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Feb 3, 2005, 10:30 AM
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THQ Release Fiscal 2005 Third Quarter Results
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THQ released record results for the fiscal 2005 third quarter ended December 31, 2004, driven by multi-million unit sales of games based. Net sales advanced 37% for the third quarter to a record $400.3 million, from $293.1 million in the prior-year period. Net income more than doubled to a record $62.9 million, or $1.58 per diluted share. This included $0.20 per diluted share from research and development tax credits claimed for prior years. This compares with net income of $30.4 million, or $0.78 per diluted share, for the fiscal 2004 third quarter.
For the nine months ended December 31, 2004, net sales grew 13% to $584.8 million from $517.7 million for the same period a year ago. Net income for the first nine months of fiscal 2005 was $52.7 million, or $1.32 per diluted share, which included the tax credit mentioned above. For the nine months ended December 31, 2003, THQ reported net income of $30.4 million, or $0.78 per diluted share.
Fiscal year-to-date, THQ shipped more than four million units of The Incredibles, two million units of The SpongeBob SquarePants Movie, two million units of WWE SmackDown! vs. Raw, two million units of Finding Nemo and one million units of SpongeBob SquarePants: Battle for Bikini Bottom. In addition, original properties Tak 2: The Staff of Dreams and Full Spectrum Warrior are approaching shipments of one million units. The company also said that MX Unleashed, launched in February 2004, recently surpassed one million units shipped.
Financial Guidance
THQ confirmed previous guidance for the fiscal fourth quarter and increased guidance for the full fiscal year ending March 31, 2005:
- For the fourth quarter of fiscal 2005, the company continues to expect net sales of approximately $165 million and net income of about $0.21 per diluted share.
- For the fiscal year ending March 31, 2005, THQ now expects record net sales of approximately $750 million and record net income of approximately $1.53 per diluted share, up from previous guidance of net sales of $680 million and earnings per diluted share of $1.10.
- THQ Wireless is expected to contribute approximately $25 million of THQ's net sales in fiscal 2005, up from previous guidance of $20 million.
Recent Developments:
THQ Delivers Four Multi-Million Unit Titles; Five Titles Exceed One Million Units
- Fiscal year-to-date, THQ shipped more than four million units of The Incredibles, two million units of The SpongeBob SquarePants Movie, two million units of WWE SmackDown! vs. Raw and two million units of Finding Nemo.
- Fiscal year-to date, THQ shipped more than one million units of SpongeBob SquarePants: Battle for Bikini Bottom.
THQ Games Achieve Critical Acclaim - Warhammer 40,000: Dawn of War was named RTS of the Year by Computer Gaming World, and garnered numerous multi-play and genre accolades from leading enthusiast sites.
- Full Spectrum Warrior has received several awards and accolades from leading enthusiast sites.
- Tak 2 was named Best Platform Game for GameCube by IGN.
THQ Wireless Continues to Broaden its Content Portfolio - In December, THQ Wireless announced a multi-year agreement with Lucasfilm Ltd. that grants THQ Wireless worldwide rights to develop and distribute a comprehensive offering of Star Wars branded content for mobile phones.
- In November, THQ Wireless launched the most comprehensive suite of officially licensed NBA wireless products to date, including games, fantasy applications, information services, ringtones and graphics, featured in the NBA's new wireless sports package, "NBA Unwired."
THQ's Internal Studios Grow to Ten with Acquisition of Blue Tongue - Consistent with THQ's strategic objective of using internal development to improve product quality and operating margins, the company recently acquired Blue Tongue Entertainment Limited. THQ studio operations now stand at more than 800 people in ten studios.
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