THQ posts 4Q loss as it cuts product lines
Video game publisher THQ Inc. posted a loss for its fiscal fourth quarter on Tuesday as the company moved through its restructuring efforts.
The company, based in Agoura Hills, Calif., has significantly changed its business to focus on its core gaming business that includes its popular wrestling and action-adventure video games such as "WWE" and "Darksiders."
As part of that, it recently exited its traditional kids' licensed game business, trimmed its product line and streamlined operations. The process, however, won't be fully complete until its 2013 fiscal year.
THQ posted a loss of $53.2 million, or 78 cents per share, for the quarter. That's compared with a loss of $44.1 million, or 65 cents per share, in the same quarter last year.
After adjusting for business realignment, severance costs and other special items, the company lost 12 cents per share versus a profit of 15 cents per share last year.
Its total revenue grew to $184.2 million from $124.2 million. After adjusting for deferred revenue from games with online components, its sales fell to $170.7 million for the period from $248.6 million.
Analysts polled by FactSet had, on average, anticipated the company would post a loss of 19 cents per share on revenue of $161.2 million.
THQ posted a loss of $239.9 million, or $3.51 per share, for the full year. That's compared with a loss of $136.1 million, or $2 per share, last year. It posted a loss of $1.39 per share versus a loss of 24 cents per share on an adjusted basis.
The company's stock price rose 1 cent to close the day at 68 cents. Its shares rose 1 cent in after-hours trading following the report to 69 cents.