THQ 2008 Annual Report Download - page 103

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Twelve Months Ended March 31, 2007
Quarter Ended
June 30, Sept. 30, Dec. 31, March 31, Fiscal Year
(Amounts in thousands, except per share data) 2006 2006 2006 2007 Ended
Net sales ........................... $138,829 $240,197 $475,741 $172,089 $1,026,856
Expenses and other ................... 157,037 222,796 391,419 164,576 935,828
Income (loss) from continuing operations
before income taxes and minority interest . (18,208) 17,401 84,322 7,513 91,028
Income taxes ........................ (6,009) 5,857 24,367 1,991 26,206
Income (loss) from continuing operations
before minority interest .............. (12,199) 11,544 59,955 5,522 64,822
Minority interest ..................... 98 45 (7) — 136
Income (loss) from continuing operations . . . (12,101) 11,589 59,948 5,522 64,958
Gain on sale of discontinued operations, net
of tax ........................... — — 2,107 973 3,080
Net income (loss) .................... $(12,101) $ 11,589 $ 62,055 $ 6,495 $ 68,038
Earnings (loss) per share—basic:
Continuing operations ............... $ (0.19) $ 0.18 $ 0.92 $ 0.08 $ 1.00
Discontinued operations .............. — — 0.03 0.02 0.05
Earnings (loss) per share—basic ........ $ (0.19) $ 0.18 $ 0.95 $ 0.10 $ 1.05
Earnings (loss) per share—diluted:
Continuing operations ............... $ (0.19) $ 0.17 $ 0.88 $ 0.08 $ 0.96
Discontinued operations .............. — — 0.03 0.01 0.05
Earnings (loss) per share—diluted ....... $ (0.19) $ 0.17 $ 0.91 $ 0.09 $ 1.01
Due to rounding and reclassifications, some of the figures above may differ slightly from the 10-Q’s
previously filed.
20. Discontinued Operations
In December 2006, we sold our 50% interest in Minick. As of March 31, 2008 we received approximately
$18.6 million in cash from the sale of Minick and we recognized gains of $1.5 million and $3.1 million in
fiscal 2008 and fiscal 2007, respectively. These gains are presented as ‘‘Gain on sale of discontinued
operations, net of tax’’ in our consolidated statements of operations. Pursuant to the Minick sale
agreement, we may receive additional consideration of approximately $1.2 million during the three months
ended June 30, 2008. If such amounts are received, the additional gain recognized will be reported in
discontinued operations in the period the proceeds are collected. The results of Minick’s operations were
not material to any of the periods presented and have therefore not been reclassified as discontinued
operations.
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