THQ: Fourth Quarter to “Exceed Expectations”
THQ has announced its preliminary financial results for the fourth-quarter and things are a bit more rosy than expected — to the point that they even proclaimed that they’re expecting to “exceed expectations!” The non-GAAP net sales are estimated to be between $160 to $170 million, better than the $130-$150 million of non-GAAP net sales they forecasted earlier.
This rosier outlook can be attributed to high sales from Saints Row: The Third and UFC Undisputed 3.
Saints Row: The Third has now shipped four million units since its launch in November of last year; while UFC Undisputed 3 sales is faring better than what THQ was expecting.
Their official statement is as follows.
THQ expects to report cash and cash equivalents of approximately $76 million at March 31, 2012, three times higher than the previous expectation for its year-end cash balance, due to better-than-expected operating results in the fourth quarter, as well as earlier-than-anticipated cash receipts.
Additionally, the company ended the quarter with no outstanding borrowings on its $50 million credit facility, and did not borrow against the facility during the quarter. The company expects to utilize a substantial portion of its cash and cash equivalents as well as its credit facility as it launches its slate for the 2013 fiscal year, beginning with Darksiders II.
The publisher’s financial call wherein they will reveal actual sales data and earnings will happen on May 15.
Here’s hoping for the best and that THQ can continue this streak of good fortune!