial outlook, and then Jason will discuss his first 60 days on the job and share how he has affected and will continue to affect change at THQ.

For the first quarter of fiscal 2013, we reported net sales of $39 million and a net loss of $3.41 per share after adjusting for our recent 1-for-10 reverse stock split. Obviously, it was a light quarter reflecting no new releases but we are pleased that our results were better than our expectations due to sales of our catalog titles led by Saints Row: The Third and WWE '12, as well as our digital revenues.

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