NEWS - Wednesday, May 4, 2005
THQ Reports Record Earnings
THQ Reports Record Earnings May 4, 2005 - THQ today reported record yearly earnings and equally impressive fourth-quarter numbers, driven largely by the success of MX vs. ATV Unleashed and The Punisher. For the full year ended March 31, 2005, THQ reports record net sales of $756.7 million, an 18 percent climb from $640.8 million a year ago. The company reports yearly net income of $62.8 million, an impressive jump from last year’s $35.8 million. Looking at fourth quarter numbers is just as encouraging: the company reports net sales of $171.9 million, 40 percent above $123.1 million for the same period last year. Q4 net income jumped a dramatic 86 percent to $10.1 million, compared with $5.4 million last year. "THQ’s record growth in fiscal 2005 demonstrated our success in increasing sales of games based on our three core brands, Disney/Pixar, Nickelodeon and World Wrestling Entertainment, and also delivering strong performance from internally developed titles targeted to avid gamers, such as MX vs. ATV Unleashed, The Punisher and Warhammer 40,000: Dawn of War," said president and CEO Brian Farrell. The company is optimistic about the coming year, for which it predicts net sales of about $750 million -- a number supported by returning franchises and THQ’s entry into the next console generation. "Our biggest franchises from our record-breaking year return in fiscal 2006: WWE SmackDown!, SpongeBob SquarePants, The Incredibles, Full Spectrum Warrior, Tak and Warhammer 40,000: Dawn of War," said Farrell. "In addition, consistent with our goal of increasing share against the core gamer, we plan to launch a select number of exciting new original properties including Destroy All Humans!, Juiced and two new original franchises for Microsoft’s next-generation Xbox platform. We also expect to benefit from extending our brands onto the new handheld platforms and doubling our wireless revenues as we roll out Star Wars and other compelling content."Source: http://www.ign.com
