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Struggling THQ posts better-than-expected quarter, $15.4 million profit

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THQ logo

THQ posts net income of $15.4 million for its first quarter.

THQ busted out its rarely used black pen for the most recent quarter, the first of its fiscal 2013, posting $15.4 million in net income on sales of $133.7 million. That's a big swing into the black for the company, which has posted three consecutive losing quarters.

During the same quarter last year, THQ posted a net loss of $38.4 million on sales of $195.2 million. THQ's slashed its operating income over the past year, cutting it from $92.7 million during the same quarter last year to just $35.4 million this year. The publisher unloaded its UFC license to Electronic Arts earlier this year, dropped Valhalla Game Studios' Devil's Third, and closed facilities, including THQ San Diego and its Arizona-based QA facility.

THQ had no new releases during the first quarter, instead relying on catalog sales, according to THQ CEO Brian Farrell.

"We have made significant progress reshaping the company. With the changes implemented over the last several months, we are in a much better position today to deliver on our pipeline of games, beginning with Darksiders II, which launches next week in North America," said THQ chairman and CEO Brian Farrell.

"We are also pleased to have new management on board at THQ," Farrell continued, "led by President Jason Rubin, who brings tremendous experience to the company and has a proven track record of bringing multi-million unit sellers to market; Jason Kay, a fifteen-year media and entertainment industry veteran, as Chief Strategy Officer; and Ron Moravek, a seasoned creative development executive who has co-founded and led several technology businesses, including one of our most successful studios, Relic Entertainment, as EVP, Production. Jason Rubin and his new team bring an entrepreneurial approach to our game slate as we seek to maximize the value of our intellectual properties and evolve our business in the face of our increasingly digital future."

The company has a handful of releases planned for the rest of its fiscal year ending March 30th, 2013, including Darksiders 2, WWE '13, Company of Heroes 2, Metro: Last Light and South Park: The Stick of Truth.