Midway Q3 losses more than double

By Patrick Garratt
11 November 2008 06:57 GMT

Midway’s announced a heavily widened loss for the quarter ending September 30, down to $75.9 million from $33.5 million in the corresponding previous period.

Revenues were up from $36.7 million in last year’s third quarter to $51.4 million this year.

But it’s OK. Because there’s a new Mortal Kombat on the horizon.

“In the second and third quarters of 2008 we have focused on addressing several critical issues that were affecting the ability of our company to achieve success, and the third quarter results and associated noncash charges reflect that effort,” said Matt Booty, president and CEO.

“Our current focus is the upcoming launch of Mortal Kombat vs. DC Universe, which aligns our Company with the exceptional Warner Bros. brand of DC Comics. We expect that the fourth quarter will represent significant progress toward completion of these efforts, and that we will enter 2009 with a renewed focus on Midway’s key strengths.”

More here.

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