THQ Reports Fiscal 2008 Third Quarter Results
THQ announced financial results for the third quarter of fiscal 2008 this week, consistent with the company's recently announced revised financial guidance. The company also reaffirmed its financial outlook for the fourth quarter of fiscal 2008.
For the third quarter of fiscal 2008, THQ reported net sales of $509.6 million, driven primarily by WWE(R) SmackDown(R) vs. Raw(R) 2008, Cars: Mater-National and MX vs. ATV(TM) Untamed, each across multiple game systems. For the same period a year ago, THQ reported net sales of $475.7 million.
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Recent Developments:
-- During the quarter, THQ shipped more than 5 million units of WWE SmackDown vs. Raw 2008, bringing total lifetime WWE franchise net sales to more than $1 billion.
-- During the quarter, total lifetime Nickelodeon franchise net sales surpassed $1 billion, driven by Avatar, Nicktoons and SpongeBob SquarePants.
-- For the nine months ended December 31, 2007, THQ's international net sales increased significantly, to 50% of total global net sales from 40% a year ago, as THQ continued to execute on its international growth strategy.
-- For the quarter and nine months ended December 31, 2007, THQ grew its Nintendo DS(TM) revenue 94% year-over-year, aided by the launch of Drawn to Life(TM), a newly established owned franchise created specifically for the Nintendo DS system.
-- On January 18, 2008, the company acquired Big Huge Games, a veteran development studio focused on the multi-billion dollar Role-Playing-Games market.
-- On January 23, 2008, THQ announced the appointment of two executives to newly-created product development positions to help drive new intellectual property creation.
-- On February 4, 2008, THQ announced the appointment of technology industry veteran Colin Slade as executive vice president and chief financial officer.
Full release available here.
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