Matt Martin
06:50 (BST)
31/07/2008
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THQ losses nearly triple to $27.2 million
THQ has reported a loss of USD 27.2 million for the first quarter of the fiscal year, up from USD 9.3 million the previous year.
Net sales for the three months ended June 30 were USD 137.6 million, up from USD 104.5 million last year, with the publisher highlighting Wall-E and Big Beach Sports as strong sellers.
"We continued to make progress against our key initiatives during the first quarter," commented Brian Farrell, THQ president and CEO.
"We are beginning to roll out a strong slate of games for the year, including a balance of both owned intellectual properties and major licenses. We are making important improvements in our creative development organisation, which we believe will increase our product quality and competitiveness.
“During the quarter, we also took steps to re-align our cost structure and we remain on track to generate improved operating leverage. We are focused on generating growth at both the top and bottom line, and delivering improved value for our shareholders," he said.
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