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Midway Q2 Revenues Up, But Still Posts $28 Million Net Loss

Midway announced results for fiscal Q2, which ended June 30, posting a healthy increase in revenue over last year. But the company is still mired in red ink.
Revenues for the quarter rose 39 percent, to $28.1 million, but the pre-tax loss was $10.7 million -- excluding $16.7 million of preferred stock charges and $0.5 million of charges associated with the consolidation of offices in Corsicana, TX. Including the preferred stock and consolidation charges, Midway had a net loss of $27.9 million (61 cents per share). During the quarter, Midway released nine new games, and cited MLB SlugFest 20-03 and Legion: Legend of Excalibur for the PS2, and Gauntlet: Dark Legacy for the Xbox as its top-sellers. For the current quarter, Midway plans to ship ten new games and anticipates net sales of $50-55 million -- and a pre-tax loss of $5-7 million. Guidance for the full year remained unchanged, and Midway expects to see pre-tax income of $25-33 million for the year.

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