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THQ Struggles in Q4

Cost cutting and a strategy of focusing on titles with the greatest potential for sales has yet to turn around struggling video game publisher THQ Inc. The Agoura Hills-based company reported a net loss of $96.9 million, or $1.44 per diluted share, on revenues of $170.3 million for the fourth quarter ending March 31. For the same period a year ago, THQ reported a net loss of $35.3 million, or $0.53 per diluted share on revenues of $187 million. For the full year the company reported a net loss of $431.1 million, or $6.45 per diluted share, on revenues of $830.0 million. For the previous fiscal year, the company had a net loss of $35.3 million, or $0.53 per diluted share, on revenues of $1.03 billion. As the global recession worsened, THQ took steps to its operations to return to profitability, including staffing cuts of 600 people, closing game design studios and developing fewer titles but making a bigger push in the fighting, family and casual gaming categories. “We are investing in the brands and products with the highest potential to drive THQ’s long-term profitable growth,” said company President and CEO Brian Farrell. THQ also announced receiving a $35 million line of credit from Bank of America to back up its cash and short-term investment balance. Mark R. Madler

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