THQ reports fiscal results
THQ Inc. announced
today its fiscal results for the fourth quarter of 2002. The company recorded
net revenues (total earnings) of $217.8 million, an increase of 11% over last
year. However, THQ’s net income (total profits) was $3.1 million, a decrease of
89% from last year.
Red Faction II and Summoner 2 were two main reasons for the company’s lack of profit, despite positive reviews for both games. For the entire year of 2002, THQ posted profits of $13.0 million, which is down from $36 million from last year.
"Although we achieved record revenues in the 2002 fourth quarter, our results were tempered by lower-than-expected sales of Red Faction 2 and our GameCube portfolio, and a cautious retail environment," said THQ's President and CEO Brian Farrell.