Midway reports $97.4 million 2007 loss

Midway has announced its financial results for Q4 2007 and the full fiscal year, reporting a USD 29.7 million and USD 97.4 million loss, respectively.

For Q4, net revenues were USD 77.6 million - down 19.3 million or approximately 20 per cent from the prior year's Q4 revenues of USD 96.9 million.

Midway's Q4 2007 loss was USD 29.7 million, or USD 0.33 per basic and diluted share, up significantly from its USD 2 million loss in Q4 2006.

The company announced that it has terminated its existing USD 30 million secured credit facility with Wells Fargo Foothill and simultaneously entered into a new credit facility of USD 90 million with National Amusements, Inc.

Net revenues for the year ended December 31, 2007 were USD 157.2 million compared to net revenues of USD 165.6 million for the prior year.

The loss applicable to common stock for fiscal year 2007 was USD 97.4 million or a loss of USD 1.07 per basic and diluted share. In 2006, the company reproted a loss of USD 77.8 million or USD 0.86 per basic and diluted share.

"We were delighted to bring an eager fan base the PS3 version of Unreal Tournament 3 within the fiscal year, and the consumer response to a number of our casual offerings such as Game Party for the Wii and Touchmaster for the DS was encouraging," said David Zucker, Midway's president and CEO.

"Now that we have overcome many of the technology hurdles that we encountered over the last year, we anticipate smoother launches as we release our strong 2008 line-up.

"We expect 2008 to be a significant year for Midway, with more front-line releases than 2007, including some ambitious new intellectual properties with broad market appeal, reinvigorated franchises with well-established fan bases, and some new opportunities in the casual games space with console titles and a new casual games portal," he continued.

"In the near future we expect to reveal more details on our line-up, such as the recent announcement of This Is Vegas."

Midway's stock closed at USD 1.77, down 9.23 per cent in today's trading before the financial results were announced.