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Wednesday, Dec 6, 2023

THQ Closes $100 Million Offering

Agoura Hills-based THQ Inc. closed today on a $100 million offering of 5.00 percent convertible senior notes due 2014. The company intends to use net proceeds for general corporate purposes. The move follows THQ announcing last week that it posted a profit for the first fiscal quarter ended June 30, a marked turnaround from a $27.2 million loss for the same period last year. THQ’s net sales climbed 77 percent to $243.5 million, up from $137.6 million in the prior year. The company reported net income of $6.4 million, or $0.09 per share, compared to a net loss of $27.2 million, or $0.41 per share, in the prior year. Company officials said the results reflect expansion in the fighting games market with the launch of its hit title “UFC 2009 Undisputed”; establishing the Red Faction franchise on current generation gaming consoles; and focusing on product strategy and cost saving initiatives. Eric Billingsley

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