THQ Raises Additional $16 million from Stock Offering
Company reaffirms guidance for 2001
THQ Inc announced today the receipt of approximately $16 million in additional proceeds from the exercise of the underwriters’ overallotment option of approximately 314,000 shares from its public offering, which closed last month. Funds raised from the offering, which now total approximately $156 million, will be used for general corporate purposes, including working capital, capital expenditures, product development, joint ventures and strategic acquisitions.
“We are very pleased with the success of our secondary stock offering and believe THQ is extremely well positioned to invest in the best game content available in the future,” said Brian Farrell, President and CEO, THQ. “With respect to the current quarter and fiscal 2001, we remain confident in our previous earnings guidance based on strong sales this holiday season. We also look for a solid start to the new year with next quarter’s scheduled releases of WWF Raw and New Legends for Xbox, Sonic Advance and other great Sega brands for Game Boy Advance, Tetris Worlds for PlayStation 2, and our Britney Spears products.”
The company reaffirmed its earnings guidance for the fourth quarter of 2001 in the range of $1.04 to $1.10 per diluted share (after the increase in outstanding shares from the overalottment) and its guidance for the year 2001 of $1.43-$1.49 per diluted share.
“We are very pleased with the success of our secondary stock offering and believe THQ is extremely well positioned to invest in the best game content available in the future,” said Brian Farrell, President and CEO, THQ. “With respect to the current quarter and fiscal 2001, we remain confident in our previous earnings guidance based on strong sales this holiday season. We also look for a solid start to the new year with next quarter’s scheduled releases of WWF Raw and New Legends for Xbox, Sonic Advance and other great Sega brands for Game Boy Advance, Tetris Worlds for PlayStation 2, and our Britney Spears products.”
The company reaffirmed its earnings guidance for the fourth quarter of 2001 in the range of $1.04 to $1.10 per diluted share (after the increase in outstanding shares from the overalottment) and its guidance for the year 2001 of $1.43-$1.49 per diluted share.