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THQ Financial Results A Big Success

Boosted by the solid performance of its new WWE games and Game Boy Advance titles, THQ Inc. announced today that its financial results for the second quarter of fiscal 2004 exceeded the company's previous guidance.

For the three months ended September 30, 2003, THQ's revenue increased 30% to $127 million from $97 million for the same period last year. Under U.S. GAAP, net income was $3.6 million, or $0.09 per diluted share, which included other income of $4 million (pre-tax), or $0.06 per diluted share, from an insurance settlement. Excluding the settlement, net income was $1.1 million, or $0.03 per diluted share. The company reported net income of $4.8 million, or $0.12 per diluted share for the same period a year earlier.

For the six months ended September 30, 2003, revenue increased 23% to $225 million from $183 million for the same period a year earlier. Under U.S. GAAP, net income was $32,000, or $0.00 per diluted share, which included other income of $4 million (pre-tax), or $0.06 per diluted share, from an insurance settlement. Excluding the settlement, the net loss was $2.5 million, or $0.07 per diluted share. For the corresponding period the prior-year, net income was $7.1 million, or $0.17 per diluted share, and included a non-cash charge of $2.6 million (net after tax).

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