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Midway posts US $22 million Q3 loss

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.

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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Matt Martin

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Matt Martin joined GamesIndustry in 2006 and was made editor of the site in 2008. With over ten years experience in journalism, he has written for multiple trade, consumer, contract and business-to-business publications in the games, retail and technology sectors.