Midway revenues at $157.2m for 2007, but losses grow to $97.4m

Midway yesterday reported its 2007 full year and Q4 financials, reporting revenues down just under $10m to $157.2m for 2007 and with losses growing to $97.4m, up from $77.8m year on year.

The firm announced that it had enterted into a new $90m credit agreement with National Amusements, terminating its $30 credit facility with Wells Fargo.

However, CEO David Zucker remained upbeat, saying the introduction of PS3 exclusive Unreal Tournament 3, and the company’s growing success in massmarket games, were setting it up for a "significant 2008".

"We were delighted to bring an eager fan base the PS3 version of Unreal Tournament 3 within the fiscal year, and the consumer response to a number of our casual offerings such as Game Party for the Wii and Touchmaster for the DS was encouraging," said Zucker.

"Now that we have overcome many of the technology hurdles that we encountered over the last year, we anticipate smoother launches as we release our strong 2008 line-up."

Zucker added that the company now plans to widen its focus to include casual games: "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."