Weak Sales Hurts THQ

Video game publisher THQ Inc. fell short of its revenue targets for its just completed fiscal year, the company announced. In response, the Agoura Hills-based company has taken measures to roll out a stronger title line and improve its quality line and competitiveness to improve its finances in fiscal 2009. Weak sales of certain game titles led THQ to report a fourth quarter net loss of $34.5 million, or $0.52 per diluted share, on revenues of $187 million. For the same period in 2007, the company reported a net income of $6.5 million, or $0.10 per diluted share, on revenues of $172 million. For the full fiscal year, the company reported a net loss of $35.3 million, or $0.53 per diluted share, on revenues of $1.03 billion. For fiscal year 2007, the company reported a net income $68 million, or $1.05 per diluted share, on revenues of $1.02 billion. THQ anticipates improved sales in fiscal 2009 from the sequels of its popular Saints Row and Red Faction Guerilla franchises; new titles for the Nintendo Wii platform; and the introduction of new original brands, de Blob and Darksiders.