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Finance

THQ back in the black in Q1

THQ back in the black in Q1

Tue 07 Aug 2012 3:43am GMT / 11:43pm EDT / 8:43pm PDT
FinancePublishing

After a restructuring, THQ records $15 million net income

THQ has announced its financial earnings results for the first fiscal quarter ended on June 30, 2012. Total sales came to $133.7 million (85.8 million), down from $195.2 million (125.2 million) in 2011. After numerous net losses in previous quarters, THQ recorded a net income of $15.4 million (9.9 million) for the first quarter.

This quarter saw a great deal of restructuring for the company, with hiring of Jason Rubin as president and transfer of the UFC license to Electronic Arts. Rubin also decided to turn the Saints Row The Third expansion Enter the Dominatrix into a full sequel with a planned release in 2013.

"We have made significant progress reshaping the company. With the changes implemented over the last several months, we are in a much better position today to deliver on our pipeline of games, beginning with Darksiders II, which launches next week in North America," said THQ Chairman and CEO Brian Farrell.

"We are also pleased to have new management on board at THQ, led by President Jason Rubin, who brings tremendous experience to the company and has a proven track record of bringing multimillion unit sellers to market; Jason Kay, a fifteen-year media and entertainment industry veteran, as Chief Strategy Officer; and Ron Moravek, a seasoned creative development executive who has cofounded and led several technology businesses, including one of our most successful studios, Relic Entertainment, as EVP, Production. Jason Rubin and his new team bring an entrepreneurial approach to our game slate as we seek to maximize the value of our intellectual properties and evolve our business in the face of our increasingly digital future."

Heading into the rest of fiscal year 2013, a leaner THQ has only five releases planned: Darksiders II, WWE 13, Company of Heroes 2, Metro: Last Light, and South Park: The Stick of Truth.

6 Comments

Alfonso Sexto
Lead Tester

765 574 0.8
Best of luck people. As a gamer I would like to have THQ around for the years to come...

(So please, give me my Saints Row 4 ;) )

Posted:A year ago

#1

Andreas Gschwari
Senior Games Designer

555 607 1.1
Darksiders 2 should be good for them as well. The first one did well and the second one looks like it will be just as much fun.

Posted:A year ago

#2
Fire sale dose no mean profitability!

Posted:A year ago

#3

Rick Lopez
Illustrator, Graphic Designer

1,269 941 0.7
Darksider II on day one for me. Just cause i know it will help them. :)

Posted:A year ago

#4

Private
VIdeo Games

103 14 0.1
Good luck THQ!!

Posted:A year ago

#5

Thomas Dolby
Project Manager / Lead Programmer

328 277 0.8
It's great to finally hear some good news about THQ, I hope the re-structure keeps on helping them grow again.

Posted:A year ago

#6

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