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THQ reports record $1 billion net sales

Company seeks to increase owned IP for 2008

In its annual report filed today, THQ reported a record of more than USD 1 billion in net sales - up 27 per cent from 2006.

Net income more than doubled from USD 32 million in 2006 to USD 68 million in 2007. THQ reported diluted earnings per share of USD 1.01, up from USD .49 in 2006.

This is the 12th consecutive year of revenue growth for the company, which sold over 8 million units of Disney-Pixar's Cars and 4 million units of WWE Smackdown vs. Raw 2007 last year.

THQ intends to increase owned IP from 20 per cent of revenues to 33 per cent of revenues in fiscal year 2008, and expects that 40 to 50 per cent of its overall revenues in 2008 will come from titles released for the newest generation of systems. Last year, titles for the newest generation of systems represented only 16 per cent of revenues.

Upcoming fiscal year 2008 titles include Frontlines: Fuel of War, Juiced 2: Hot Import Nights, MX vs. ATV: Untamed, Stuntman: Ignition, Company of Heroes: Opposing Fronts, and a sequel to Cars entitled Cars: Mater-National. A sequel to Saint's Row has been announced for fiscal 2009.

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