AGOURA HILLS, Calif., Dec 07, 2011 (BUSINESS WIRE) --
Inc. (NASDAQ: THQI) today updated its outlook for its fiscal 2012
third quarter, which ends December 31, 2011.
Primarily due to weaker-than-expected initial sales of its uDraw
GameTablet(R) for Xbox 360(R) and PlayStation(R) 3, the Company now expects to
report net sales for the third quarter of approximately 25 percent below
its previously announced guidance of $510 million to $550 million.
"Despite uDraw's strong success on the Wii in fiscal 2011 and market
research indicating strong demand for uDraw on Xbox 360 and PlayStation
3, initial sales of our uDraw tablet and software on these
high-definition platforms have been weaker than expected," said Brian
Farrell, THQ President and Chief Executive Officer. "WWE '12(R) and Saints
Row(R): The ThirdTM are expected to perform at or better than
the levels we discussed on our fiscal 2012 second quarter earnings call.
As we continue to move through the third quarter, we are focused on
driving sales of our key holiday titles and maximizing profitability."
The Company expects to announce fiscal 2012 third quarter results in
early February 2012, and to provide an update to its fiscal 2012 fourth
quarter and full year guidance at that time.
Inc. (NASDAQ: THQI) is a leading worldwide developer and publisher
of interactive entertainment software. The company develops its products
for all popular game systems, personal computers, wireless devices, and
the Internet. Headquartered in Los Angeles County, California, THQ sells
product through its global network of offices located throughout North
America, Europe, and Asia Pacific. More information about THQ and its
products may be found at http://www.thq.com/.
THQ, Saints Row, Saints Row: The Third, uDraw, UDraw GameTablet and
their respective logos are trademarks and/or registered trademarks of
Microsoft, Xbox, Xbox 360, Xbox LIVE, the Xbox logos, and the Xbox LIVE
Arcade logo are either registered trademarks or trademarks of Microsoft
Corporation in the U.S. and/or other countries.
"PlayStation" is a registered trademark of Sony Computer Entertainment
Wii, Nintendo DS and Nintendo DSi are trademarks of Nintendo.
All other trademarks are property of their respective owners.
THQ Inc. Caution Concerning Forward-Looking Statements
This press release contains statements that are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are based on
current expectations, estimates and projections about the business of
THQ Inc. and its subsidiaries (collectively referred to as "THQ"),
including, but not limited to, expectations of video game console and
software performance and growth, financial guidance, estimated release
dates, and the potential for online gaming. These statements are based
upon management's current beliefs and certain assumptions made by
management. Such forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially from
those expressed or implied by such forward-looking statements,
including, but not limited to, business, competitive, economic, legal,
political, and technological factors affecting our industry, operations,
markets, products, or pricing. Readers should carefully review the risk
factors and the information that could materially affect THQ's financial
results, described in other documents that THQ files from time to time
with the Securities and Exchange Commission, including its Annual Report
on Form 10-K for the fiscal period ended March 31, 2011 and subsequent
Quarterly Reports on Form 10-Q, and particularly the discussion of
trends and risk factors set forth therein. Unless otherwise required by
law, THQ disclaims any obligation to update its view on any such risks
or uncertainties or to revise or publicly release the results of any
revision to these forward-looking statements. Readers are cautioned not
to place undue reliance on these forward-looking statements, which speak
only as of the date of this press release.
SOURCE: THQ Inc.
THQ Investor Relations
Lisa Mueller, 818-871-5125
THQ Media Relations
Angela Emery, 818-871-8650