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.