THQ reported their financial results for the fiscal year and fourth quarter yesterday evening. The fiscal year, ending on March 31, proved to be a tough one as the company reported a net loss of $35.3 million despite expectations of turning a profit.
“In fiscal 2008, we did not achieve our revenue and profit targets and we are taking aggressive steps to ensure that we significantly improve execution in fiscal 2009 and beyond,” said Brian Farrell, THQ president and CEO.
“Going forward, we are focused on three key initiatives. We are rolling out a stronger slate of products. We have put in place and are executing against initiatives to improve our product quality and competitiveness. We are also realigning our cost structure to generate significant operating leverage in fiscal 2009. We believe these initiatives will restore profitable growth and improve value for shareholders.”
Looking forward to 2009, Farrell believes they can turn the situation around with their upcoming lineup that features a mix of new IP and established licensed franchises like the WWE Smackdown vs. Raw series.
“We believe our stronger fiscal 2009 product line-up is positioned to take advantage of the expanding demographic on the growing installed base of new gaming systems,” said Farrell. “Our line-up is anchored by Saints Row 2 and Red Faction Guerrilla, sequels to two of our most successful original franchises. We have a strong slate of new original titles developed specifically for the Nintendo Wii platform. We are introducing two new promising original brands, de Blob and Darksiders. And, we plan to launch new games based on our proven annual franchises: WWE SmackDown vs. Raw 2009, Disney/Pixar’s Wall-E and a portfolio of Nickelodeon titles.”
Farrell continued, “As part of our strategy of managing some of the biggest brands in entertainment in the video game category, we are thrilled with our new relationship with DreamWorks Animation. DreamWorks Animation is one of the most proven brands in entertainment based on their exceptional creative talent and box office success. We’re also excited about launching our first games based on the Ultimate Fighting Championship in spring of next year in conjunction with a prime UFC event. And importantly, the new WWE Legends of Wrestlemania game next March is a great addition to our portfolio.”
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