THQ tops profit expectations
The Calabasas, CA based 3rd party THQ, announced today that they have exceeded all profit expectation with incredible earning increases for this year. With a 144% gain in third-quarter profits, the company rose from a previous $1.3 million earning profit to $3.2 million.
Revenue for the quarter also increased from $53.3 million to $68 million and total revenue for the year jumped 17% to $182,609,000 from $156,090,000 for the same period last year. Net income increased 195% for the nine-month period ending September 30, 2001, from $2,549,000 million to $7,528,000 million.
"Our third-quarter performance exceeded our expectations," said Brian Farrell, president and chief executive officer of THQ. "Highlights for the quarter included continued strong sales of our internally developed PlayStation 2 games, MX 2002 featuring Ricky Carmichael and Red Faction, both of which contributed significantly to these outstanding results. We are pleased with the success of the PC version of Red Faction, a top-10 title since its release according to NPD's TRST data. We reinforced our leadership position in the hand-held market with the release during the third quarter of ten new titles for Game Boy Advance."
Farrell continued: "This is shaping up to be a great holiday season. We are particularly enthusiastic about the upcoming release of WWF SmackDown! Just Bring It (PlayStation 2), WWF Raw (Xbox), Disney/Pixar's Monsters, Inc. (Game Boy Advance), and a number of new Nickelodeon titles. Looking into next year, we expect to see an acceleration of the hardware adoption rate on the new platforms. We expect our recently announced agreements with Sega and Britney Spears to provide even more momentum going into what we believe will be a period of significant growth for our industry."
10/19/2001 Matt Stensrud