THQ Inc. (THQI) reported that its second-quarter net loss narrowed to $20.98 million or $3.06 per share, from $92.39 million or $13.52 per share in the same quarter last year.
Non-GAAP net loss for the quarter narrowed to $12.07 million or $1.76 per share, from $46.86 million or $6.86 per share last year. Analysts polled by Thomson Reuters expected the company to report a loss of $3.47 per share for the quarter. Analysts' estimates typically exclude special items.
Net loss per share amounts for the latest and prior period were adjusted for the 1-for-10 reverse split of the company's common stock effected on July 5, 2012.
Net sales for the quarter declined to $107.36 million from $146.00 million in the prior year quarter. Non-GAAP net sales for the quarter decreased to $91.80 million from $119.61 million last year. Ten analysts had consensus revenue estimate of $84.26 million for the quarter.
THQ announced that South Park: The Stick of Truth is now planned for launch worldwide in early fiscal 2014. South Park: The Stick of Truth had previously been slated for release on March 5, 2013.
Additional changes to fiscal 2013 release dates include those for company of Heroes 2 and Metro: Last Light, both of which are expected to ship in March, later than initially planned.
The company said it has engaged Centerview Partners LLC to assist the company in evaluating strategic and financing alternatives intended to improve its 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.
The company said it has suspended net sales and earnings guidance, and withdrawn its previous guidance for fiscal 2013.
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