Midway announced results of operations for fiscal Q4 and the fiscal year ended June 30, 2001, posting quarterly revenues of $20.2 million, down from $24.7 million last year.
That fourth quarter figure includes a charge of $8.9 million ($0.23 per share) related to the company's departure from the coin-op business. The loss for the quarter came to $30.5 million ($0.81 per share), compared with a loss of $30.7 ($0.82 per share) in the prior year period. For the fiscal year ended June 30, revenues were $168.2 million, down from $333.8 million last year. The loss on the year was $69.3 million ($1.84 per share). Midway executives say that this loss was a result of the company's transition out of coin-op, as well as a transition out of the older generation of consoles. The company cancelled several coin-op and 32- and 64-bit home products scheduled for release during fiscal 2001 in order to significantly increase the number of new next-generation products, resulting in decreased revenue and an increase in research and development spending. The company says it now has over 45 next-generation console products scheduled for release between September 2001 and December 2002.
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