THQ Net Income Jumps 50% In 2001

Net income for the year jumped a whopping 50% over last year, thanks in part to a record-setting fourth quarter in which net income grew 32%. For the year, net income came in at $36.0 million ($1.52 per share), compared to last year's $24.1 million. Net sales for the year increased 9% to $379.0 million. "THQ's record results for the fourth quarter reflected a 22% operating margin, our best ever," said Brian Farrell, president and CEO. THQ said it plans to ship over 70 games in 2002 across "every viable game platform," alluding to the company's recent launch of THQ Wireless, a division which will develop games for the wireless game market. THQ also increased earnings guidance for Q1 and full year 2002.