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THQ Profits Up 144% In Third Quarter

Riding a wave of strong sales of Game Boy Advance titles, THQ reported a 144% increase in profits for fiscal Q3, and raised its earnings guidance for the year.
THQ posted net income of $3.2 million (14 cents per share) compared to $1.3 million (6 cents per share) a year ago, exceeding analysts' predictions. Revenues for the quarter were $68 million, compared to $53.3 million a year ago. The majority of these revenues came from Game Boy Advance and Game Boy Color titles, which accounted for about 51% percent of company sales dollars. THQ Chief Executive Brian Farrell said highlights for the quarter included strong sales of the internally developed PlayStation 2 games MX 2002 featuring Ricky Carmichael and Red Faction. Farrell believes the game industry will see a 20-25% increase in sales in 2002, and believes that his company's revenues will be toward the high end of that range.

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