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GS News - South Park, Company of Heroes, Metro Games Delayed
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THQ has delayed a trio of its anticipated upcoming games. As part of its latest financial report for the three months ended September 30, THQ announced that it has delayed South Park: The Stick of Truth, Metro: Last Light, and Company of Heroes 2.
Explaining the delays, THQ president Jason Rubin said each was borne out of a desire for quality.
"When I joined THQ, the company made a public commitment to quality titles. We always expected that in some cases this would mean that more time would be needed to make sure that every title is of the highest possible quality," Rubin said.
South Park: The Stick of Truth was previously scheduled for a launch on March 5, 2013. The game is now expected sometime during THQ's "early fiscal 2014," which means sometime after March 2013. As for Metro: Last Light and Company of Heroes 2, those games are now scheduled to launch during March 2013.
"I believe South Park's market opportunity is significant," Rubin added. "It is shaping up to be one of the most anticipated titles of calendar 2013. It is also an expansive title, encompassing multiple television seasons' worth of content. THQ is committed to giving gamers no less than the rich South Park game they have been waiting for and deserve."
Remarking about Metro: Last Light, Rubin said it is THQ's aim for this game to "set standards for visuals," while Company of Heroes has a storied pedigree to live up to.
"Giving both of these titles time to reach their full potential is the right thing to do for the products," he said.
As for fiscal specifics, for the three-month period ended September 30, THQ posted net revenue of $107.4 million. This was down from the $146.0 million the company hauled during the same time last year. THQ posted a loss of $21 million, better than the $92.4 million hit the company took this time last year.
It wasn't all bad for THQ during the quarter. The company's digital revenues rose 34 percent from $14.3 million to $19.1 million.
Lastly, THQ said delaying South Park: The Stick of Truth, Metro: Last Light, and Company of Heroes will create a need for further capital. The company has begun talks with investment banking firm Centerview Partners LLC to "assist the company in evaluating strategic and financing alternatives."
"Clearly, THQ faces a number of opportunities and challenges," said THQ CEO Brian Farrell. "I am confident about the opportunities that lie in our robust slate of games and in our studios. But we also face challenges operating with limited capital resources in the highly competitive market for games, and we are working diligently to resolve those challenges."
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