THQ Financial details
by Kit

Thursday, May 6 2004

Details for 2004 fiscal year released.

THQ Inc. has released financial figures from its fourth quarter and full 2004 fiscal year, which both ended on March 31, 2004.

In its fourth quarter, the company reported net sales rising to $123.0 million, an 84.0 percent jump—due to “robust” sales of MX Unleashed and its GBA catalog— from last year’s $67.0 million in net sales. Net income was $5.4 million ($0.14 per diluted share), versus a net loss of $7.7 million ($0.20 per share) in the same quarter one year earlier.

THQ had net sales of $641.0 million in its full fiscal year, a record high and a 37.0 percent gain from 2003 FY net sales of $468.0 million. Net income was $35.8 million ($0.92 per diluted share), compared to last year’s net income of $2.5 million ($0.06 per diluted share). Disney/Pixar's Finding Nemo (over five million units shipped), Tak and the Power of Juju (over one million units shipped), the irrepressible SpongeBob SquarePants franchise (over 3.3 million units shipped) and its WWE series (3.6 million units shipped) helped to fuel the year’s results.

For its 2005 fiscal year, ending March 31, 2005, THQ is eying net sales of around $680.0 million and diluted EPS in the range of $1.05 to $1.10. Those figures represent an increase over previously released guidance of $655.0 million in net sales and diluted EPS of $0.94.

In its current first quarter, which ends June 30, 2004, THQ will release Full Spectrum Warrior for Xbox and Sonic Advance 3 for the GBA. Accordingly, the company is calling for first quarter net sales of $85.0 million and a net loss of $0.10 per share.

--- Kit