THQ hits financial home run

Today, THQ president and CEO Brian Farrell said his company's "solid execution" has resulted in record revenues and net income for both the fiscal year and quarter ending March 31, 2004.

Farrell cited the adaptation of the hit Disney/Pixar film Finding Nemo (which sold 5 million units over the past year), sales of games from its SpongeBob SquarePants franchise (which topped sales of 3.3 million units worldwide), and the million-seller Tak and the Power of Juju as key products in its lineup.

The company also noted strong sales of its original IP, MX Unleashed, what it called "robust sales" of Game Boy Advance titles, and continued strong sales from its back catalog games.

For THQ's fiscal year, April 2003 to March 2004, net sales jumped 37 percent to a record tally of $641 million--compared to $468 million for the previous year. For the company's fiscal fourth quarter, net sales increased 84 percent to $123 million.

THQ's good news came just after trading ended for the day, which saw its stock off just six cents to $18.38, a fall of 0.33 percent. However, the company's share price shot up $1.82 in after-hours trading, a rise of 9.90 percent.

Looking ahead, Farrell said he expects the company to outperform previously targeted sales figures. In the current quarter, Farrell said Full Spectrum Warrior for Xbox and Sonic Advance 3 for the Game Boy Advance would drive significant revenues. For the current fiscal year (April 2004 to March 2005), he said revenues would be driven by sales of WWE Smackdown! games as well as three movie tie-ins due to retailers in the next 12 months: The Incredibles, The SpongeBob SquarePants Movie, and The Polar Express.

For a more in-depth look at THQ's upcoming release schedule, check out the publisher's upcoming E3 showcase.