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THQ Wireless completes final full fiscal year with FY11 sales of $5.4 million, down 52%

Currently just servicing Apple App Store
THQ Wireless completes final full fiscal year with FY11 sales of $5.4 million, down 52%
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THQ (NASDAQ: THQI) has revealed the full year FY2011 sales for its THQ Wireless division for the 12 months ending March 31.

Total revenue was $5.4 million, down 52 percent compared to FY2010's total of $11.4 million.

The company's running down of its mobile business was completed in February 2011, when it sold the majority of its operations to Swedish company 24MAS.

For this reason, Q4 sales were tiny - just $637,000 -compared to $2.1 million 12 months ago.

THQ Wireless now only maintains its legacy Star Wars-branded iOS games, although there was some speculation - later refuted - that these would be removed at the end of its financial year. They currently remain live on the App Store however.

Hand holding

In terms of its wider handheld sales, THQ did $12 million of DS sales in Q4, down 59 percent year-on-year. Annual DS sales were $97.8 million (15 percent of THQ's total revenue), down 14 percent compared to FY2010

PSP game sales in Q4 were $5.5 million, down 25 percent year-on-year. Annual PSP sales were $29.8 million (5 percent of total), down 33 percent compared to a year ago.

Bigger picture

Overall, THQ had FY2011 sales of $665 million, down 26 percent year-on-year.

It posted a net loss of $136 million, compared to a loss of $9 million a year ago.

All these figures use the Generally Accepted Accounting Principles. Non-GAAP sales, which strip out one-off costs to provide a view of underlying performance, were slightly better, with FY2011 sales of $802 million and a net loss of $16 million.

THQ has costs associated due to its joint venture with licensee JAKKS Pacific, which was sued by the WWE. It also wrote off over $10 million of development and licence costs by cancelling its Company of Heroes Online and WWE Online titles.

The company ended the period with cash, cash equivalents, short-term investments and accounts receivable of $247 million, compared to $206 million 3 months ago.

[source: THQ Wireless]