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.

Sometimes we include links to online retail stores. If you click on one and make a purchase we may receive a small commission. For more information, go here.

12-20
SEPTEMBER
2020
THE WORLD'S
LARGEST DIGITAL
GAMES EVENT
New games | Panels | Let's Plays | Industry Insight | Esports tournaments | Livestreams | Tabletop gaming | Exclusive merch | More!

Comments