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Midway Releases Fourth Quarter, Year End Financial Results

| 7 Mar 2008 15:01
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Midway announced its fourth quarter and year-end results in a remarkably upbeat statement for a company that just lost nearly $100 million.

The company earned $77.6 million over the fourth quarter of 2007, amounting to a loss of $29.7 million, a considerable slip from the previous year's revenue of $96.9 million and $2 million loss. For the full year, Midway generated revenues of $157.2 million, compared to total net revenues of $165.6 million in 2006. The amount added up to a net loss of $97.4 million on the year.

Despite that hefty figure and the fact that it piles on to a $77.8 million loss in 2006, Midway management remained optimistic about the future. "We were delighted to bring an eager fan base the PS3 version of Unreal Tournament 3 within the fiscal year, and the consumer response to a number of our casual offerings such as Game Party for the Wii and Touchmaster for the DS were encouraging," said Midway President and CEO David F. Zucker. "Now that we have overcome many of the technology hurdles that we encountered over the last year, we anticipate smoother launches as we release our strong 2008 lineup."

"We expect 2008 to be a significant year for Midway, with more front-line releases than 2007, including some ambitious new intellectual properties with broad market appeal, reinvigorated franchises with well-established fan bases, and some new opportunities in the casual games space with console titles and a new casual games portal," he continued. "In the near future we expect to reveal more details on our lineup, such as the recent announcement of This is Vegas."

The year-end results statement also includes a forecast for the first quarter of 2008, over which Midway said it expects revenues of approximately $28 million, which will result in a net loss of $.30 per basic and diluted share.

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