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THQ narrows 3Q loss as it lowers costs

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The Associated Press 5:31 PM Wednesday, November 4, 2009

AGOURA HILLS, Calif. — Video game maker THQ Inc. said it lost less in the third quarter than it did a year earlier even as sales fell because it lowered its operating costs, sending its shares higher in aftermarket trading.

THQ makes games such as WWE SmackDown vs. Raw 2010, SpongeBob Truth or Square, and All Star Cheer Squad for the Microsoft XBox, Nintendo Wii and Sony Playstation.

The company, based in Agoura Hills, lost $5.6 million, or 8 cents per share, in the quarter that ended Sept. 30. That compares to a loss of $115.3 million, or $1.73 per share, a year earlier.

THQ said that excluding certain one-time charges, it lost 37 cents per share, beating a consensus prediction of analysts polled by Thomson Reuters for a 48 cent per share loss.

Revenue fell 39 percent to $101.3 million from $164.8 million. Analysts had expected $92.2 million.

THQ shares rose 48 cents, or 10 percent, to $5.50 in after-hours trading after closing Wednesday at $5.02, up 2 cents from a day earlier.

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November 04, 2009 10:29 PM EST

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