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THQ Posts Profit

THQ Posts Profit Agoura Hills-based video game publisher, THQ Inc., posted a profit for the first fiscal quarter ended June 30, 2009, 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 gen consoles; and focusing on product strategy and cost saving initiatives. However, THQ’s shares retreated in premarket trading Wednesday because of a worse-than-expected sales forecast, according to the Associated Press. The company also announced plans to do a $90 million debt offering. THQ projected adjusted revenue of $85 million to $95 million for the three months ending in September, marking a decline of at least 37 percent from the previous year. The company blamed the decline on the absence of new game releases scheduled for the quarter. THQ shares were trading at $6.72 per share Wednesday afternoon, down from $8.41 per share at market’s close Tuesday.

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