Midway shares drop 12 per cent

Value of Mortal Kombat publisher down 67.1 per cent compared to one year ago

By Matt Martin.Published Wednesday 22nd October 2008, 8:12am GMT

Shares in Midway Games dropped 12 per cent on Monday, down 15 cents to USD 1.10.

According to Forbes, that's a drop of 67.1 per cent compared to its price one year ago.

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Last month the company sold some of its accounts receivable to National Amusements – the company owned by Midway's Shari Redstone – in an effort to raise USD 40 million to help finance its Christmas line-up of games.

And only last week it decided to cancel some of it licensing agreements, halting production on a number of undisclosed future titles.

Midway now expects a third quarter net loss of USD 0.70 per share, compared to a previously estimated net loss of 0.49 per share.

For the last quarter, Midway reported losses of USD 34.8 million.

Read article on GamesIndustry.biz