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CoH2, Metro Last Light, and South Park Game Delayed

THQ's Fiscal 2013 Second Quarter Results are online, offering the company's latest balance sheet, and the results are not pretty, showing nearly $21 million in losses, though this not as bad as previously projected. This also reveals some game delays: "THQ announced today that South Park™: The Stick of Truth™ is now planned for launch worldwide in early fiscal 2014. South Park: The Stick of Truth had previously been slated for release on March 5, 2013. Additional changes to fiscal 2013 release dates include those for Company of Heroes® 2 and Metro: Last Light, both of which are expected to ship in March, later than initially planned." This is accompanied by quotes from company president Jason Rubin, who says the delays are part of the company's commitment to quality. There's an article with analysis of these results on Gamasutra, where they ask if this is the beginning of the end for THQ?

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41. Re: CoH2, Metro Last Light, and South Park Game Delayed Nov 6, 2012, 15:12 Parallax Abstraction
Jerykk wrote on Nov 6, 2012, 12:29:
In this case, a 47% crash is only $1.40, so it's not quite as dramatic as the percentage would suggest. Still, I'd be surprised if THQ survives into 2014.

They've also dropped to under the market cap required to continue being listed on the NASDAQ. They already did a 10:1 reverse stock split in order to maintain compliance once and they can't do it again. Unless they either sell the company or something happens to cause a rally, they'll end up facing delisting again. I really don't know how they can recover from this. They're basically now trying to shepherd their current titles to completion with what they have left on their line of credit (which is something like $60M I think) and $36M in cash. This is to finish development, market them (which usually costs at least as much as development), plus they have to figure out how to make titles for next-gen where budgets will go up even more.

Apparently WWE 13 is selling well though (and it came out too late in the quarter to reflect in these earnings) and their versions of Wheel of Fortune and Jeopardy usually do well with casuals, plus many seem to think SR3 Full Package will sell well and that's going to be a much higher margin item for them. I dunno though, I don't see how that carries them well into next year though.

This comment was edited on Nov 6, 2012, 15:22.
Parallax Abstraction
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