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Sales, Losses Rise In Midway's First Quarter

Developer and publisher Midway has announced its first quarter results, showing sales above guidance at $29.9 million due to a number of high profile European releases, but losses up from $19.8 million to $34 million [UPDATE: Comments from new inte
Developer and publisher Midway has announced its first quarter results, showing sales above guidance at $29.9 million, but losses up as well to $34 million, compared to $19.8 million the year prior, on a quarter that only saw the launch of the Stranglehold downloadable expansion pack. Sales were up from the prior year's $11.1 million. While Midway's only U.S. release was the expansion pack, Midway released a number of titles in Europe during the quarter, including Unreal Tournament 3 and BlackSite: Area 51 for the PS3, Game Party and Cruis’n for the Wii, Foster’s Home for Imaginary Friends for the DS, and Hour of Victory for the PC. For its second quarter, the company has already released NBA Ballers: Chosen One, limited to the Xbox 360 worldwide, but for the PS3 as well in the U.S. Midway says it plans to bring in sales of $18 million in its second quarter. In a release, interim president and CEO Matt Booty looked forward saying its recently shown slate of forthcoming titles Wheelman, Mortal Kombat vs. DC, This is Vegas, TNA iMPACT! and a number of casual games showed the strength of its future. "Midway has the products, the talent, and the technology infrastructure to succeed in the industry, and this management team is committed to improving execution,” he concluded. [UPDATE: In a call with investors, Booty introduced himself for the first time in his new role. A Midway lifer, having worked for the company since 1991 in a number of capacities as programmer, team lead, studio head, and eventually worldwide operations senior VP, Booty said his current goals were to get Midway's "2008 games set up for success," and to "put Midway back on the path to profitability." The company's "core strategy is sound," said Booty, after 3 years and $100 million spent on its centralized engine, toolset, and outsourcing operations, and Midway was set on improving execution and pursuing new revenue opportunities. Few of those opportunities were elaborated on apart from the aforementioned 2008 launches and the previously reported moves into new casual zones with a new Touchmaster title for DS, a new Game Party for the Wii (which has to date shipped 800,000 copies worldwide), and its forthcoming casual portal. Booty said Midway plans to release more details for all of the above in coming months, but provided no more plans during the call.]

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