THQ Unhappy with First Quarter Numbers, Retires Red Faction Series

The first quarter of the gaming fiscal year ended on June 30th, and even with a seeming impressive line-up of games, THQ is “disappointed” with the numbers they compiled. The company recorded net sales of $195.2 million, compared with $149.4 million in the previous year. While that is an increase, he company recorded a net loss of $38.4 million, compared to a $30.1 million loss last year. You see where that is bad, right?

THQ’s president and CEO Brian Farrell commented on the first quarter numbers saying, “We are disappointed in our first quarter financial performance. Sales of Red Faction: Armageddon and our licensed kids’ titles were below our expectations, and the late release of UFC Personal Trainer also adversely impacted the quarter.”

Due to the let down of Red Faction: Armageddon, THQ announced that they are retiring the franchise. While DLC for the game may still be in the works, Farrell promised that they have no intentions “to continue with that franchise in any meaningful way.”

Farrell still believes, even after all the negativity, that THQ will show strong for the rest of the year. “We are looking forward to a strong and profitable second half, including what we expect to be the biggest third quarter, both in revenue and earnings per share, in our company’s history, with proven franchises Saints Row, WWE and the uDraw GameTablet all launching in November,” the president said.

Saints Row 3 looks fantastic, but I still have a hard time believing it will sell as well as it can, or should, since it is going head-to-head with the juggernaut Modern Warfare 3.