More Losses Reported for THQ

Fourth-quarter and fiscal year losses widened THQ Inc., the Agoura Hills publisher, reports the Ventura County Star.

The company reported quarterly earnings with a net loss of $53.2 million, or 78 cents per share, compared with a net loss of $44 million, or 65 cents per share, a year ago, the report said.

For fiscal year 2012, THQ reported a net loss of $240 million, or $3.51 per share, compared with a net loss of $136 million, or $2 per share, for 2011, said the VC Star.

"With its focused product plan, leaner cost structure, cash balance and existing credit facility, THQ believes it has adequate resources to execute on its plan and deliver its strong multiyear pipeline of games," the company said in a news release with the earnings report, said the report.

THQ also said it plans to reduce $180 million in expenses from product development, selling, marketing and general and administrative functions, said the VC Star.

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