AGOURA HILLS, Calif.--(BUSINESS WIRE)--May. 15, 2012-- THQ Inc. (NASDAQ: THQI) today reported financial results for the fourth quarter and fiscal year ended March 31, 2012.

Financial Highlights

Q4 Non-GAAP net sales were $170.7 million, at the high end of revised guidance of $160 - $170 million.

Q4 Non-GAAP earnings (loss) per share was ($0.12), consistent with revised guidance of ($0.10) – ($0.20).

The company ended the quarter with $76.0 million in cash and equivalents. The company had no outstanding borrowings on its $50.0 million credit facility, and did not borrow against the facility during the quarter. With its focused product plan, leaner cost structure, cash balance, and existing credit facility, THQ believes it has adequate resources to execute on its plan and deliver its strong multi-year pipeline of games.
A reconciliation of GAAP to non-GAAP results is provided in the accompanying financial tables, and a supplemental consolidated reconciliation can be found at http://investor.thq.com.

“We exceeded our initial fourth quarter guidance for net sales, earnings and cash position, driven by high quality core games with a significant digital component, which is the blueprint for our future,” said THQ President and CEO Brian Farrell. “We have made significant changes to our business, and are on track to execute our strategy of delivering quality connected core gaming experiences, beginning with the sequel to the award-winning Darksiders in August.”

FISCAL 2012 HIGHLIGHTS AND RECENT DEVELOPMENTS

Product Highlights

With more than 11 million units shipped globally, Saints Row® is firmly established as THQ’s most successful owned-IP franchise.

To date THQ has shipped more than 4.25 million units of Saints Row®: The Third™, which achieved an average Metacritic score of 83. The game has generated the highest digital revenue of any console title in the company’s history.

The company announced a standalone franchise extension, Saints Row®: The Third™– Enter The Dominatrix™. Scheduled for release in September 2012, the new story builds upon Saints Row’s signature over-the-top action by dropping the leader of the Saints in a diabolical virtual reality, and includes the most-requested gameplay features from the Saints Row community.

The company announced development of a sequel to its highly-acclaimed PC strategy game, Company of Heroes®. The original is currently the highest-rated strategy title of all time (with five or more reviews), according to Gamerankings.com, and achieved an average Metacritic score of 93. The sequel takes the game’s action from the Western front of WWII to the frozen frontlines of war in Russia. With a strong post-launch digital content plan, Company of Heroes® 2 is scheduled for release in early calendar 2013.
THQ’s digital revenues for the fourth quarter of 2012 were $18 million, 44 percent higher than the year-ago quarter. Digital revenues for the four quarters of the 2012 fiscal year were $59 million, 62 percent higher than the 2011 fiscal year.

WWE® ‘12 has shipped more than 2.2 million units since its launch in November 2011. The successful rebranding of this annual franchise has led to higher sell-through to date, which is up approximately 20 percent on like-for-like platforms in North America versus the year-ago title.

The latest installment of the UFC franchise, UFC® Undisputed® 3, received highly-favorable critical reviews at launch, achieving an average Metacritic score of 86. To date, THQ has shipped 1.4 million units of the title since its mid-February 2012 launch.