THQ CEO Brian Farrell has slipped new details about the next title in the Red Faction franchise. During a conference call, Farrell named the game as “Red Faction III” for the first time and confirmed the new title will be developed by Volition Software.

The original game Red Faction was released by THQ in 2001 and it was developed by the same team

Although the game wasn’t spectacular, it became quite popular thanks to a innovation called GeoMod technology. GeoMod, a short for GeometryModifcation allowed players to alter certain areas and section of the scenery in the game.

One year later, THQ released a sequel, Red Faction II, which offered a new storyline, some new weapons and a better multiplayer mode, compared to its predecessor. But the game was heavily criticized because its lack of support for Internet multiplayer modes.

Considering that Volition will be “the mind” behind new sequel, you can bet that the interactive environments will be again one of the strong points of the game.

Also THQ announced today the financial results for the third quarter of fiscal 2008, consistent with the company’s recently announced revised financial guidance. The company also reaffirmed its financial outlook for the fourth quarter of fiscal 2008.

For the third quarter of fiscal 2008, THQ reported net sales of $509.6 million, driven primarily by WWE SmackDown vs. Raw 2008, Cars: Mater-National and MX vs. ATV Untamed, each across multiple game systems. For the same period a year ago, THQ reported net sales of $475.7 million.