AGOURA HILLS, Calif.--(BUSINESS WIRE)--Aug. 6, 2012--
THQ
Inc. (NASDAQ: THQI) today reported financial results for the first
quarter ended June 30, 2012.
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For the Three Months
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(in millions, except per share data)
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Ended June 30,
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2012
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2011
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Net Sales - GAAP
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$
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133.7
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$
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195.2
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Net Sales - Non-GAAP
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$
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38.5
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$
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141.2
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Net Income (Loss) - GAAP
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$
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15.4
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$
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(38.4
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)
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Net Loss - Non-GAAP
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$
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(23.3
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)
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$
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(64.4
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Diluted Earnings (Loss) Per Share - GAAP
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$
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2.00
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$
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(5.63
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)
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Diluted Loss Per Share - Non-GAAP
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$
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(3.41
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$
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(9.42
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Financial Highlights
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Q1 Non-GAAP net sales were $38.5 million, above guidance of $25 - $30
million.
-
Q1 Non-GAAP net loss per share was ($3.41), better than guidance of
($4.00) – ($4.50). Net loss per share amounts for the current and
prior period were adjusted for the 1-for-10 reverse split of the
company’s common stock effected on July 5, 2012.
-
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 have made significant progress reshaping the company. With the
changes implemented over the last several months, we are in a much
better position today to deliver on our pipeline of games, beginning
with Darksiders® II, which launches next
week in North America,” said THQ Chairman and CEO Brian Farrell. “We are
also pleased to have new management on board at THQ, led by President
Jason Rubin, who brings tremendous experience to the company and has a
proven track record of bringing multi-million unit sellers to market;
Jason Kay, a fifteen-year media and entertainment industry veteran, as
Chief Strategy Officer; and Ron Moravek, a seasoned creative development
executive who has co-founded and led several technology businesses,
including one of our most successful studios, Relic Entertainment, as
EVP, Production. Jason Rubin and his new team bring an entrepreneurial
approach to our game slate as we seek to maximize the value of our
intellectual properties and evolve our business in the face of our
increasingly digital future.”
Fiscal 2013 First Quarter Highlights and Recent Developments
-
THQ announced it would transform development of the standalone
expansion Saints Row®: The Third – Enter
the Dominatrix™ into a full-fledged, full-priced sequel, with far
greater potential to generate stronger results over the long term. The
sequel is currently scheduled for release in calendar year 2013.
-
The company’s digital revenues for the first quarter of fiscal 2013
were $13.4 million, or 35 percent of non-GAAP net sales.
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THQ’s line-up featured at the Electronic Entertainment Expo ("E3")
garnered 29 awards from more than 67 nominations across the portfolio
for upcoming titles such as Darksiders II, Company of Heroes®
2, Metro: Last Light and South Park™:
The Stick of Truth™, which won a
prestigious Game Critics Award “Best of E3” for best RPG.
-
The company transferred its license to develop future video games
based on the Ultimate Fighting Championship® (UFC), which
resulted in a cash payment to THQ by the licensor. THQ will continue
to publish its existing UFC console and mobile titles through March
31, 2013.
Fiscal 2013 Product Slate
THQ has announced the following releases scheduled through its fiscal
2013:
Restructuring and Business Realignment
THQ continued the implementation of its plans to streamline the
organization and cost structure to position the company for sustained
profitability.
-
During the fiscal first quarter, the company recorded approximately
$4.5 million in non-GAAP business realignment expenses, which include
cash costs of approximately $0.7 million related to severance and
other employee-related costs, and non-cash impairment charges of
approximately $4.3 million related to decisions made to cancel or
reconfigure titles.
Investor Conference Call
THQ will host a conference call to discuss fiscal 2013 first quarter
results and fiscal 2013 second quarter and full year guidance today at
2:00 p.m. Pacific/5:00 p.m. Eastern. Please dial (877) 356-8075 domestic
or (706) 902-0203 international, conference ID 12449281, to listen to
the call or visit the THQ Inc. Investor Relations Home page at http://investor.thq.com.
The online archive of the broadcast will be available approximately two
hours after the live call ends. In addition, a telephonic replay of the
conference call will be provided approximately two hours after the live
call ends through August 8, 2012 by dialing (855) 859-2056 domestically,
or (404) 537-3406 internationally, conference ID 12449281.
Non-GAAP Financial Measures
In addition to results determined in accordance with GAAP, the company
discloses certain non-GAAP financial measures that exclude the impact of
the following:
-
stock-based compensation expense,
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certain deferred revenue and related costs,
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business realignment and related expenses,
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capitalized interest, and
-
other significant charges and benefits.
Non-GAAP results also include the impact of any foreign currency
fluctuations on our available-for-sale investment securities, when
classified in equity for GAAP purposes.
For non-GAAP purposes, the company uses a fixed, long-term projected tax
rate of 15% to evaluate its operating performance, as well as to
forecast, plan and analyze future periods.
THQ may consider whether other significant items that arise in the
future should also be excluded in calculating the non-GAAP financial
measures it uses. The company excludes these items from its non-GAAP
financial measures primarily because its management does not believe
they reflect the company's primary business, ongoing operating results
or future outlook. THQ's management believes that the use of non-GAAP
financial measures provides meaningful supplemental information
regarding its financial condition and results of operations, and helps
investors compare actual results to its long-term operating goals as
well as to its performance in prior periods. The non-GAAP financial
measures included in this earnings release have been reconciled to the
comparable GAAP results in the accompanying tables, and should be
considered in addition to results prepared in accordance with GAAP, but
should not be considered a substitute for, or superior to, GAAP results.
In addition to the reasons stated above, which are generally applicable
to each of the items THQ excludes from its non-GAAP financial measures,
the company's management uses certain of the non-GAAP financial measures
for the following reasons:
Stock-Based Compensation. THQ does not consider stock-based
compensation charges when evaluating the performance of its business or
formulating its operating plans. Stock-based compensation charges are
subject to significant fluctuation outside of the control of management
due to the variables used to estimate the fair value of a share-based
payment, such as THQ's stock price, interest rates and the volatility of
the company's stock price. Further, when considering the impact of
equity award grants, THQ places a greater emphasis on the use of such
grants as retention tools for long-term stockholder value creation, as
well as overall stockholder dilution, rather than the accounting charges
associated with such grants.
Deferred Revenue/Costs. The company defers revenue and related
costs from the sale of certain titles that have undelivered elements
upon the sale of the game, such as online services, and recognizes that
revenue upon the delivery of the undelivered elements or over the
estimated service period as applicable. As there is no impact to its
operating cash flow, THQ's management excludes the impact of deferred
net revenue and related costs when evaluating the company's operating
performance, when planning, forecasting and analyzing future periods,
and when assessing the performance of its management team. In addition,
we believe these measures provide a more timely indication of trends in
our business, provide comparability with the way our business is
measured by analysts, and consistency with industry data sources.
Business Realignment and Related Expenses. Although THQ has
incurred business realignment expenses in the past, each charge relates
to a discrete event based on a unique set of business objectives. THQ’s
management does not believe these charges reflect the company's primary
business, ongoing operating results or future outlook. As such, the
company believes it is appropriate to exclude these expenses and related
charges from its non-GAAP financial measures.
Impact of Capitalized Interest. The company capitalizes interest
expense and other financing costs as a component of capitalized software
development. THQ's management considers interest cost to be a financing
cost in the period in which it is incurred, and thus excludes the impact
of the capitalization of interest costs to software development and the
subsequent amortization expense when evaluating the company's operating
performance, when planning, forecasting and analyzing future periods,
and when assessing the performance of its management team.
Other significant charges and benefits. THQ does not consider
certain significant charges and benefits that are related to discrete
events or market conditions to be indicative of ongoing operating
results or future outlook. As a result, the company believes it is
appropriate to exclude expenses and benefits such as legal settlements
or market-related impairments, from its non-GAAP financial measures.
Fiscal Periods
Our fiscal year ends on the Saturday nearest March 31st. For simplicity,
we present all fiscal periods as ending on a calendar month end. Our
fiscal 2013 first quarter ended on June 30, 2012. Our fiscal 2012 first
quarter ended on July 2, 2011.
About THQ
THQ
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, Company of Heroes, Darksiders II, Metro: Last Light, Saints Row,
Saints Row: The Third, Saints Row: The Third – Enter the Dominatrix and
their respective logos are trademarks and/or registered trademarks of
THQ Inc.
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, future financial expectations and
estimated product release dates. 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, 2012, 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.
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THQ Inc. and Subsidiaries
Unaudited Consolidated Statements of Operations
(In thousands, except per share data)
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Three Months Ended June 30,
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2012
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2011
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Net sales
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$
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133,687
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$
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195,153
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Cost of sales:
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Product costs
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38,486
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67,063
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Software amortization and royalties
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37,353
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64,920
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License amortization and royalties
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5,749
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8,139
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Total cost of sales
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81,588
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140,122
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Gross profit
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52,099
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55,031
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Operating expenses:
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Product development
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9,295
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30,189
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Selling and marketing
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14,639
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50,676
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General and administrative
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10,132
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12,049
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Restructuring
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1,389
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(140
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)
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Total operating expenses
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35,455
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92,774
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|
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|
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|
|
|
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|
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Operating income (loss)
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16,644
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(37,743
|
)
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Interest and other income (expense), net
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(753
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)
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443
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Income (loss) before income taxes
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15,891
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(37,300
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)
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Income taxes
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|
506
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1,145
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Net income (loss)
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$
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15,385
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$
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(38,445
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)
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Earnings (loss) per share — basic
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$
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2.25
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$
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(5.63
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)
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Earnings (loss) per share — diluted
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$
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2.00
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|
$
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(5.63
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)
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Shares used in per share calculation — basic
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6,852
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|
6,832
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Shares used in per share calculation — diluted
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|
|
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8,090
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|
|
|
|
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|
|
6,832
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Presentation gives effect to the Reverse Stock Split, which occurred
on July 5, 2012.
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THQ Inc. and Subsidiaries
Reconciliation of GAAP net income (loss) to Non-GAAP net loss (a)
(In thousands, except per share data)
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For the Three Months Ended June 30,
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2012
|
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|
|
|
|
|
2011
|
|
Net sales
|
|
|
|
|
|
|
$
|
133,687
|
|
|
|
|
|
|
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$
|
195,153
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|
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Changes in deferred net revenue
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|
|
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|
(95,162
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)
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(53,914
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)
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Non-GAAP net sales
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$
|
38,525
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$
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141,239
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For the Three Months Ended June 30,
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2012
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|
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2011
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Operating income (loss)
|
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|
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$
|
16,644
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$
|
(37,743
|
)
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|
Non-GAAP adjustments affecting operating income (loss):
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|
|
|
|
|
|
|
|
|
|
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|
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Changes in deferred net revenue
|
|
|
|
|
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|
(95,162
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)
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|
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|
|
|
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(53,914
|
)
|
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Changes in deferred cost of sales
|
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|
47,347
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|
|
|
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9,398
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|
|
Business realignment and related expenses (b)
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|
|
|
|
|
|
4,397
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|
|
|
|
|
|
|
4,691
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|
|
Stock-based compensation
|
|
|
|
|
|
|
615
|
|
|
|
|
|
|
|
1,631
|
|
|
Amortization of capitalized interest (c)
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|
|
|
|
|
|
840
|
|
|
|
|
|
|
|
1,196
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|
|
Total non-GAAP adjustments affecting operating income (loss)
|
|
|
|
|
|
|
(41,963
|
)
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|
|
|
|
|
|
(36,998
|
)
|
|
Non-GAAP operating loss
|
|
|
|
|
|
|
$
|
(25,319
|
)
|
|
|
|
|
|
|
$
|
(74,741
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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For the Three Months Ended June 30,
|
|
|
|
|
|
|
|
|
2012
|
|
|
|
|
|
|
2011
|
|
Net income (loss)
|
|
|
|
|
|
|
$
|
15,385
|
|
|
|
|
|
|
|
$
|
(38,445
|
)
|
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjustments affecting operating loss
|
|
|
|
|
|
|
(41,963
|
)
|
|
|
|
|
|
|
(36,998
|
)
|
|
Capitalized interest expense (c)
|
|
|
|
|
|
|
(1,494
|
)
|
|
|
|
|
|
|
(1,409
|
)
|
|
Business realignment expenses (b)
|
|
|
|
|
|
|
121
|
|
|
|
|
|
|
|
—
|
|
|
Interest and other income (expense), net
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
—
|
|
|
Income tax adjustments (d)
|
|
|
|
|
|
|
4,622
|
|
|
|
|
|
|
|
12,501
|
|
|
Non-GAAP net loss
|
|
|
|
|
|
|
$
|
(23,329
|
)
|
|
|
|
|
|
|
$
|
(64,351
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP loss per share — diluted (e)
|
|
|
|
|
|
|
$
|
(3.41
|
)
|
|
|
|
|
|
|
$
|
(9.42
|
)
|
___________________
Notes:
|
(a)
|
|
See explanation above regarding the company's practice on reporting
non-GAAP financial measures.
|
(b)
|
|
Business realignment and related expenses in the three months ended
June 30, 2012 reflect actions taken through June 30, 2012 and
include: non-cash software development charges of approximately $4.3
million related to decisions made to cancel and reconfigure titles;
a net benefit $2.0 million related to license negotiations; $0.7
million of cash charges for severance and other employee-related
costs; and $1.5 million of charges and changes in estimates related
to contract and lease terminations as well as long-lived asset
write-offs and other adjustments.
|
(c)
|
|
Represents interest expense capitalized to software development and
subsequent amortization.
|
(d)
|
|
For non-GAAP purposes, the company uses a fixed, long-term projected
tax rate of 15% to evaluate its operating performance, as well as to
forecast, plan and analyze future periods.
|
(e)
|
|
Non-GAAP loss per share presentation gives effect to the Reverse
Stock Split, which occurred on July 5, 2012, and has been
calculated using diluted shares before applying the “if-converted”
method relative to the Notes issued in August 2009.
|
|
|
|
|
|
THQ Inc. and Subsidiaries
Unaudited Consolidated Balance Sheets
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2012
|
|
|
|
|
|
|
March 31, 2012
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
$
|
20,937
|
|
|
|
|
|
|
|
$
|
75,977
|
|
|
Accounts receivable, net of allowances
|
|
|
|
|
|
|
4,129
|
|
|
|
|
|
|
|
15,994
|
|
|
Inventory
|
|
|
|
|
|
|
15,370
|
|
|
|
|
|
|
|
18,485
|
|
|
Licenses
|
|
|
|
|
|
|
16,134
|
|
|
|
|
|
|
|
21,927
|
|
|
Software development
|
|
|
|
|
|
|
90,039
|
|
|
|
|
|
|
|
105,220
|
|
|
Deferred income taxes
|
|
|
|
|
|
|
5,675
|
|
|
|
|
|
|
|
5,732
|
|
|
Income taxes receivable
|
|
|
|
|
|
|
1,290
|
|
|
|
|
|
|
|
687
|
|
|
Prepaid expenses and other current assets
|
|
|
|
|
|
|
25,541
|
|
|
|
|
|
|
|
46,011
|
|
|
Total current assets
|
|
|
|
|
|
|
179,115
|
|
|
|
|
|
|
|
290,033
|
|
|
Property and equipment, net
|
|
|
|
|
|
|
22,560
|
|
|
|
|
|
|
|
22,132
|
|
|
Licenses, net of current portion
|
|
|
|
|
|
|
41,576
|
|
|
|
|
|
|
|
42,594
|
|
|
Software development, net of current portion
|
|
|
|
|
|
|
26,793
|
|
|
|
|
|
|
|
25,348
|
|
|
Other long-term assets, net
|
|
|
|
|
|
|
12,771
|
|
|
|
|
|
|
|
12,687
|
|
|
TOTAL ASSETS
|
|
|
|
|
|
|
$
|
282,815
|
|
|
|
|
|
|
|
$
|
392,794
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
|
|
|
$
|
50,061
|
|
|
|
|
|
|
|
$
|
42,905
|
|
|
Accrued and other current liabilities
|
|
|
|
|
|
|
52,724
|
|
|
|
|
|
|
|
83,693
|
|
|
Deferred revenue, net
|
|
|
|
|
|
|
48,725
|
|
|
|
|
|
|
|
144,686
|
|
|
Total current liabilities
|
|
|
|
|
|
|
151,510
|
|
|
|
|
|
|
|
271,284
|
|
|
Other long-term liabilities
|
|
|
|
|
|
|
52,121
|
|
|
|
|
|
|
|
53,837
|
|
|
Convertible senior notes
|
|
|
|
|
|
|
100,000
|
|
|
|
|
|
|
|
100,000
|
|
|
Total liabilities
|
|
|
|
|
|
|
303,631
|
|
|
|
|
|
|
|
425,121
|
|
|
Total stockholders' equity
|
|
|
|
|
|
|
(20,816
|
)
|
|
|
|
|
|
|
(32,327
|
)
|
|
TOTAL LIABILITIES AND EQUITY
|
|
|
|
|
|
|
$
|
282,815
|
|
|
|
|
|
|
|
$
|
392,794
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THQ Inc. and Subsidiaries
Unaudited Supplemental Financial Information
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Platform Revenue Mix
|
|
|
|
|
|
|
June 30, 2012
|
|
|
|
|
|
June 30, 2011
|
|
Consoles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Microsoft Xbox 360
|
|
|
|
|
|
|
$
|
13,980
|
|
|
|
|
|
36.3
|
%
|
|
|
|
|
|
$
|
51,542
|
|
|
|
|
|
|
36.5
|
%
|
|
Sony PlayStation 3
|
|
|
|
|
|
|
9,861
|
|
|
|
|
|
25.6
|
|
|
|
|
|
|
35,782
|
|
|
|
|
|
|
25.3
|
|
|
Nintendo Wii
|
|
|
|
|
|
|
3,196
|
|
|
|
|
|
8.3
|
|
|
|
|
|
|
19,024
|
|
|
|
|
|
|
13.5
|
|
|
Sony PlayStation 2
|
|
|
|
|
|
|
284
|
|
|
|
|
|
0.7
|
|
|
|
|
|
|
1,019
|
|
|
|
|
|
|
0.7
|
|
|
|
|
|
|
|
|
|
27,321
|
|
|
|
|
|
70.9
|
|
|
|
|
|
|
107,367
|
|
|
|
|
|
|
76.0
|
|
|
Handheld
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nintendo Dual Screen
|
|
|
|
|
|
|
3,467
|
|
|
|
|
|
9.0
|
|
|
|
|
|
|
21,284
|
|
|
|
|
|
|
15.1
|
|
|
Sony PlayStation Portable
|
|
|
|
|
|
|
641
|
|
|
|
|
|
1.7
|
|
|
|
|
|
|
2,122
|
|
|
|
|
|
|
1.5
|
|
|
Wireless
|
|
|
|
|
|
|
421
|
|
|
|
|
|
1.1
|
|
|
|
|
|
|
736
|
|
|
|
|
|
|
0.5
|
|
|
|
|
|
|
|
|
|
4,529
|
|
|
|
|
|
11.8
|
|
|
|
|
|
|
24,142
|
|
|
|
|
|
|
17.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PC
|
|
|
|
|
|
|
6,675
|
|
|
|
|
|
17.3
|
|
|
|
|
|
|
9,730
|
|
|
|
|
|
|
6.9
|
|
|
Non-GAAP net sales
|
|
|
|
|
|
|
38,525
|
|
|
|
|
|
100.0
|
%
|
|
|
|
|
|
141,239
|
|
|
|
|
|
|
100.0
|
%
|
|
Changes in deferred net revenue
|
|
|
|
|
|
|
95,162
|
|
|
|
|
|
|
|
|
|
|
|
53,914
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
|
|
|
|
$
|
133,687
|
|
|
|
|
|
|
|
|
|
|
|
$
|
195,153
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Geographic Revenue Mix
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
|
|
|
|
|
|
|
$
|
23,325
|
|
|
|
|
|
60.5
|
%
|
|
|
|
|
|
$
|
87,743
|
|
|
|
|
|
|
62.1
|
%
|
|
Foreign
|
|
|
|
|
|
|
15,200
|
|
|
|
|
|
39.5
|
|
|
|
|
|
|
53,496
|
|
|
|
|
|
|
37.9
|
|
|
Non-GAAP net sales
|
|
|
|
|
|
|
38,525
|
|
|
|
|
|
100.0
|
%
|
|
|
|
|
|
141,239
|
|
|
|
|
|
|
100.0
|
%
|
|
Changes in deferred net revenue
|
|
|
|
|
|
|
95,162
|
|
|
|
|
|
|
|
|
|
|
|
53,914
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
|
|
|
|
$
|
133,687
|
|
|
|
|
|
|
|
|
|
|
|
$
|
195,153
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|

Source: THQ Inc.
THQ Investor Relations Lisa Mueller, 818-871-5125 or THQ
Corporate Communications Angela Emery, 818-871-8650
|