THQ Post $27.2 Million Loss

THQ announced net sales of $137.6 million and a net loss of $27.2 million for the fiscal first quarter. First quarter sales were driven by Disney/Pixar’s WALL-E and Big Beach Sports for Wii, as well as continued strong sales of WWE SmackDown vs. Raw 2008 and MX vs. ATV Untamed. Despite decent sales, the company still faced a loss for the quarter.

For Q1, THQ reported net sales of $137.6 million, compared with $104.5 million from the same period a year ago. The company reported a net loss of $27.2 million, or $0.41 per share, which included a $0.03 per share gain on discontinued operations from the sale of Minick AG. In the prior year, the company reported a net loss of $9.3 million, or $0.14 per share, which included a $0.10 per share one-time tax benefit.

Looking ahead, THQ expects net sales in the range of $1,150 million to $1,175 million in FY 2009, and net sales in the range of $160 million to $170 million and a net loss per share in the range of $0.35 to $0.39 for Q4.