THQ 2009 Annual Report Download - page 104

Download and view the complete annual report

Please find page 104 of the 2009 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 117

  • 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
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117

Twelve Months Ended March 31, 2008
Quarter Ended
June 30, Sept. 30, Dec. 31, March 31, Fiscal Year
2007 2007 2007 2008 Ended
(Amounts in thousands, except per share data)
Net sales ........................... $104,485 $229,349 $509,609 $187,024 $1,030,467
Costs and expenses ................... 137,419 242,448 493,803 244,865 1,118,535
Income (loss) from continuing operations
before interest and other income, net,
income taxes and minority interest ...... (32,934) (13,099) 15,806 (57,841) (88,068)
Interest and other income, net ........... 7,356 2,569 3,412 2,096 15,433
Income (loss) from continuing operations
before income taxes and minority interest . (25,578) (10,530) 19,218 (55,745) (72,635)
Income taxes ........................ (16,304) 3,491) 5,224 (21,214) (35,785)
Income (loss) from continuing operations
before minority interest .............. (9,274) (7,039) 13,994 (34,531) (36,850)
Minority interest .....................———— —
Income (loss) from continuing operations . . . (9,274) (7,039) 13,994 (34,531) (36,850)
Gain on sale of discontinued operations, net
of tax ........................... — — 1,513 — 1,513
Net income (loss) .................... $ (9,274) $ (7,039) $ 15,507 $ (34,531) $ (35,337)
Earnings (loss) per share—basic:
Continuing operations ............... $ (0.14) $ (0.11) $ 0.21 $ (0.52) $ (0.55)
Discontinued operations .............. — — 0.02 — 0.02
Earnings (loss) per share—basic ........ $ (0.14) $ (0.11) $ 0.23 $ (0.52) $ (0.53)
Earnings (loss) per share—diluted:
Continuing operations ............... $ (0.14) $ (0.11) $ 0.21 $ (0.52) $ (0.55)
Discontinued operations .............. — — 0.02 — 0.02
Earnings (loss) per share—diluted ....... $ (0.14) $ (0.11) $ 0.23 $ (0.52) $ (0.53)
Due to rounding and reclassifications, some of the figures above may differ slightly from the 10-Q’s
previously filed.
22. Discontinued Operations
In December 2006, we sold our 50% interest in Minick. As of March 31, 2009, we received $20.6 million in
cash from the sale of Minick and we recognized gains of $2.1 million and $1.5 million in fiscal 2009 and
fiscal 2008, 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, no additional
consideration is outstanding as of March 31, 2009.
23. Subsequent Events
On May 6, 2009 we signed a commitment letter for a revolving credit facility of up to $35.0 million with
Bank of America, NA (‘‘B of A’’). The new credit facility will provide us with a revolving line of credit for
working capital and other corporate purposes and will be secured by the company’s assets. Available
borrowings under the facility will be subject to borrowing base calculations based on the value of our
eligible North American accounts receivable. Revolving loans will bear interest, at THQ’s option, at the
97