THQ Profits Rise; New COO Announced

Officials from THQ have released second quarter financial results for the company that exceed previous estimates. For the three months ended September 2003 the company’s revenue increased 30% to $127 million from $97 million at the same time last year. Excluding a tax settlement of $2.5 million the company’s net income was $1.1 million, or $0.03 per diluted share. This compares to $4.8 million, or $0.12 per diluted share for the same period a year earlier. Despite this drop the net income figure is still well above previous estimates of just $370,000 for the period this year. At the same time the company announced several high level staff changes, with CFO Fred Gysi announcing that he would step down once a replacement has been found. Meanwhile, former film industry executive Eric Doctorow has been named as the company’s new COO and Tim Walsh will become president of mobile phone division, THQ Wireless.