THQ confident after firm 'exceeds sales estimates'

THQ confident after firm 'exceeds sales estimates'
Craig Chapple

By Craig Chapple

April 18th 2012 at 1:47PM

Cash balance 'three times higher' than expected for end of fiscal year, claims publisher

Just a day after THQ shares hit a record low, the publisher has announced that it is expecting to report better than anticipated sales.

The company expects non-GAAP net loss per share for the fourth quarter to be at $0.1 to $0.2.

This is compared with the previously expected net loss estimated between $0.35 to $0.5.

THQ also now anticipates it will report non-GAAP net sales of between $160 to $170 million, up on previous estimates of $130 to $150 million.

Sales were boosted by of Saints Row: The Third, which has shipped more than four million units, as well as “higher than expected” digital sales.

The publisher now expects to end the fiscal year with approximately $76 million, which it claims is three times higher than previous expectations.

The company also stated that it has no outstanding borrowings on its $50 million credit facility.

The news from THQ comes shortly after share prices for the publisher plummeted to a new low, closing on the stock exchange yesterday at $0.45, its worst performance on record.