THQ announced today that it has canceled PS3 version of Frontlines: Fuel of War(TM) and also the PS2 version of Destroy All Humans!(R): Big Willy Unleashed.
Two unannounced titles for Xbox 360 and PS3, scheduled for 2010, have also been canceled. The Concrete Games studio, which was working on one of the unannounced titles, will also be closed down.
To quote: However, the company expects to report approximately $20 million in accelerated amortization expense related to the underperformance of certain previously-released games, including Stuntman(R):Ignition(TM), Ratatouille and Conan(R). In addition, consistent with the company's previously-announced quality initiatives relating to product development and its product pipeline, the company expects to record non-cash charges of approximately $27 million related to:
1) the cancellation of the PlayStation(R) 3 (PS3) version of Frontlines(TM): Fuel of War(TM) and the PlayStation(R) 2 (PS2) version of Destroy All Humans!(R): Big Willy Unleashed;
2) costs associated with two unannounced titles for Xbox 360 and PS3 that had been scheduled for release in fiscal 2010; and
3) the company's decision not to pursue its Juiced(TM) and Stuntman(R) intellectual properties.
The company also announced the closure of its Concrete Games studio, which was working on one of the unannounced titles. THQ expects a substantial number of the studio's employees to be offered positions in its other studios. The closure will be reflected in the company's fiscal fourth quarter results.
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