THQ Sales Up (Losses, Too!)THQ has announced its first quarter results for the financial year ending March 31, 2009. And those results are? Net sales were up to US$137.6 million compared to last year's $104.5 million and driven by the WALL-E game, Big Beach Sports and THQ's wrestling titles. The company, however, did report a net loss of $27 million. Says THQ president and CEO Brian Farrell (pictured):
We continued to make progress against our key initiatives during the first quarter. We are beginning to roll out a strong slate of games for the year, including a balance of both owned intellectual properties and major licenses. We are making important improvements in our creative development organization, which we believe will increase our product quality and competitiveness. During the quarter, we also took steps to re-align our cost structure and we remain on track to generate improved operating leverage. We are focused on generating growth at both the top and bottom line, and delivering improved value for our shareholders... We have a robust product slate of key titles scheduled to launch in each of the next several quarters, starting with de Blob in September; Saints Row 2 and WWE SmackDown vs. Raw 2009 in the holiday quarter; Red Faction Guerrilla, Darksiders: Wrath of War and WWE Legends of Wrestlemania in our fiscal fourth quarter; and UFC 2009 Undisputed in the first quarter of fiscal 2010.
Aw yes, thrilling stuff. Financial report talk. So financially, so reporty.