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Midway losses increase in Q3

Midway has announced widened losses for the three months ending September 30th – down to $75.9 million from $33.5 million a year before.

However, revenues were up to $51.4 million from $36.7 million in Q3 2007.

The company predicted that its fourth quarter would produce kinder results, largely thanks to the release of MK vs DC Universe.

It said fourth quarter ending December 31, 2008, it expected revenues of approximately $105 million. It added that for the full year ending December 31st, it expected net revenues of approximately $210 million.

“In the second and third quarters of 2008 we have focused on addressing several critical issues that were affecting the ability of our company to achieve success, and the third quarter results and associated non-cash charges reflect that effort,” said Matt Booty, president and CEO.

“Our current focus is the upcoming launch of Mortal Kombat vs. DC Universe, which aligns our Company with the exceptional Warner Bros. brand of DC Comics.

"We expect that the fourth quarter will represent significant progress toward completion of these efforts, and that we will enter 2009 with a renewed focus on Midway’s key strengths.”

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Tags: midway , matt booty

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