Midway Reports First Quarter Losses

Publisher Midway’s first quarter financial results revealed $34 million in losses.

The company’s net revenues came in at $29.9, an improvement over the same period last year, which stood at $11.1 million.

Still, the net loss was $34 million or 37 cents per basic share, compared to $19.8 million and 22 cents a share in 2007.

Company CEO Matt Booty, who recently replaced David Zucker, put a positive spin on the news.

“Midway has the products, the talent, and the technology infrastructure to succeed in the industry, and this management team is committed to improving execution,” he said.

Midway forecasts $18 million net revenues and a net loss of 38 cents per basic and diluted share in the second quarter.

Source: Gamesindustry.biz