Midway Posts $34.8M Loss

Midway has posted its financial results for the quarter ending June 30th, 2008, announcing a net loss of $34.8 million.

The loss was on net revenues of $24.8 million. While this exceeded the company’s prior guidance of $18 million, it was still down from the same period last year in which the company earned revenues of $31.8 million.

The $34.8 million net loss compares to a Q2 2007 loss of $14.3 million. This comes out to a loss of $0.38 per diluted share for the 2008 quarter, which is exactly in line with guidance provided by Midway in May.

Operating highlights for the company included few releases, such as NBA Ballers: Chosen One and the European 360 launch of Unreal Tournament III. Highlights were primarily of the product announcement variety, as the company revealed Mortal Kombat vs. DC Universe, Blitz: The League II, and a new casual games portal.

Midway interim president and CEO Matt Booty issued a forward-looking statement with the financial information, saying, “At E3 this year, Midway showed that we have possibly our strongest holiday line-up in recent years, which we plan to kick off in September with TNA iMPACT!, a game that is garnering substantial buzz as a formidable competitor to other wrestling franchises. Following that, we expect the releases of Blitz: The League II and Mortal Kombat vs. DC Universe to expand the audience beyond their core fan bases."

In terms of third quarter guidance, Midway expects a net loss of $0.37 per diluted share on revenues of $52 million. via Edge

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