THQ Looks Forward To A Happy New (Fiscal) Year News

THQ has today released its financial results for the second quarter of fiscal year 2008, which ended on September 30th. Posting figures inline with last week's reduced forecasts, the publisher reiterated its hopes for the 2009 fiscal year, which begins on April 1st 2008, with titles including Saints Row 2 on Xbox 360 and PS3, and Red Faction 3. THQ will also begin their support for Xbox Live Arcade with a series of titles including Spongebob Squarepants: Underwater Slam!.

Second quarter net sales stood at $229.3 million (£110.0 million), down from $240.2 million (£115.2 million) during the same period last year, with net income decreasing from $11.6 million (£5.6 million) to a net loss of $7.0 million (£3.4 million). Forecasts for the third and fourth periods are expected to top $490 million (£235.0 million) and $240 million (£45.1 million) respectively, with full year results of $1.06 billion (£508.2 million).

"While we are disappointed with our recently revised fiscal 2008 financial guidance, we expect a solid second half to drive THQ's 13th consecutive year of revenue growth," said Brian Farrell, THQ president and CEO.

"Our proven holiday line-up features WWE SmackDown vs. Raw 2008, scheduled to release on twice as many platforms as last year. We have already shipped Cars 2: Mater-National, a sequel to last year's top-selling family title, as well as games based on Nickelodeon's popular Avatar, Nicktoons and SpongeBob characters."

Farrell continued, "We are well positioned to increase sales and profitability in fiscal 2009, with a solid product slate, including Disney/Pixar's Wall-E, Red Faction 3, Saints Row 2 and our first games based on the UFC."