Midway Games posts heightened gains, losses for Q3 2007

Posted Nov 1, 2007 at 2:50PM EST by QJ Staff

Listed in: Wii, PS3, Nintendo DS, Xbox 360, PC Gaming Tags: David Zucker, Epic Games, Midway Games, PS2

Though ironic in a sense, publisher Midway Games has come up with increased losses and revenues at the end of the company's third quarter for calendar year 2007. Data derived from the company's financial reports since September 30, 2007 highlights that Midway garnered a year-on-year rise from US$ 27.5 million to US$ 36.7 million in revenue. It was noted, however, that the company also gained a US$ 0.31 loss per diluted share from last year's US$ 0.22 per.

The publisher's main performance highlights were bannered by the previously released Unreal Tournament 3 demo and the release of John Woo's Stranglehold for the Xbox 360 and PC. It was noted that the UT3 demo continued to be one of the top 2 downloaded games on popular PC file portal FilePlanet since October 12.

Midway Games forecasts a great future for the company's overall revenue come the end of the company's fourth quarter on December 31, 2007. The imminent worldwide release of Epic Games' Unreal Tournament 3 (Microsoft Xbox 360, PC, Sony PlayStation 3) on Microsoft Windows, Linux and Mac OS X is highly anticipated, among other mainstream titles such as BlackSite: Area 51 (PC, Xbox 360), Stranglehold (PS3), and Hour of Victory (PC).

Casual and other mainstream titles include Cocoto Racing for the DS, The Bee Game for the GBA and DS, Ultimate Mortal Kombat for the DS, Aqua Teen Hunger Force: Zombie Ninja Pro-Am for the PS2, Foster's Home for Imaginary Friends for the DS, and Game Party and Cruis'n' for the Wii.

To that end, the Chicago-based publisher foresees a hike up in revenue to US$ 80 million for the fourth quarter, with a US$ 0.21 loss per basic and diluted share. Overall, Midway lowers its annual target due to slow sales of the PlayStation 3 and "movement" of Nintendo DS and Wii titles.

"We remain confident that our technology strategy and product plan position us to grow both revenue and market share as we move into the heart of this console cycle," said Midway president and CEO David Zucker. He concludes that with a strong lineup of releases in the coming months, Midway will be able to accelerate its growth for 2008.

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Midway Games posts heightened gains, losses for Q3 2007

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