THQ Inc. (NASDAQ:THQI) today reported financial results for the fiscal 2011 first quarter ended June 30, 2010, in line with the company’s guidance provided on June 14, 2010.

For the fiscal first quarter ended June 30, 2010, THQ reported net sales of $149.4 million, compared with $243.5 million in the prior-year period. On a non-GAAP basis, for the three months ended June 30, 2010, the company reported net sales of $160.3 million, compared with $233.9 million a year ago. Fiscal 2011 first quarter net sales were driven primarily by sales of UFCUndisputed2010. For the same quarter last year, THQ’s net sales were driven primarily by sales of UFC 2009 Undisputed and Red Faction: Guerrilla. No title comparable to Red Faction: Guerrilla was released during the first quarter of fiscal 2011.

For the three months ended June 30, 2010, the company reported a net loss of $30.1 million, or $0.44 per share, compared with net income of $6.4 million, or $0.09 per diluted share, in the prior-year period. On a non-GAAP basis, for the three months ended June 30, 2010, the company reported a net loss of $14.4 million, or $0.21 per share, compared with non-GAAP net income of $6.9 million, or $0.10 per diluted share, in the prior-year period.

A reconciliation of non-GAAP to GAAP results is provided in the accompanying financial tables.

Fiscal 2011 First Quarter Highlights and Recent Developments

• During the quarter, THQ shipped approximately 2.7 million units of UFC Undisputed 2010, which achieved an average Metacritic score of 85.
• THQ’s comprehensive line-up of video games featured at the Electronic Entertainment Expo ("E3") garnered significant critical acclaim, including numerous award nominations for upcoming titles such as Homefront, Red Faction: Armageddon, WWE All Stars, UFC Undisputed 2010, Company of Heroes Online, Warhammer 40,000: Space Marine, Warhammer 40,000: Dark Millennium Online and Devil’s Third.
• The company announced an agreement with Tomonobu Itagaki’s Valhalla Game Studios to publish the studio’s premier video game title, Devil’s Third, for the Xbox 360 and PlayStation3. The game is currently scheduled for release in THQ’s fiscal year ending March 31, 2013.
• The company revealed software currently in development for new hardware platforms, with The Biggest Loser Ultimate Workoutfor Kinect for Xbox 360; UFC Fitness Trainer (working title) for Kinect and PlayStation Move; and de Blob 2:The Underground and Saints Row 3 for the Nintendo 3DS.
• THQ and Syfy announced an innovative transmedia deal to debut Red Faction: Origins (working title), a two-hour live-action television movie, scheduled to air in March 2011 on Syfy.
• On June 10, 2010, THQ announced the promotion of Martin Good to Executive Vice President, Kids, Family, Casual Games, and Global Online Services.