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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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43. Re: CoH2, Metro Last Light, and South Park Game Delayed Nov 7, 2012, 04:25 Jerykk
 
I doubt Activision would buy them out. They are the most risk-averse publisher out there and are really only focused on pumping out Call of Duty sequels and licensed games.

EA is a much more likely candidate, though I think 2K might throw their hat into the ring as well. If Relic does get bought by EA, it could be interesting to see how they handle a C&C game.
 
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42. Re: CoH2, Metro Last Light, and South Park Game Delayed Nov 6, 2012, 18:22 theyarecomingforyou
 
I assume EA and Activision-Blizzard are the most likely publishers to buy them out, with Valve an outside possibility.

THQ is a disaster of a company and it would be nice to see their IP end up in the hands of a credible publisher.
 
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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.
 
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40. Re: CoH2, Metro Last Light, and South Park Game Delayed Nov 6, 2012, 14:24 ASeven
 
And the dreaded 50% mark has just been hit. One day, half the company's value gone.  
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39. Re: CoH2, Metro Last Light, and South Park Game Delayed Nov 6, 2012, 12:44 ASeven
 
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.

Well, THQ is currently worth about $11 million, which is a third of the budget of one of their games, give or take a few.

This is bad.
 
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38. Re: CoH2, Metro Last Light, and South Park Game Delayed Nov 6, 2012, 12:29 Jerykk
 
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.  
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37. Re: CoH2, Metro Last Light, and South Park Game Delayed Nov 6, 2012, 12:05 ASeven
 
47% crash. Good grief, investors are jumping ship and from what I'm reading and hearing, some of the higher management at THQ too.  
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36. Re: CoH2, Metro Last Light, and South Park Game Delayed Nov 6, 2012, 11:45 nin
 
ASeven wrote on Nov 6, 2012, 11:39:
THQ stocks crashing 45% right now.

Game over, man. Game over.


Ugh...

 
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35. Re: CoH2, Metro Last Light, and South Park Game Delayed Nov 6, 2012, 11:39 ASeven
 
THQ stocks crashing 45% right now.

Game over, man. Game over.
 
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34. Re: CoH2, Metro Last Light, and South Park Game Delayed Nov 6, 2012, 11:36 killer_roach
 
Parallax Abstraction wrote on Nov 6, 2012, 09:20:
ASeven wrote on Nov 6, 2012, 08:39:
Apparently the CEO wants to put THQ for sale.

I remember hearing a while back (maybe on the Giant Bombcast) that THQ's been quietly up for sale for a long time now but no one's interested in the company (and their debt), just the IPs and maybe a couple of the studios. At the rate things are going, those parties can just wait until they're bankrupt and get them for practically nothing. Some people on the SaveTHQ.com forums are also speculating that they'll get scooped up by a private equity firm which likely means the games in development will come out, they'll take most of those profits and then cut the company up and sell it off.

Bullseye. THQ's satellite studios are likely worth much more separately than THQ as a whole is, and the debt is the reason why. A private equity buyout followed by a bankruptcy proceeding and dismantling seems the most likely course of action.

EDIT: With the stock drop today, THQ's market cap is less than the budget for most AAA games. Let THAT sink in.
 
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33. Re: CoH2, Metro Last Light, and South Park Game Delayed Nov 6, 2012, 11:33 ASeven
 
Parallax Abstraction wrote on Nov 6, 2012, 09:20:
ASeven wrote on Nov 6, 2012, 08:39:
Apparently the CEO wants to put THQ for sale.

I remember hearing a while back (maybe on the Giant Bombcast) that THQ's been quietly up for sale for a long time now but no one's interested in the company (and their debt), just the IPs and maybe a couple of the studios. At the rate things are going, those parties can just wait until they're bankrupt and get them for practically nothing. Some people on the SaveTHQ.com forums are also speculating that they'll get scooped up by a private equity firm which likely means the games in development will come out, they'll take most of those profits and then cut the company up and sell it off.

The conference call was very eye-opening. Not only what wasn't said (refusal to answer analyst questions) more important than what was said, he left a very strong hint that he would put THQ for sale in a more public way.

The selling to a private equity firm is also a very strong possibility indeed. Either way I fear that THQ won't last more than a year, it's in its final death gasps. The conference call yesterday was unfortunately one I heard too many times, a call of a company that is about to die and the CEO knows it. I think it will take more than a miracle to save THQ now.

BTW, THQ stocks are crashing almost 50% today. 50%. It's over.
 
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32. Re: CoH2, Metro Last Light, and South Park Game Delayed Nov 6, 2012, 09:30 Wildone
 
TIME TO LAY OFF ANOTHER SATELLITE STUDIO! LMAO LMAO  
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31. Re: CoH2, Metro Last Light, and South Park Game Delayed Nov 6, 2012, 09:20 Parallax Abstraction
 
ASeven wrote on Nov 6, 2012, 08:39:
Apparently the CEO wants to put THQ for sale.

I remember hearing a while back (maybe on the Giant Bombcast) that THQ's been quietly up for sale for a long time now but no one's interested in the company (and their debt), just the IPs and maybe a couple of the studios. At the rate things are going, those parties can just wait until they're bankrupt and get them for practically nothing. Some people on the SaveTHQ.com forums are also speculating that they'll get scooped up by a private equity firm which likely means the games in development will come out, they'll take most of those profits and then cut the company up and sell it off.
 
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30. Re: CoH2, Metro Last Light, and South Park Game Delayed Nov 6, 2012, 08:45 dj LiTh
 
Valve should buy them out for a nice healthy dose of someone elses IP  
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29. Re: CoH2, Metro Last Light, and South Park Game Delayed Nov 6, 2012, 08:45 nin
 
zombiefan wrote on Nov 6, 2012, 06:32:
Coming up next, yet ANOTHER Saint's Row The Third sale!!!

Crash and burn, you motherfuckers (THQ).


I think that's out this week, actually.
 
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28. Re: CoH2, Metro Last Light, and South Park Game Delayed Nov 6, 2012, 08:44 SpectralMeat
 
Prez wrote on Nov 6, 2012, 08:27:
Kajetan wrote on Nov 6, 2012, 02:33:

Yeah, but you just love that company ... they DESERVE to go under. Fast!

I can forgive a whole hell of a lot when the games they put out over the years have been as excellent as many of the ones THQ has over the years. I have more great games of theirs in my library than from any other single publisher.
Your take on the Iron Lore closure is completely different from the ones I read, so I can't place blame like you are doing for a contention I don't share. I can think of several gaming companies just off the top of my head that "deserve to go under FAST" (as you put it) a whole lot more than THQ. The only problem I had is that the creative director blamed the game's failure on piracy, when that just doesn't jive. Unlike EA, THQ has still done more good than bad overall, so yeah I still think highly of them. Difference of opinion and all that.
Agreed
 
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27. Re: CoH2, Metro Last Light, and South Park Game Delayed Nov 6, 2012, 08:39 ASeven
 
Apparently the CEO wants to put THQ for sale.  
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26. Re: CoH2, Metro Last Light, and South Park Game Delayed Nov 6, 2012, 08:30 Verno
 
Just please don't let EA buy them  
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25. Re: CoH2, Metro Last Light, and South Park Game Delayed Nov 6, 2012, 08:27 Prez
 
Kajetan wrote on Nov 6, 2012, 02:33:
Prez wrote on Nov 5, 2012, 21:00:
I have always loved THQ.
You love a company? A company which has ripped off a talented studio like Iron Lore and lied about the reason for their closure? A company which made a small fortune from selling Titan Quest online as a budget title, giving its former studio employees not one single dime?

Yeah, but you just love that company ... they DESERVE to go under. Fast!

I can forgive a whole hell of a lot when the games they put out over the years have been as excellent as many of the ones THQ has over the years. I have more great games of theirs in my library than from any other single publisher.
Your take on the Iron Lore closure is completely different from the ones I read, so I can't place blame like you are doing for a contention I don't share. I can think of several gaming companies just off the top of my head that "deserve to go under FAST" (as you put it) a whole lot more than THQ. The only problem I had is that the creative director blamed the game's failure on piracy, when that just doesn't jive. Unlike EA, THQ has still done more good than bad overall, so yeah I still think highly of them. Difference of opinion and all that.
 
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24. Re: CoH2, Metro Last Light, and South Park Game Delayed Nov 6, 2012, 08:11 Whiskers
 
I enjoyed Space Marine as well. I'd still like to see a Dawn of War 3, but hopefully it will be more like DoW 1 and not DoW 2  
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43 Replies. 3 pages. Viewing page 1.
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