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Asam Ahmad Senior PR Manager, THQ asam@thq.com T: +44 1483 767656 F: +44 1483 770727 |
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Mary Nelson Garrett Investor Relations, THQ T: +1 818 871 5090 |
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Affirms Guidance for Second Quarter and Year
The Company continues to anticipate net earnings in the range of $0.12 to $0.14 per diluted share for the quarter ending June 30, 2001, and $1.35 to $1.45 per diluted share for the full year.
Brian Farrell, president and CEO of THQ, said, “Our first quarter results show that we are effectively executing our strategy to maintain our strong position on existing platforms while we establish THQ's leadership on the new generation of game platforms.”
"In addition to developing more titles for PlayStation2, including Red Factionä and MX 2002 Featuring Ricky Carmichaelä, which are set to ship in the second quarter, New Legendsä and WWFÒ: Raw is War are expected to be available at or near the launch of Microsoft's new Xbox this fall. We are also excited about our line-up for Nintendo’s Game Boy Advance, including Tetris Worldsä, GT Advance Championship Racingä, and Disney's Atlantis, The Lost Empire.”
Noting that THQ is continuing to capitalize on its expertise in the children’s genre, Farrell said that revenue for the first quarter of 2001 included sales from the release of kids titles such as Scooby-Doo and the Cyber Chaseä for Game Boy Color, Blues Clues: Blues Big Musicalä for PlayStation and titles under our newest Nickelodeon licenses SpongeBob Square Pants: Legend of the Lost Spatulaä and Rocket Power: Gettin’ Airä for Game Boy Color.
"With accelerating shipments of PlayStation2, and the anticipated launches of Microsoft's Xbox and Nintendo's Game Boy Advance and GameCube, the market outlook for the second half is encouraging. We are planning an aggressive launch schedule for each of these new platforms," Farrell said.
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The Company also announced that it was notified on April 23, 2001 that the United States District Court for the Central District of California amended its December 20, 2000 order dismissing with prejudice two essentially identical class action law suits filed against it on February 18, 2000 and on March 2, 2000, respectively. Plaintiffs have been granted leave to file a third amended complaint. The original lawsuits allege that THQ, and certain of its directors and senior officers, violated Section 10(b) of the Securities Exchange Act of 1934 and SEC Rule 10b-5. The Company continues to believe the claims are without merit, and intends to continue to vigorously defend against them.
About THQ
THQ Inc. develops, publishes and distributes interactive entertainment software worldwide for a variety of platforms including PC CD-ROM, and those manufactured by Microsoft, Sony and Nintendo. The THQ Web site is located at www.thq.com.
THQ Inc. develops, publishes and distributes interactive entertainment software worldwide for a variety of platforms including PC CD-ROM, and those manufactured by Microsoft, Sony and Nintendo. The THQ Web site is located at www.thq.com.
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This press release contains statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors including those described above and the following: changes in demand for the Company's products, product mix, the timing of customer orders and deliveries, the impact of competitive products and pricing and difficulties encountered in the integration of acquired businesses. In addition, such statements could be affected by growth rates and market conditions relating to the interactive software industry and general domestic and international economic conditions. Specific information concerning these and other such factors is contained in the Company's most recent report on Form 8-K, filed with the Securities Exchange Commission on November 13, 2000. A copy of this filing may be obtained by contacting the Company or the SEC. The forward-looking statements contained herein speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.