THQ Inc. Reports Net Loss

Video game publisher THQ, Inc. reported a net loss of $12.1 million for the first quarter ending June 30. The loss comes to $0.19 per diluted share on net sales of $138.8 million. The loss is an increase from the $3.9 million loss or $0.06 per diluted share for the same time period in 2005. The net sales were better than expected due primarily to better-than-anticipated sales of the MotoGP 2006 and “Cars” videogames, the company said. Net sales for the first quarter of 2005 had been $158 million for the Agoura Hill-based company. THQ President and Chief Executive Officer Brian Farrell anticipates continued high sales of the “Cars” videogame as it is sold in more foreign countries and bring the game to next-generation consoles in the winter. “Our confidence reflects the strength of THQ’s product portfolio, which offers a balance of new original properties for avid gamers on next-generation consoles and Windows PC, including the upcoming ‘Saint’s Row’ and ‘Company of Heroes,'” Farrell said.