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THQ losses widen despite an overall sales increase

Adding to its various financial troubles over the last few months, publisher THQ slipped into the red during its fiscal fourth quarter, even as its sales exceeded overall expectations.
Adding to its various financial troubles over the last few months, publisher THQ saw its losses widen during its 2012 fiscal year, despite an overall increase in revenue. For the 12 months ended March 31, THQ saw revenues of $835.9 million on a non-GAAP basis, up from $802.3 million, while losses increased to $95.2 million compared to $16 million year over year. Alongside these figures, THQ reported quarterly sales of $170.7 million on a non-GAAP basis, beating average analyst expectations of $157.4 million. While sales represented a decline from the $248.6 million earned this time last year, this figure also falls at the high end of THQ's own projections of $160-170 million. In addition, THQ reported a quarterly loss of $8 million on non-GAAP basis, down from a profit of $10.5 million year over year. The company noted that a large portion of its quarterly and yearly losses came from its recent decision to restructure its business and discontinue its numerous children's products, including the ill-fated uDraw tablet. Its more traditional games, however, proved to be the most significant contributor to the company's revenue. Volition's Saints Row: The Third, in particular, performed very well, and lifetime shipments of the title now exceed 4.25 million units. The company also saw its digital revenues increase to $18 million for the quarter, up 44 percent year over year. The company hopes to further that digital growth in the upcoming fiscal year with titles such as Company of Heroes 2, Darksiders II, and the upcoming Saints Row: The Third add-on, Enter the Dominatrix.

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