THQ Posts Loss in Q1

Video game publisher suffered a disappointing first quarter, widening its net loss compared to a year ago as games sales fell below expectations. The Agoura Hills-based company expects its financial performance to improve later in the year with the release of the latest installments of its proven franchise, “Saint’s Row,” “WWE” and the uDraw game tablet. “Despite a light first half, we are looking forward to a strong and profitable second half, including what we expect to be the biggest third quarter, both in revenue and earnings per share, in our company’s history,” said THQ President and CEO Brian Farrell For the first quarter ending June 30, the company reported a net loss of $38.4 million, or $0.56 per diluted share, on revenues of $195.2 million. For the same period in 2010, the company had a net loss of $30.1 million, or $0.44 per diluted share, on revenues of $149.4 million. During the first quarter, THQ attended the E3 video game expo at the Los Angeles Convention Center at which it previewed its fall slate of games; and struck a deal with Turtle Rock Studios Inc to publish a new core title scheduled to be released in calendar 2013.