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Finance

Midway losses double to $76 million

Tue 11 Nov 2008 8:27am GMT / 3:27am EST / 12:27am PST
Finance

Hopes to enter 2009 with "a renewed focus on key strengths"

Troubled publisher Midway has revealed that its losses more than doubled for the three months ended September 30, from USD 33.5 million in 2007 to USD 75.9 million.

Revenues for the same period were up USD 51.4 million, compared to 36.7 million in the prior year.

"In the second and third quarters of 2008 we have focused on addressing several critical issues that were affecting the ability of our company to achieve success, and the third quarter results and associated noncash charges reflect that effort," commented Matt Booty, newly appointed president and CEO.

"Our current focus is the upcoming launch of Mortal Kombat vs. DC Universe, which aligns our company with the exceptional Warner Bros. brand of DC Comics. We expect that the fourth quarter will represent significant progress toward completion of these efforts, and that we will enter 2009 with a renewed focus on Midway’s key strengths."

It's been a rough four months for the Mortal Kombat publisher. In July, the company closed its LA studio, and in September sold debts to National Amusements in a bid to raise USD 40 million to manufacture its Christmas line up of games.

Last month, Midway decided to cancel underperforming licences and concentrate on a refined portfolio of products.

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