Loss Widens for Video Game Company

Video game publisher THQ Inc. widened its net loss in the fourth quarter even as it released one of the best selling games of the spring. The Agoura Hills-based company sold more than 2 million copies of “Homefront,” a first-person shooter game considered to be THQ’s next big franchise. Still, the success of the game, released in mid-March, did little to help fourth quarter earnings. For the quarter ending March 31, THQ reported a net loss of $44.1 million, or $0.65 per diluted share, on revenues of $124.2 million. For the same period in 2010, the company had a net loss of $10.4 million, or $0.15 per diluted share, on revenues of $197.7 million. For the full fiscal year, the company had a net loss of $136.1 million, or $2 per diluted share, on revenues of $665.3 million. For the previous fiscal year, THQ reported a net loss of $9 million, or $0.13 per diluted share, on revenues of $899.1 million. For fiscal 2012, the company pins its hopes on new games from its Saints Row, Red Faction, Warhammer 40,000, and UFC franchises. “We are creating a digital ecosystem for each of these games that will continue to keep consumers engaged and generate additional revenue opportunities beyond the initial retail sale,” said company President and CEO Brian Farrell. Shares in THQ closed up at $4.12 THQ also announced that veteran video game industry executive Angela Emery has been named Vice President of Corporate Communications. Emery comes to THQ after eight years at Disney Interactive Studios. Mark R. Madler