Midway reports losses

Midway Games reports losses for both the three- and nine-months ended September 30.

Only days after both Electronic Arts and Ubisoft announced rises in earnings for the first three quarters of 2003, Midway Games has today announced losses for the same period. Midway's revenues for the nine months ended September 30 were $62.4 million, down from $111.7 million for the same period last year--resulting in a net loss of some $87.5 million compared with $29.2 million in 2002. Net losses for this year's third quarter totaled $23.3 million compared to $11.5 million last year.

Midway Games plans to release 13 games in the fourth quarter this year and has updated its revenue and earnings guidance for the period. Revenues of around $38 million, with a net loss of $13 million, are expected, resulting in an annual net loss of approximately $100 million--$3 million more than was originally forecast. News that the GameCube versions of Spy Hunter 2 and Midway Arcade Treasures are no longer scheduled for release this year was taken into account in these figures.

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