THQ announced that it expects better fiscal 2012 fourth quarter results, noting that the company had exceeded prior expectations. Let's just say "prior expectations" were not very high. For the fourth quarter, THQ predicts non-GAAP net sales of $160 million to $170 million, which is above the company's previous outlook of non-GAAP net sales in the range of $130 million to $150 million. Revised net sales expectations reflect strong net sales for Saints Row: The Third (it has shipped 4 million units to date, they say), higher than expected digital sales driven by Saints Row: The Third and UFC Undisputed 3.
The company currently expects a fiscal fourth quarter non-GAAP net loss per share of $0.10 to $0.20, compared to its previous expectation of a net loss per share in the range of $0.35 to $0.50.
THQ also expects to report cash and cash equivalents of approximately $76 million at March 31, 2012, three times higher than the previous expectation for its year-end cash balance. The company claims that this is due to better-than-expected operating results in the fourth quarter, as well as earlier-than-anticipated cash receipts.
The company also reported that it ended the quarter with no outstanding borrowings on its $50 million credit facility, and did not borrow against the facility during the quarter. The company expects to utilize a substantial portion of its cash and cash equivalents as well as its credit facility as it launches its slate for the 2013 fiscal year, beginning with Darksiders II.
THQ's GAAP results for the fourth quarter ended March 31, 2012 are expected to include non-cash software development charges of approximately $30 million to $50 million resulting from decisions made related to the company's previously-announced product strategy. Finally, THQ will "report full GAAP and non-GAAP fiscal 2012 fourth quarter and full-year results, along with a reconciliation of those results, and provide its outlook for fiscal 2013 on Tuesday, May 15, 2012."