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SANTA MONICA, Calif., Nov. 5 /PRNewswire-FirstCall/ — Activision
Blizzard, Inc. (Nasdaq: ATVI) today announced September quarter financial
results.

For the quarter ended September 30, 2008, Activision Blizzard’s GAAP
net revenues were $711 million. Excluding the impact of change in deferred
net revenues ($12 million) and net revenues from Activision Blizzard’s
non-core exit operations ($6 million), the company’s non-GAAP net revenues
were $717 million. Including Activision’s stand-alone net revenues of $53
million for July 1 – July 9, 2008, the company’s non-GAAP comparable-basis
net revenues were $770 million. The company’s prior non-GAAP net revenue
outlook was $620 million.

Activision Blizzard’s GAAP operating loss for the quarter was $194
million. Excluding the impact of the change in deferred net revenues and
cost of sales ($12 million), the impact of equity-based compensation
expense ($26 million), Activision Blizzard’s non-core exit operations loss
($110 million), one-time costs related to the business combination with
Vivendi Games ($78 million), and the amortization of intangibles and the
changes in costs of sales resulting from purchase price accounting
adjustments ($90 million), Activision Blizzard’s non-GAAP operating income
was $122 million. Including Activision’s stand-alone non-GAAP operating
loss of $9 million for July 1 – July 9, 2008, the Company’s non-GAAP
comparable-basis operating income was $113 million.

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AGOURA HILLS, Calif.–(BUSINESS WIRE)–Nov. 5, 2008–THQ Inc. (NASDAQ: THQI) today announced financial results for the fiscal second quarter ended September 30, 2008, reduced its financial outlook for the fiscal year ending March 31, 2009, and announced a significant business realignment.

Second Quarter Results

For the three months ended September 30, 2008, THQ reported net sales of $164.8 million, compared with $229.3 million in the prior year. On a non-GAAP basis, the company reported fiscal 2009 second quarter net sales of $151.6 million. Fiscal 2009 second quarter sales reflect a lighter new release schedule than the prior-year period, and included the international roll-out of games based on Disney/Pixar’s WALL-E and initial global shipments of new original Wii(TM) title de Blob(TM).

For the three months ended September 30, 2008, the company reported a net loss of $115.3 million, or $1.73 per share, which included a non-cash charge of $1.21 per share related to a valuation allowance and the related tax effects for its deferred tax assets. In the same period a year ago, the company reported a net loss of $7.0 million, or $0.11 per share. On a non-GAAP basis, the company reported a fiscal 2009 second quarter net loss of $30.4 million, or $0.46 per share. This was below the company’s previous guidance of a loss of $0.35 to $0.39 per share, primarily due to lower-than-anticipated international sales of WALL-E and higher-than-expected sales returns and allowances. In the same quarter a year ago, the company reported a non-GAAP net loss of $2.2 million, or $0.03 per share.

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