Fri, Mar 07, 2008 | 07:40 GMT
Midway posts $100 million loss for 2007
Whoops. Midway reported full year financials yesterday for the period ending December 31, posting net revenues of $157.2 million, compared to net revenues of $165.6 million last year, and a cringe-worthy loss of $97.4 million (or $1.07 per share). This is compared to the loss of $77.8 million (or $0.86 per share) in 2006.
Despite the horror, boss David Zucker looked to the future.
“We expect 2008 to be a significant year for Midway, with more front-line releases than 2007, including some ambitious new intellectual properties with broad market appeal, reinvigorated franchises with well-established fan bases, and some new opportunities in the casual games space with console titles and a new casual games portal,” he said. “In the near future we expect to reveal more details on our line-up, such as the recent announcement of This Is Vegas.”
The company also announced that it has ended its $30 million secured credit facility with Wells Fargo Foothill and entered into a new credit facility of $90 million with National Amusements. The money will be used for stuff, you know, like paying people.
Related posts
EA financials: EA posts third quarter loss on record revenues
8 
Posted in: Financials, Midway
Tags: full year financials
8 comments
#1
AMG
07/03/08, 8:34 am
Ooh, that stings. Still, This is Vegas will save ‘em. And some more Mortal Kombat.
#2
patlike
07/03/08, 8:36 am
Not pretty, is it?
#3
Tiger Walts
07/03/08, 1:06 pm
I guess UT3 didn’t sell as much as expected then.
#4
patlike
07/03/08, 1:20 pm
A 360 version might have helped.
#5
Syrok
07/03/08, 4:19 pm
There will be a 360 version or has it been canned?
#6
Blerk
07/03/08, 4:32 pm
They say there’ll be a 360 version as soon as Microsoft allow Epic to do mods. At the minute they’re still fighting about whether it’s allowed or not, and Epic seem to be sticking to their ‘no mods, no game’ guns while Microsoft stick to their ‘no unsafe shit on our console if it’s not of our own design’ laser cannons.
#7
patlike
07/03/08, 4:33 pm
This is correct.
#8
Syrok
07/03/08, 4:41 pm
I see.