Jahresergebnis: THQ mit EUR 7 Mio. Verlust
06.05.10 - THQ hat seine Ergebnis für das abgelaufene Geschäftsjahr 2010 (01.04.09 - 31.03.10) vorgelegt.
- Umsatz: USD 899,1 Mio. (EUR 701,2 Mio. / Yen 84,4 Mrd.)
* Vorjahr: USD 832,5 Mio. (EUR 649,3 Mio. / Yen 78,2 Mrd.)
* Veränderung zum Vorjahr: + 8 Prozent
- Nettoverlust: USD 9 Mio. (EUR 7 Mio. / Yen 845,6 Mio.)
* Vorjahresverlust: USD 431,1 Mio. (EUR 336,2 Mio. / Yen 40,5 Mrd.)
* Veränderung: - 97,9 Prozent
(Marketwatch: "THQ Achieves Successful Turnaround in Fiscal Year Ended March 31, 2010 and Reports Strong Fourth Quarter Results")
(Gamasutra: "THQ Boasts 'Successful Turnaround' As Losses Narrow Drastically")
THQ has announced its earnings results for the three months ending March 2010 and the year ending March 2009. The results are mostly positive - more inside.
Overview of THQ Performance
THQ has just released its earnings results for the quarter ending March 2010 as well as the year ending March 2010. The company assessed its performance as follows:
"For the twelve months ended March 31, 2010, THQ's net sales rose 8% to $899.1 million, compared with net sales of $830.0 million a year ago. On a non-GAAP basis, the company reported fiscal 2010 net sales of $888.7 million, up 9% from $812.6 million in the prior year.
For the fiscal year ended March 31, 2010, the company reported a net loss of $9.0 million, or $0.13 per share, compared with a net loss of $431.1 million, or $6.45 per share, in the prior year. On a non-GAAP basis, the company reported fiscal 2010 net income of $12.7 million, or $0.19 per diluted share, compared with a net loss of $101.8 million, or $1.52 per share, for the prior year. A reconciliation of non-GAAP to GAAP results is provided in the accompanying financial tables.
In fiscal 2010, we achieved a successful turnaround, grew market share and exceeded our financial and operating targets. We have streamlined our cost structure, which will provide us with increased operating leverage in our model as our business continues to grow, said Brian Farrell, THQ President and CEO. Importantly, during the fiscal year we established three major core game franchises, UFC, Darksiders and Red Faction. We are very excited about our development pipeline and how we've positioned THQ to capitalize on both traditional and digital gaming opportunities going forward.
During the January - March 2010 quarter, revenues increased by 16% against 2009 to $197.7 million." THQ says sales were driven by Metro 2033 and Darksiders in the quarter.
During the March 2011 fiscal year, THQ expects non-GAAP net sales to be between $905 million to $920 million, an increase of as much as 4% over fiscal 2010. Earnings per share are projected between 25 and 30 cents, higher than the March 2010 year, due to better cost control.
THQ also noted that calculations of revenue are slightly different this year because of the calendar:
"Our fiscal year ends on the Saturday nearest March 31st. For simplicity, we present all fiscal periods as ending on a calendar month end. In fiscal 2010, our fourth quarter and fiscal year ended on April 3, 2010. In fiscal 2009, our fourth quarter and fiscal year ended on March 28, 2009. The fiscal three month periods ended March 31, 2010 and 2009 consisted of 13 weeks. The fiscal twelve month periods ended March 31, 2010 and 2009 consisted of 53 and 52 weeks, respectively."
THQ Highlights
Citing NPD sellthrough data in the USA, THQ claims it had 4.9% market share between April 2009 and March 2010. With nearly 5% market share, THQ was the fourth largest third party video game publisher in the massive USA market for the fiscal year ending March 2010. Presumably the third party publishing companies ahead of THQ by NPD were EA, Activision-Blizzard, and Ubisoft but we'll have to wait for their information to confirm that. THQ says dollars spent on its games by game players grew 21% compared to the previous fiscal year period in the USA market.
THQ also says "UFC 2009 Undisputed and WWE(R) SmackDown(R) vs. Raw(R) 2010 each shipped nearly 4 million units in fiscal 2010."
Across the USA, UK, Canada, Germany, France, Spain, and New Zealand, THQ says its market share was 4.4%, which put it as the fourth largest independent publisher when foreign currencies are converted to USA dollars at current exchange rates.
April-June 2010 Lineup
THQ is releasing the following games in the first quarter of fiscal year March 2011.
Core Games
Platforms
UFC Undisputed 2010
Xbox 360(R), PlayStation(R)3
Kids, Family and Casual Games
All Star Karate(TM)
Nintendo(TM) Wii(TM)
Beat City(TM)
Nintendo DS(TM)
Big Beach Sports(TM) 2
Nintendo Wii
The Last Airbender
Nintendo Wii, DS, DSi(TM)
THQ Revenue Mix
THQ also says that on a GAAP basis, its revenues by platform were as follows. Note that revenue is not profit - if the company spends $10 million on X360 games and gets $8 million it lost money on that platform. In contrast spending $3 million on DS games but getting $7 million back means less revenue but more profit. All figures are in thousands. So if you have 1000 thousands, you have $1 million for the mathematically challenged.
Chart: THQ
Three Months Ended GAAP
Twelve Months Ended GAAP
March 31, 2010
March 31, 2009
March 31, 2010
March 31, 2009
Platform Revenue Mix
Consoles
Microsoft Xbox 360
$ 55,573
28.1 %
$ 31,157
18.3 %
$ 236,929
26.3 %
$ 162,895
19.6 %
Nintendo Wii
24,196
12.2
17,092
10.0
137,219
15.3
134,334
16.2
Sony PlayStation 3
46,450
23.5
40,514
23.8
199,546
22.2
106,753
12.9
Sony PlayStation 2
5,428
2.8
9,307
5.5
52,816
5.9
92,003
11.1
Other
--
--
--
--
8
--
121
--
131,647
66.6
98,070
57.6
626,518
69.7
496,106
59.8
Handheld
Nintendo DS
29,370
14.9
29,377
17.2
144,272
16.0
168,726
20.3
Sony PSP
7,393
3.7
7,561
4.5
44,508
5.0
50,927
6.1
Wireless
2,144
1.1
5,545
3.3
11,403
1.3
22,865
2.8
Other
--
--
74
--
--
--
3,336
0.4
38,907
19.7
42,557
25.0
200,183
22.3
245,854
29.6
PC
27,114
13.7
29,632
17.4
72,436
8.0
88,003
10.6
Total Net Sales
$ 197,668
100.0 %
$ 170,259
100.0 %
$ 899,137
100.0 %
$ 829,963
100.0 %
Geographic Revenue Mix
Domestic
$ 113,250
57.3 %
$ 94,247
55.4 %
$ 558,673
62.1 %
$ 457,819
55.2 %
Foreign
84,418
42.7
76,012
44.6
340,464
37.9
372,144
44.8
Total Net Sales
$ 197,668
100.0 %
$ 170,259
100.0 %
$ 899,137
100.0 %
$ 829,963
100.0 %
Looking at the 12 month comparison, X360 revenues increased by 45%, Wii revenues increased by 2%, PS3 revenues increased by 87%.
DS revenues decreased by 14%, PSP revenues decreased by 13%, PC revenues decreased by 18%, PS2 revenues decreased by 43%, Wireless revenues decreased by 50% and "Other Consoles" revenues decreased by 94% while "Other handheld" revenues dropped completely.
Overall, revenues grew by 8%. For the year ending March 2009 THQ's best platforms by revenue were DS, X360, Wii, PS3, PS2, PC, PSP, Wireless, 'Other handheld', and 'Other console. For the year ending March 2010, that order shifted to X360, PS3, DS, Wii, PC, PS2, PSP, Wireless, 'Other Console'.
By manufacturer we can see the following year of year:
GAAP Rev THQ SW Rev FY 3/10 THQ SW Rev FY 3/09
Microsoft $236,929,000 $162,895,000
Nintendo $281,491,000 $303,060,000
Sony $296,870,000 $249,683,000
PC $72,436,000 $88,003,000
Wireless $11,403,000 $22,865,000
;-)
