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About Judy

As WP's senior editor, I edit review and preview articles, attempt to keep up with the frantic pace of Rainier's news posts, and keep our reviewers on deadline, which is akin to herding cats. When I have a moment to myself and don't have my nose in a book, I like to play action/RPG, adventure and platforming games.

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Midway Financial Result Reveals Loss and Game Delay

by Judy on May 9, 2005 @ 3:38 p.m. PDT

Midway Games on Monday posted a larger loss for the first quarter and raised its estimated net loss for the full year, citing plans to increase development spending for new games. The financial gibberish also revealed Midway is pushing back Fear & Respect slips to 2006.

Chicago-based Midway, majority-owned by media mogul Sumner Redstone, posted a net loss of $16 million or 19 cents per share, compared with a year-earlier loss of $15 million or 27 cents per share. Its share count rose sharply year-on-year. Revenue fell to $13.8 million from $20.1 million a year ago.

Analysts polled by Reuters Estimates, on average, had expected a loss of 20 cents on revenue of $14.3 million.

For the current quarter, Midway forecast a loss of about $25 million on revenue of $40 million. Analysts estimated a loss of 11 cents per share on revenue of $48.3 million.

The company does not typically break out per-share estimates in its outlook.

For the year the company projected a net loss of $47 million, up from a prior forecast of $38 million, on revenue of $225 million. Analysts were expecting a loss of 41 cents on revenue of $222.2 million.

Midway shares ended up 18 cents at $9.43 on the New York Stock Exchange and were not traded after the market closed.

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