THQ Announces Earnings

In a press conference today, THQ spoke of high earnings and the glory of wrestling.

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THQ Tuesday morning told reporters, investors, and the general public that its WWF Smackdown! PlayStation game is celebrating the number-one sales slot in North America for the first quarter of 2000, according to the NPD Group.

Other games that contributed to THQ's strong first quarter include WWF Wrestlemania for the N64, as well as Rugrats and Toy Story 2 for the Game Boy Color. As of March 31, 2000, the company has no outstanding debt.

Brian Farrell, president and CEO of THQ, spoke about the coming new age of consoles and referred to the transition from the PlayStation and N64 age to the Dolphin, PS2, and X-Box age as "interesting times." He continued, " fully anticipated this transition and exceeded analysts expectations and internal plans for this quarter." He also said that THQ is "encouraged by the strength of the licenses and the quality of the products under development."

Additionally, THQ announced that is has secured minority interest in Yukes, the WWF Smackdown! developer for future wrestling games. The company plans to continue with mass-market titles on the current consoles and intends to focus on higher profile titles for the PS2, X-Box, and future consoles, with less than 20 percent of its business focusing on the N64 by the end of 2000.

THQ has a team of more than 100 individuals dedicated to working on the X-Box, PS2, and next, next-gen system projects with a strong focus on broadband and online gameplay. In addition, the NPD Group ranked THQ as the number four entertainment software publisher in North America, under Sony, Nintendo, and Electronic Arts. THQ's first PlayStation2 title, Summoner, will ship in the fall, coinciding with the North American release of the PlayStation2. We'll have more on THQ's upcoming lineup soon.

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