THQ 2004 Annual Report Download - page 24

Download and view the complete annual report

Please find page 24 of the 2004 THQ annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 89

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89

FINANCIAL HIGHLIGHTS*
OPERATING RESULTS
12 Months Ended March 31, 3 Months Years Ended December 31,
Transition
(in thousands, except per share data) 2004 2003 2003 2002 2001 2000 1999
Unaudited
Net sales $ 640,846 $ 467,647 $ 66,800 $ 480,529 $ 378,992 $ 347,003 $ 303,483
Net income (loss) $ 35,839(a) $ 2,543 $ (7,686)(b) $ 12,994(c) $ 36,013 $ 18,189(d) $ 31,326
Earnings per diluted share $ 0.92 $ 0.06 $ (0.20) $ 0.32 $ 1.01 $ 0.56 $ 0.99
Diluted shares 39,004 40,552 $ 38,319 41,243 35,623 32,352 31,796
FINANCIAL POSITION
March 31, 3 Months December 31,
Transition
(in thousands, except per share data) 2004 2003 2003 2002 2001 2000 1999
Unaudited
Working capital $ 309,633 $ 286,899 $ 286,899 $ 320,588 $ 319,605 $ 110,269 $ 91,860
Total assets $ 527,151 $ 472,949 $ 472,949 $ 537,860 $ 487,966 $ 229,942 $ 184,057
Total liabilities $ 88,559 $ 76,536 $ 76,536 $ 128,994 $ 89,104 $ 97,817 $ 75,751
Stockholders’ equity $ 438,592 $ 396,413 $ 396,413 $ 408,866 $ 398,862 $ 132,125 $ 108,306
*Effective January 1, 2003,THQ’s fiscal year end was changed from December 31 to March 31. This change resulted in a three-month transitional reporting period ended March 31, 2003.
References to Transition 2003 (or ‘03) refer to the three-month transitional period ended March 31, 2003. Since the change in fiscal year end affects the comparability of the information
reflected in Financial Highlights, we have included unaudited results for the twelve month period from April 1, 2002 through March 31, 2003.
See Notes to Consolidated Financial Statements.
(a) Includes a $4.0 million benefit for a settlement of dispute with directors’ and officers’ insurance carrier.
(b) Includes a charge of $1.8 million related to the other than temporary impairment of our investment in Yuke’s Co., Ltd.
(c) Includes a charge of $7.9 million, net of tax, for the cancellation of 20 SKUs as well as a charge of $4.6 million, net of tax, related to the settlement of a class action lawsuit and a
charge of $1.1 million, net of tax, related to the write-off of inventory and software development for “WWF”-branded games, and a charge of $2.8 million, net of tax, related to the
discontinuation of our online joint venture in the United Kingdom (Network Interactive Sports, Ltd.).
(d) Includes a charge of $5.9 million, net of tax, related to a regular impaired asset review and also as a result of changing technology in the video game market.The charge consisted of
costs associated with software development and related costs for products that had been discontinued or whose values were deemed unrecoverable through future undiscounted cash flows.
04 03 02 01 00 99
04 03 02 01 00 99
NET SALES
$ MILLION
$640,846
STOCKHOLDERS’ EQUITY
$ MILLION
$438,592
12 months
ended 03/31/03
(unaudited)
As of 03/31/03