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THQ Blames Red Faction: Armageddon for Losses

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:

"We are disappointed in our first quarter financial performance. Sales of Red Faction: Armageddon and our licensed kids titles were below our expectations, and the late release of UFC Personal Trainer also adversely impacted the quarter," said Brian Farrell, THQ President and Chief Executive Officer. "Despite a light first half, we are looking forward to a strong and profitable second half, including what we expect to be the biggest third quarter, both in revenue and earnings per share, in our company's history, with proven franchises Saints Row, WWE and the uDraw GameTablet, all launching in November."

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