November 5th, 2007 by Arjan Olsder Posted in Companies & M&A | No Comments »
THQ has announced the financial results of the second quarter of their 2008 fiscal year. A bit out of line with the Q3 2007 announcements coming in from other companies, but spanning the same time period.
THQ turned over $ 229.3 million during the quarter. Key revenue drivers for the publisher where Disney’s Ratatouille, Stuntman Ignition and Juiced 2 Hot Import Nights. The revenue turned over is slightly down (4.5%) from the same period last year as that reported $ 240.2 million.
For the second quarter of fiscal 2008, THQ reported a GAAP net loss of $7.0 million, or $0.11 per share, which includes $0.08 per share of stock-based compensation expense. On a non-GAAP basis, excluding stock-based compensation expense, the company reported a net loss of $2.2 million, or $0.03 per share. For the same period a year ago, THQ reported GAAP net income of $11.6 million, or $0.17 per diluted share, which includes $0.08 per diluted share in stock-based compensation expense. On a non-GAAP basis, excluding stock-based compensation expense, net income for the prior-year period was $16.4 million, or $0.25 per diluted share. A reconciliation of non-GAAP to GAAP results is provided in the accompanying financial tables.
For the six months ended September 30, 2007, THQ reported net sales of $333.8 million, compared with $379.0 million in the corresponding prior-year period. The company reported a GAAP net loss of $16.3 million, or $0.24 per share, which includes $0.11 per share of stock-based compensation expense. On a non-GAAP basis, excluding stock-based compensation expense, the company reported a fiscal 2008 first half net loss of $8.4 million, or $0.13 per share. For the prior year period, THQ reported a GAAP net loss of $0.5 million or $0.01 per share, which included stock-based compensation expense of $0.10 per share. On a non-GAAP basis, excluding stock-based compensation expense, net income for the prior-year period was $5.9 million, or $0.09 per diluted share. A reconciliation of non-GAAP to GAAP results is provided in the accompanying financial tables.
"While we are disappointed with our recently revised fiscal 2008 financial guidance, we expect a solid second half to drive THQ’s 13th consecutive year of revenue growth," said Brian Farrell, THQ president and CEO."Our proven holiday line-up features WWE SmackDown vs. Raw 2008, scheduled to release on twice as many platforms as last year. We have already shipped Cars 2: Mater-National, a sequel to last year’s top-selling family title, as well as games based on Nickelodeon’s popular Avatar, Nicktoons and SpongeBob characters We are well positioned to increase sales and profitability in fiscal 2009, with a solid product slate, including Disney/Pixar’s Wall-E, Red Faction 3, Saints Row 2 and our first games based on the UFC."
