THQ lost $9.6 million in its 2010 fiscal year (ending March 31), but that's nothing compared to the $431.1 million it lost the previous fiscal year. Yeah, we'd say this qualifies as a decent start in the company's proposed turnaround. THQ's software sales rose 8 percent this past fiscal year, which begin in April 2009, to $899.1 million, having established, as CEO Brian Farrell puts it, "three major core game franchises" in UFC, Darksiders and Red Faction.

In a conference call this afternoon, Farrell described fiscal 2010 as the company's turnaround year. Fiscal 2011 will be its "rebuilding" year, according to the CEO, and then 2012 should see the establishment of the fully operational and financially profitable "New THQ."

This article was originally published on Joystiq.