Midway's losses continue, Area 51 delayed

Midway loses $25.7 million during the first half of 2004; president David Zucker says "The extraordinary annual losses are behind us."

Beleaguered game publisher Midway today released financial figures for the first half of 2004. The company lost $25.7 million over the six-month period ending June 30, losing $10.7 million in the April-June period. Expecting to release only three games in the next six months, Midway predicts overall losses for 2004 to be $20 million--$2 million more than it had previously stated.

The news is not all bad, however. Today's numbers show a marked improvement over last year, when Midway lost $65.3 million during the first half. Furthermore, sales were also up this year, rising $16.6 million to $67.4 million during the first half. And for the quarter, revenues were $47.3 million, up from $5 million the prior year for the same quarter (that's approximately $9 million higher than the company's guidance to analysts provided last April 28). The upside from guidance is primarily due to NBA Ballers, which has experienced strong sales and reorder demand since its introduction into the North American market on April 5. During the second quarter, the company released three well-received games--MLB SlugFest: Loaded, NBA Ballers, and Psi-Ops--which helped support sales during the period.....

News source: GameSpot

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