You know that things are really bad when a company withdraws its financial guidance, and then abruptly ends a quarterly earnings call after about 12 minutes without taking analysts’ questions. But that’s what just happened with THQ after it disclosed that it needs more cash to remain competitive. That point was underscored by its fiscal Q2 financial report that showed a 23.3% drop in revenues, to $91.8M, vs the period last year (not including deferred net revenues). The video game maker pushed back the release date for its much-anticipated South Park: The Stick Of Truth which was due on March 5, 2013. “We have been working closely with the co-creators of South Park, Matt Stone and Trey Parker, to make sure all of the game’s content performs to the high standards of the TV show, and this takes time,” THQ President Jason Rubin says. The company also delayed Company Of Heroes 2 and Metro: Last Light. THQ says that these changes “will likely create a need for additional capital” and that it has hired Centerview Partners to help it come up with options to handle payments on its $100M in 5% convertible senior notes due August 2014. That usually means the company’s for sale, although THQ says there’s no guarantee that it will come up with anything. THQ attributed some of its fiscal Q2 problems to disappointing sales for Darksiders II which shipped 1.4M units in the quarter.
Game Maker THQ To Explore Sale As It Delays Titles Including ‘South Park’
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