Midway suffers midsized losses

By Tor Thorsen, GameSpotPosted Nov 2, 2006 5:29 pm PT

Mortal Kombat publisher posts $22.2 million quarterly shortfall on 7 percent revenue slide--which is a $6.8 million improvement over last year.

Midway, the publisher once thought to be the next jewel in the Viacom multimedia empire's crown, reported earnings today for the quarter ending September 30, 2006. The publisher suffered a $22.2 million loss for the quarter, up from a $29.1 million loss during the same period in 2005.

That was the good news. Midway also saw overall revenue slide 7 percent during the quarter, which ended before its most recent high-profile release, the solid-selling and decently reviewed Mortal Kombat: Armageddon, hit stores last month. The company, which called out Ant Bully and Rise & Fall: Civilizations at War as being its top titles for the quarter, took in $27.4 million during the three-month period, down from $29.5 million.

Despite the shortfall, Midway executives were bullish in their outlook. "We were pleased to exceed our financial expectations for the third quarter and to continue our relationship with Warner Bros. with the third-quarter release of The Ant Bully and The Grim Adventures of Billy & Mandy," said CEO and president David Zucker.

Both Ant Bully and The Grim Adventures of Billy & Mandy are slated to be launch titles for the Wii, which goes on sale November 19. In addition, the company is also set to release Happy Feet (Wii, PC, PlayStation 2, GameCube, DS, Game Boy Advance), a tie-in to the Warner Bros. computer-animated, penguin-centric comedy coming to theaters November 17. A Wii version of Mortal Kombat: Armageddon is due out early next year.

59 Comments

  • JohnnyNeat

    Posted Nov 8, 2007 1:24 pm PT

    I guess in having an emblem ready with this video interview, the decision was made to forget about the emblem after the fact to have a polished Video interview ready for us. The EMBLEM was deemed unnecessary, unimportant and inconsequential if we wanted a polished interview and an after the FACT demo out on time. Kind of like that genius idea to cut an online CO-OP feature that would have helped this generic rental/sale game. Go figure. Um let me see, without this sounding personal... Midway, want to know why you still in revenue? Well it's cheap, lazy lack luster games & down right bad decision making. Oh and I guess you better stick to big brother Viacom for help while selling & buying licensed game IPs cuss Hour of Victory will never be forgotten by those unlikely enough to know better.

  • jonnyfitness

    Posted Nov 6, 2006 1:26 pm PT

    If they brought the grid out on console or pc, that would be awesome

  • Mr_Saturn26

    Posted Nov 6, 2006 3:09 am PT

    emagius, i truly dont know, did they? maybe they did with the previous MK games.

  • emagius

    Posted Nov 5, 2006 3:37 pm PT

    Has Midway turned a profit any year -- or even any quarter -- in the last decade?

  • shazaila

    Posted Nov 5, 2006 2:22 pm PT

    I only like Midway mainly for Mortal Kombat.

  • Omega3210

    Posted Nov 5, 2006 4:52 am PT

    I think 2D MK game will be great!!

    I miss Mortal Kombat 3 on Sega MegaDrive II

  • Platyphyllum

    Posted Nov 4, 2006 11:06 am PT

    The Grim Adventures of Billy and Mandy is l337

  • Sw0rDMaN

    Posted Nov 4, 2006 8:56 am PT

    MIdway is only a so-so compagny

  • stoned-stoner

    Posted Nov 4, 2006 7:20 am PT

    Another 2D MK game would rule!!

  • faridmon

    Posted Nov 4, 2006 3:53 am PT

    forget Psi-Ops 2, where is The Suffering 3, thats why i don't buy any Midway games, they tend to forget the good stuff and realease bad stuff. No wonder the are losing money.

  • SavoyPrime

    Posted Nov 3, 2006 5:07 pm PT

    Hey Midway, can we finally get some details about the TNA Wrestling game?!

  • comthitnuong

    Posted Nov 3, 2006 4:41 pm PT

    well it still sucks...

  • Rhubarb9

    Posted Nov 3, 2006 12:38 pm PT

    if a Wii version for armageddon comes out
    then midway doesnt consider wii a next gen console

    as they stated armageddon would be the last current gen and specifically for current gen game of MK universe :0

  • icym

    Posted Nov 3, 2006 12:15 pm PT

    Thats a shame for Midway. Aside from the MK and PsiOps, they haven't had anything good come out in a long time. Psi had a great story, despite it having bad sales, I think if they stuck with content like PsiOps, they'll rebound. But they keep making the flash and dazzle games. Sorry, but the audience is looking for more substance now a days.

  • Mr_Saturn26

    Posted Nov 3, 2006 12:03 pm PT

    i think midway needs to go back to its roots, and figure out what made their games so good, so they dont have to make games based on movies or shows, and make some actulle good games.

  • Da1ShrpSh0trGrl

    Posted Nov 3, 2006 11:47 am PT

    A Wii version of MK Armageddon. Sweet! Hopefully many more games like this will be available for the Wii. Hopefully this will bring them back to bussiness, because I dont think Ant Bully or Billy and Mandy will set them back on bussiness.

  • KickinIt_ftw

    Posted Nov 3, 2006 11:20 am PT

    ...with the demise of Acclaim, Midway became my de facto "least favorite publisher". I can't really say I'm rooting for them.

  • Sociologist

    Posted Nov 3, 2006 11:11 am PT

    Happy Feet is t3h l337

  • Warlock89

    Posted Nov 3, 2006 11:00 am PT

    for the person under me. they will get Ut2k7 right. and Unreal Champ2 wasn't that bad. both seem better than MK if you ask me

  • LorddG

    Posted Nov 3, 2006 10:50 am PT

    Seriously, other than MK, Midway can't get any games right... But note, all their games (except MK series) are developed by OUTSIDE developers (Spy Hunter, Rampage).... that explains why they can't get the last 2 Spy Hunter games to be good.... If I didn't purchase Spy Hunter 3, their losses would be $22,200,039.99. LOL... I'm glad I could help!

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