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Barry
Mr. Do It All
Aug 6, 2005, 3:59 AM
Post #1 of 1
(651 views)
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THQ Strong 2005 Quarter Results
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THQ reported strong first-quarter results on the strength of a pair of new franchises for the PlayStation 2 and Xbox. THQ said revenues jumped 79% to $158 million -- results that were largely driven by strong sales of sci-fi spoof Destroy All Humans! and street racing game Juiced, which have each shipped more than a million units. Meanwhile, the company's net loss remained flat at $4 million, or $0.10 per share. Both figures leapfrogged analysts' expectations for a net loss of $0.15 per share on $137 million in revenue.
Despite the healthy rise in revenue, the company still showed a quarterly loss due to rising costs. Most notably, product development costs almost doubled to $19 million, while marketing costs more than doubled to $37 million. THQ is traditionally known for games targeting a younger audience, based on properties such as Pixar's The Incredibles and Finding Nemo; SpongeBob SquarePants and other series from Viacom's Nickelodeon; and WWE wrestling. But recently, THQ has moved to establish new and more mature brands, such as Full Spectrum Warrior and Warhammer. It's also captured a piece of the tuner market with Juiced, competing with EA's Need for Speed Underground 2 and Take-Two Interactive's Midnight Club 3: DUB Edition.
Looking ahead, the company expects another net loss of $0.10 per share
on $125 million in revenues for the second quarter. For fiscal 2006,
the company forecast earnings of $1 per share on $750 million in
revenues.
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