ChiefThunder
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Midway Reports Q3 Losses
Don't worry, it's not a fatality just yet. by Micah Seff
US, November 3, 2006 - Yet again, Midway Games has posted quarterly losses. The publisher's financial reports were released today, and much to stock holders' dismay, Midway announced that it had taken a loss of $22.2 million for the quarter ending September 2006. This was, however, an improvement over the same period last year during which Midway lost $29.1 million.
This year, revenues faltered with the company bringing in $27.4 million in its third quarter, a seven percent slip from last year's $29.5 million. Midway has blamed a decline in profit margins for the increase in its full-year net loss expectations to $73 million, up from the previously announced expected loss of $70 million.
Going into the final quarter of the year, Midway has high expectations because of recently released titles such as Mortal Kombat: Armageddon and Unreal Anthology. The company expects net revenues for the quarter ending December 2006 to reach $86 million and to attain a net income of $2 million for the same period.
Despite all of this doom-and-gloom, Midway remained optimistic. President and CEO David Zucker stated that Midway was "pleased to exceed [its] financial expectations for the third quarter."
Don't worry, it's not a fatality just yet. by Micah Seff
US, November 3, 2006 - Yet again, Midway Games has posted quarterly losses. The publisher's financial reports were released today, and much to stock holders' dismay, Midway announced that it had taken a loss of $22.2 million for the quarter ending September 2006. This was, however, an improvement over the same period last year during which Midway lost $29.1 million.
This year, revenues faltered with the company bringing in $27.4 million in its third quarter, a seven percent slip from last year's $29.5 million. Midway has blamed a decline in profit margins for the increase in its full-year net loss expectations to $73 million, up from the previously announced expected loss of $70 million.
Going into the final quarter of the year, Midway has high expectations because of recently released titles such as Mortal Kombat: Armageddon and Unreal Anthology. The company expects net revenues for the quarter ending December 2006 to reach $86 million and to attain a net income of $2 million for the same period.
Despite all of this doom-and-gloom, Midway remained optimistic. President and CEO David Zucker stated that Midway was "pleased to exceed [its] financial expectations for the third quarter."
