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Midway reports $34 million Q1 loss

Midway has reported Q1 financial results, with revenues exceeding guidance but a net loss of USD 34 million

Midway reported first quarter 2008 financial results, with net revenues of USD 29.9 million - up from USD 11.1 million the prior year and ahead of its prior guidance of USD 28 million.

Even so, the first quarter net loss was USD 34 million, or USD 0.37 per basic share. In the first quarter of 2007, Midway's net loss was USD 19.8 million, or USD 0.22 per share.

"Midway has the products, the talent, and the technology infrastructure to succeed in the industry, and this management team is committed to improving execution," said interim president and CEO Matt Booty. Booty replaced David Zucker who was terminated this quarter.

Midway expects second quarter net revenues of USD 18 million, with a net loss of approximately USD 0.38 per basic and diluted share.

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