Midway, Take-Two Announce Financials

Midway's fiscal fourth quarter results, posted Wednesday, show revenues at about US$56 million, with a net loss of more than $10 million, not including litigation and restructuring costs. Compared to the same quarter in fiscal year 1998, Midway lost nearly $42 million in revenue.

For the fiscal year, Midway posted revenues in the area of $350 million, down $40 million from fiscal year 1998, and a net income of more than $6 million, way down from $42 million in 1998.

Midway also noted that coin-operated video-game revenues dropped noticeably after the tragedy in Columbine, though the company didn't say the same thing about the loss in home video-game revenues (which it attributed to producing and/or distributing far fewer titles).

Take-Two Interactive, however, posted extremely positive third-quarter results, including revenues of $63.5 million - a 65 percent increase over the same quarter in 1998 - and net income of $2.7 million, a whopping 215 percent increase over third quarter 1998 earnings.

Revenues and income for the first three quarters of 1999 compared to 1998 were similarly greatly increased, with revenues at $184 million, up from $130 million; and income of $7.16 million, up from $3.18 million.