Midway losses cut as sales rise

Net revenues for the quarter ending December 31st were up by 39 per cent, reaching $96.9 million, up from $69.8 million the year before, with losses totalling $2 million, a great improvement on the $37.8 million loss posted in the same period last year.

In addition, net loss fell from $37.8 million last year to $2 million.

Full year figures also showed an improvement, with revenue climbing from $150.1 million to $165.6 million and annual net loss dropping from $112.8 million to $77.8 million.

“The fourth quarter of 2006 was a landmark quarter for Midway,” CEO David Zucker said in a statement. “It was our largest revenue quarter in seven years that included our largest initial ship-in for a single title, Happy Feet; the culmination of our marquee franchise Mortal Kombat on current generations systems; and the kick-off of our next generation releases with Blitz: The League on Xbox 360 as well as our four Wii titles.

“Midway has made considerable progress since we embarked our aggressive plan several years ago to revitalise the company. We believe our significant investment in building unified next generation technology and tools, expanding our sales and marketing resources both domestically and internationally, and instilling a culture of quality and innovation throughout the company position Midway for growth we are projecting for 2007 and beyond.

“We anticipate that the portfolio of titles we have slated for 2007, including Stranglehold, BlackSite: Area 51, The Wheelman, The Lord of the Rings Online, Unreal Tournament III and Hour of Victory will pave the way for long-term success and larger opportunities for Midway as we enter this generation of console systems.”

Looking forwards, Midway predicts net revenues in 2007 to hit $225 million, but does expect another net loss.

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