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Midway Forecasts Loss

Midway Games is warning investors of a loss in the fiscal third quarter, as well as a likely loss in the fourth quarter. The company projects revenues in the range of $50...
Midway Games is warning investors of a loss in the fiscal third quarter, as well as a likely loss in the fourth quarter. The company projects revenues in the range of $50 to $55 million for the third quarter ended March 31, with an operating loss near $8.75 million. Midway posted revenues of $80.3 million with a profit of just over $1 million in the same period a year ago. Midway had previously forecast that revenues and income for it's fiscal year, which ends June 30, would reach record levels. Slow home and coin-op sales are to blame, according to Midway, as well as increased development cost related to next-generation consoles.

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