Monday, November 5, 2012
THQ Seeks Buyer As Sales Slip
Agoura Hills-based videogame maker THQ is looking for a buyer, after reporting less-than-stellar results on Monday afternoon. THQ said it has hired an investment banker to help it consider "strategic alternatives", in hopes of raising additional capital to bring a number of titles to market. The firm said it hired Centerview Partners to help evaluate "strategic and financing alternatives". The announcement came as the firm announced net sales of $107.4M for the three months ended September 30, 2012, down significantly from the similar quarter last year, when it had $146.0M in revenues. The firm also reported a net loss of $21.0M. In a release, THQ Chairman and CEO acknowledged that the game maker "faces a number of opportunities and challenges" due to needing to operate with limited capital resources.