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.