THQ would like to forget its last fiscal year

THQ's (NASDAQ: THQI) Q4 results were not good at all. Revenues were up over 8% to $187 million, but the software publisher lost an adjusted $0.37 per diluted share from continuing operations. Last year at this time, THQ generated positive adjusted net income of $0.13 per diluted share from continuing operations. The full fiscal year was no better -- revenues were basically flat at $1 billion. The company lost an adjusted $0.23 per diluted share from continuing operations during the year compared to an adjusted profit of $1.20 per diluted share from continuing operations in 2007.

This publisher is no Activision (NASDAQ: ATVI) or Electronic Arts (NASDAQ: ERTS) right now. Its slate is performing poorly, and the company's stock is likewise in the dumps. But what about the future? A few years back, THQ wasn't a bad investment decision. I have a feeling that THQ will rebound as the current console cycle continues its forward path, especially when further price cuts in hardware make their way to market.

THQ, however, needs to get its slate back on track, and to really go after the Sony (NYSE: SNE) PlayStation 3 and Microsoft (NASDAQ: MSFT) Xbox 360 players. It seems to be doing OK with the Nintendo (OTC: NTDOY) Wii platform in terms of revenue mix. Perhaps the deal struck with DreamWorks Animation (NYSE: DWA) for a video game based on the animation company's 2010 feature Master Mind will help.

Nevertheless, there is nothing exciting in the earnings release, nothing that makes me think that THQ is out of the dark woods yet. Again, though, I would expect the publisher's stock to rebound in the future. Question is, how patient will investors be?

Disclosure: I own shares in Activision; positions can change at any time.