Matt Martin
10:45 (BST)
03/11/2006
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Midway posts US $22 million Q3 loss
And increases full-year expected loss to US $73 million
Midway Games continues to post quarterly losses, with the publisher suffering a US $22.2 million (EUR 17.3 million) loss for the quarter ended September 2007, an improvement over the US $29.1 million (EUR 22.7 million) loss from the same period last year.
Revenues slipped seven per cent with the company taking US $27.4 million (EUR 21.4 million) in its third quarter, down from US $29.5 million (EUR 23 million).
The company remained optimistic, with president and CEO David Zucker, stating: "We were pleased to exceed our financial expectations for the third quarter".
With a variety of titles including the recently-release Mortal Kombat: Armageddon and Unreal Anthology, Midway expects net revenues for the quarter ending December 2006 to reach US $86 million (EUR 67.3 million), and a net income of US $2 million (EUR 1.5 million).
The company is also blaming a decrease in margins for raising its expectations of a full year net loss to US $73 million (EUR 57.1 million), up from the previous expectation of US $70 million (EUR 54.8 million).
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