Midway revenues up, but losses increase

Midway has revealed its financial results for the three month period ended March 31st, as well as providing earnings guidance for the second quarter,

Net revenues for the 2008 first quarter were $29.9 million, compared to the 2007 first quarter net revenues of $11.1 million and ahead of prior guidance of approximately $28 million.

The 2008 first quarter net loss was $34.0 million, or a loss of $0.37 per basic and diluted share, compared with a 2007 first quarter net loss of $19.8 million, or a loss of $0.22 per basic and diluted share.

For the next financial quarter Midway is expecting of approximately $18 million, with a net loss of approximately $0.38 per basic and diluted share.

At our recent Gamers’ Day event in Las Vegas, we showed the strength of our future line-up – everything from the driving action of Wheelman starring Vin Diesel, to the exciting combination of two enormous franchises with Mortal Kombat vs. DC Universe, to the open-world lifestyle action experience of This is Vegas,” said Midway’s interim president and CEO Matt Booty.

Rounding out the year is TNA iMPACT!, which is garnering significant buzz for its potential to reinvigorate the wrestling genre, Unreal Tournament 3 for the Xbox 360, Blitz: The League II, and new casual games on multiple platforms.”

Midway has the products, the talent, and the technology infrastructure to succeed in the industry, and this management team is committed to improving execution,” added Booty.