Midway Records Higher Losses
Chicago-based Midway has posted a greater loss for the most recent quarter, and has downgraded guidance in the face of key delays.
Net revenues for Midway’s third quarter ended September 30 were $36.7 million, up from $27.4 million a year ago. Net loss for the quarter was $33.5 million versus a loss of $22.2 million for the comparable quarter a year ago.
"We are happy with the response to our first front-line next generation game, Stranglehold, and believe that it has provided a solid foundation to build our standardized toolset for all of our next generation titles. Additionally, our commitment to our expanded direct presence in Europe has been validated with strong results for Stranglehold throughout the territory," said CEO David Zucker in a statement.
Midway also said that it would downgrade its sales guidance for the full fiscal year to $160 million with a net loss of 95 cents per share. The firm stated the downgrade is "primarily to reflect the movement of certain Nintendo Wii and DS titles out of this fiscal year, mainly in the European territories, as well as lower expectations for PS3 product sales due to delayed release dates resulting in shorter holiday selling periods."