THQ Posts Lower Net Sales, Multiple Game Delays
Hard times aren’t over for THQ.
The company posted net sales for Q2 of $107 million and an operating loss of $19 million. While the loss is better than last year’s $97 million, net sales are down from $146 million in FY 2012.
The big seller for the company, Darksiders 2, sold 1.4 million copies, but THQ CEO Brian Farrell said the sales were “below our expectations.”
Meanwhile, South Park: The Stick of Truth, Company of Heroes 2 and Metro: Last Light were all hit with delays. South Park was delayed until “early Fiscal 2014,” which starts April 1, 2013, while the other two should ship in March.
The delays force THQ to try and find more money from investors or try to find other ways to earn some money.
“The calendar movement for the release of games will likely create a need for additional capital. THQ has engaged Centerview Partners LLC to assist the company in evaluating strategic and financing alternatives intended to improve THQ’s overall liquidity, including raising additional capital, preserve the company’s ability to bring the best possible games to market during the most advantageous release windows and to help address the $100 million 5% convertible senior notes due August 2014,” a statement read.