Key Developments For THQ Inc
THQ Inc (THQI.O) (Nasdaq)
THQ Inc. Launches Star Wars, Trench Run Game For iPhone
THQ Wireless Inc., a subsidiary of THQ Inc., announced Star Wars: Trench Run is now available for download globally on iTunes for $4.99. The game, developed by studio Infrared5 in conjunction with Lucasfilm Ltd., leverages the iPhone platform to deliver simple motion controls and realistic game play to enable players to recreate one of their favorite scenes from Star Wars: Episode IV A New Hope.
THQ Inc. Reaffirms FY 2010 Guidance; Comments On H2 2010 Revenue Guidance; Issues Q3 2010 Revenue Guidance Below Analysts' Estimates; Issues Q4 2010 Revenue Guidance Above Analysts' Estimates
THQ Inc. reaffirmed its expectation to report fiscal 2010 net sales higher than those reported in fiscal 2009, and to achieve profitability for fiscal 2010, on a non-GAAP basis. The fiscal 2010 non-GAAP outlook excludes the one-time benefit of $24.2 million from the JAKKS settlement. The Company expects to report second half 2010 net sales similar to second half 2009, with third quarter 2010 net sales that are approximately 5%-10% below the same period in 2009, and a stronger fourth quarter 2010 than the prior-year quarter. The Company reported revenue of $385.60 million in the third quarter of 2009 and revenue of $154.32 million for the fourth quarter of 2009. According to Reuters Estimates, analysts were expecting the Company to report revenue of $854.11 million and EPS of $0.14 for fiscal 2010; revenue of $378.16 million for the third quarter of 2010; revenue of $149.15 million for the fourth quarter of 2010.
THQ Inc. Announces Close Of $100 Million Offering Of 5.00% Convertible Senior Notes
THQ Inc. announced the close of its offering of $100 million principal amount of 5.00% convertible senior notes due 2014. On July 28, 2009, THQ announced its intention to offer $90 million principal amount of such notes. In connection with that offering, THQ granted the initial purchaser of the notes the right to purchase up to an additional $10 million principal amount of notes to cover overallotments. Accordingly, the aggregate principal amount of notes offered and sold by THQ in the offering is $100 million. THQ intends to use the net proceeds from the offering of the notes for general corporate purposes.
THQ Inc. Prices Offering Of $90 Million Of 5.00% Convertible Senior Notes
THQ Inc. announced the pricing of its offering of $90 million principal amount of 5.00% convertible senior notes due 2014. The notes were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The sale is expected to close August 4, 2009. THQ has also granted to the initial purchaser of the notes the right to purchase up to an additional $10 million principal amount of notes to cover overallotments. Interest will be payable on the notes semiannually at a rate of 5.00% per year. The initial conversion rate for the notes is 117.4743 shares of common stock per $1,000 principal amount of the notes, which is equivalent to a conversion price of approximately $8.51 per share, representing a 25% conversion premium based on the closing price of THQ`s common stock of $6.81 per share on July 29, 2009. The notes mature on August 15, 2014.
THQ Inc. Announces Intention to Offer $90 Million of Convertible Senior Notes
THQ Inc. announced its intention to commence an offering, subject to market and other conditions, of $90 million aggregate principal amount of convertible senior notes. The notes would be due in 2014 and are to be offered and sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The interest rate, conversion rate, and other terms of the notes are to be determined by negotiations among the Company and the initial purchaser of the notes. The Company has also granted to the initial purchaser of the notes the right to purchase up to an additional $10 million aggregate principal amount of notes to cover overallotments.
