US publisher Midway has announced its financial results for the quarter ending March 31st 2007, and the figures show that whilst revenue fell, losses also decreased.

Net revenues for the period fell from $15.4 million in the same period last year to $11.1 million. However, this figure was substantially ahead of Midway’s forecasted $7 million. Losses for the quarter were $19.8 million, an improvement over last year’s $22.6 million.

“We exceeded our expectations during the first quarter primarily due to the continuing sales of our holiday 2006 releases and other catalogue titles,” president and chief executive officer David Zucker stated. “The second quarter is off to an excellent start and our resources are focused on successfully launching several more titles later in the quarter.

“We are encouraged by the early excitement we are seeing for such front-line titles as Mortal Kombat: Armageddon for the Wii, Stranglehold, BlackSite: Area 51, The Wheelman, Unreal Tournament III and Hour of Victory.

“As the next generation systems build momentum through this year, we believe we are well positioned to take advantage of the growing base of gamers looking for the highest quality content.”

The publisher was also bolstered by last week’s release of The Lord of the Rings Online – Midway is handling the US publishing of the game, whilst Codemasters handles the European duties.

Midway’s yearly net revenue forecast remains unchanged at $225 million.