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THQ Reports Fiscal 2013 Second Quarter Results

THQ Inc. (NASDAQ: THQI) today reported financial results for the second quarter ended September 30, 2012.

  For the Three Months
(in millions, except per share data) Ended September 30,
  2012       2011  
Net Sales - GAAP $ 107.4 $ 146.0
Net Sales - Non-GAAP $ 91.8 $ 119.6
Net Loss - GAAP $ (21.0 ) $ (92.4 )
Net Loss - Non-GAAP $ (12.1 ) $ (46.9 )
Diluted Loss Per Share - GAAP $ (3.06 ) $ (13.52 )
Diluted Loss Per Share - Non-GAAP $ (1.76 ) $ (6.86 )
 

Fiscal 2013 Second Quarter Financial Highlights and Recent Developments

  • Q2 Non-GAAP net sales were $91.8 million, compared to guidance of $75 million to $85 million.
  • Q2 Non-GAAP net loss per share was ($1.76), compared to guidance of ($3.50) to ($4.50). Net loss per share amounts for the current and prior period were adjusted for the 1-for-10 reverse split of the company’s common stock effected on July 5, 2012.
  • The company’s digital revenues for the second quarter of fiscal 2013 were $19.1 million, or approximately 21 percent of non-GAAP net sales, a 34 percent increase from $14.3 million one year ago.
  • The company ended the quarter with $36.3 million in cash and equivalents, and outstanding borrowings of $21.0 million on its credit facility. The company’s total liquidity at quarter end was in line with internal expectations.
  • A reconciliation of GAAP to non-GAAP results is provided in the accompanying financial tables, and a supplemental consolidated reconciliation can be found at http://investor.thq.com.
  • Darksiders® II received highly-favorable critical reviews at launch, achieving an average Metacritic score of 83. The company shipped 1.4 million units of the title in the second quarter.

Product Slate

THQ announced today that South Park™: The Stick of Truth™ is now planned for launch worldwide in early fiscal 2014. South Park: The Stick of Truth had previously been slated for release on March 5, 2013.

Additional changes to fiscal 2013 release dates include those for Company of Heroes® 2 and Metro: Last Light, both of which are expected to ship in March, later than initially planned.

“When I joined THQ the company made a public commitment to quality titles. We always expected that in some cases this would mean that more time would be needed to make sure that every title is of the highest possible quality,” said Jason Rubin, THQ’s President. “Our fourth quarter releases are the first titles that I have had the ability to materially impact, and experience told me that the games needed additional development time to be market-ready.

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