THQ posts $35.3 million loss for ’08

By Patrick Garratt, Wednesday, 7 May 2008 06:22 GMT

THQ has posted a $35.3 million loss for fiscal 2008, compared to a net income $68.0 million in fiscal 2007.

According to this paidContent piece, “THQ President and CEO Brian Farrell said that the company has three key initiatives to improve matters in 2009: a stronger slate of products; initiatives to improve product quality and competitiveness, and a change in cost structure to ‘generate significant operating leverage’.”

“In fiscal 2008, we did not achieve our revenue and profit targets and we are taking aggressive steps to ensure that we significantly improve execution in fiscal 2009 and beyond,” said Brian Farrell, THQ president and CEO.

“Going forward, we are focused on three key initiatives. We are rolling out a stronger slate of products. We have put in place and are executing against initiatives to improve our product quality and competitiveness. We are also realigning our cost structure to generate significant operating leverage in fiscal 2009. We believe these initiatives will restore profitable growth and improve value for shareholders.”

You can read the full transcript of the conference call that followed the announcement here.

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