THQ's Fiscal 2012 First Quarter Results are now available, which consumes quite a bit of red ink, saying: "For the fiscal first quarter ended June 30, 2011, THQ reported net sales of $195.2 million, compared with $149.4 million in the prior-year period. On a non-GAAP basis, for the three months ended June 30, 2011, the company reported net sales of $141.2 million, compared with $160.3 million a year ago," and: "For the three months ended June 30, 2011, the company reported a net loss of $38.4 million, or $0.56 per diluted share, compared with a net loss of $30.1 million, or $0.44 per diluted share, in the prior-year period. On a non-GAAP basis, for the three months ended June 30, 2011, the company reported a net loss of $64.4 million, or $0.94 per diluted share, compared with a non-GAAP net loss of $14.4 million, or $0.21 per diluted share, in the prior-year period."
The report in part blames disappointing sales of Red Faction: Armageddon for this state of affairs, and Shacknews (thanks nin) quotes THQ CEO Brian Farrell from the post-earnings conference call saying this was a "niche" game and suggesting the Red Faction franchise may have ground to a halt: "I do not believe we went far enough in cutting our portfolio... Only titles we think will be profitable, like Saint's Row: The Third, will be supported in the future." Here's what the company's financial report says about this:
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