THQ Year End Financials

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For the twelve months ended March 31, 2009, THQ reported net sales of $830.0 million, compared with net sales of $1,030.5 million a year ago. On a non-GAAP basis, the company reported fiscal 2009 net sales of $812.6 million, compared with $1,061.0 million in the prior year.

For the fiscal year ended March 31, 2009, the company reported a net loss of $431.1 million, or $6.45 per share. In the prior year, the company reported a net loss of $35.3 million, or $0.53 per share. On a non-GAAP basis, the company reported a fiscal 2009 net loss of $101.8 million, or $1.52 per share. In the prior year, the company reported a non-GAAP net loss of $13.6 million, or $0.20 per share. A reconciliation of non-GAAP to GAAP results is provided in the accompanying financial tables.

“In light of a challenging fiscal 2009, we have substantially completed a significant realignment of our business to position THQ for profitability and positive cash flow in fiscal 2010,” said Brian Farrell , THQ president and CEO. “We have taken decisive actions to achieve our cost saving objectives, eliminating $220 million in cash expenditures while at the same time implementing a focused product strategy. We are investing in the brands and products with the highest potential to drive THQ’s long-term profitable growth.”

Fourth Quarter Results

For the fourth quarter of fiscal 2009, THQ reported net sales of $170.3 million, compared with $187.0 million for the same period a year ago. On a non-GAAP basis, the company reported net sales of $154.3 million, compared with $217.6 million for the same period a year ago. Sales were driven primarily by new releases WWE Legends of Wrestlemania and Warhammer 40,000 Dawn of War II.

For the fourth quarter of fiscal 2009, the company reported a net loss of $96.9 million, or $1.44 per share. For the same period a year ago, THQ reported a net loss of $34.5 million, or $0.52 per share. On a non-GAAP basis, the company reported a fiscal 2009 fourth quarter net loss of $36.4 million, or $0.54 per share. For the same period a year ago, the company reported a non-GAAP net loss of $24.8 million, or $0.37 per share. A reconciliation of non-GAAP to GAAP results is provided in the accompanying financial tables.

Pursuant to THQ’s product strategy, key new releases scheduled for fiscal 2010 include:

             

Core Gamer Owned Intellectual Properties

         

Platforms

Darksiders

         

Xbox 360, PLAYSTATION3

Red Faction Guerrilla

         

Xbox 360, PLAYSTATION3, Windows PC

 

Fighting

           

UFC 2009 Undisputed

       

Xbox 360, PLAYSTATION3

WWE SmackDown vs. Raw 2010

       

Xbox 360, PLAYSTATION3, Wii, Nintendo DS, PlayStation2, PSP

 

Mass Appeal/Family

           

MX vs. ATV

         

Xbox 360, PLAYSTATION3, Nintendo DS, PSP

All Star Cheer Squad 2

         

Wii

Three Titles to be Announced

         

TBA

 

Kids

           

Disney●Pixar’s Up

         

Xbox 360, PLAYSTATION3, Wii, Nintendo DS, PlayStation2, PSP, Windows PC

Disney●Pixar’s Cars Race-O-Rama

         

Xbox 360, PLAYSTATION3, Wii, Nintendo DS, PlayStation2, PSP

Marvel Super Hero Squad

         

Wii, Nintendo DS, PlayStation2, PSP

SpongeBob Truth or Square

         

Xbox 360, Wii, Nintendo DS, PSP

 

Online

           

Company of Heroes Online

         

Windows PC

Dragonica

         

Windows PC

 

In : PC

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