THQ has posted its financial results for the fourth quarter and a “challenging” fiscal year ended March 31, 2009.

The company reported an annual net loss of $431.1 million, or $6.45 per share, compared to a loss of $35.3 million, or $0.53 per share the prior year, as net sales fell from $1.04 billion a year ago to $830 million.

Fourth quarter losses totalled f $96.9 million, compared to $34.5 million a year ago, while net sales, which were primarily driven by WWE Legends of Wrestlemania and Warhammer 40,000 Dawn of War II, fell from $187.0 million to $170.3 million.

THQ cited 2.8 million sales of Saints Row 2, improved Metacritic scores “for all of its key original games” and the establishment of new casual franchises de Blob and Big Beach Sports among its fiscal 2009 highlights.

“In light of a challenging fiscal 2009, we have substantially completed a significant realignment of our business to position THQ for profitability and positive cash flow in fiscal 2010,” said THQ president and CEO Brian Farrell. “We have taken decisive actions to achieve our cost saving objectives, eliminating $220 million in cash expenditures while at the same time implementing a focused product strategy.”

Farrell was referring to THQ’s November 2008 announcement of a product strategy based on developing a select number of first party IPs targeted at core gamers, focusing more on its kids and casual products, extending its brands into online markets and reducing staff headcount.

The company has reduced staff headcount by approximately 600 people, or 24 percent, leaving 1,200 employees across its eight internal development studios.

These business realignments cost $44.7 million, $4.5 million of which was spent on severance and other employee-related costs, and $40.2 million “on non-cash impairment charges related to the cancellation of titles and long-lived assets associated with studio closures.”

THQ has also signed a commitment letter for a $35 million senior secured credit facility with Bank of America to provide it with a “revolving line of credit for working capital and other corporate purposes” that will be secured by the company’s assets.

“In today’s economic environment, we are pursuing this credit facility as a prudent backup to our $141 million cash and short-term investment balance at March 31, 2009,” said Paul Pucino, THQ’s executive vice president and CFO.

In addition, the publisher confirmed its key releases scheduled for launch during fiscal 2010. These include Darksiders, Red Faction Guerrilla, UFC 2009 Undisputed, WWE SmackDown vs. Raw 2010, MX vs. ATV, All Star Cheer Squad 2 and Company of Heroes Online.

“We are investing in the brands and products with the highest potential to drive THQ’s long-term profitable growth,” added Farrell.