Midway posts $100 million loss for 2007

By Patrick Garratt, Friday, 7 March 2008 07:40 GMT

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.

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