Midway holds head high: Q4 revenues are solid

Midway Games today reported its fourth-quarter and full-year earnings for the year ending December 31, 2004. For the October-December '04 quarter, the company reported revenues of $77.2 million, up a substantial 156 percent from the $30.1 million it reported the same quarter a year ago. Net income, or profit, was $17.6 million for the '04 quarter, which also compares favorably to the preceding quarter's $27.8 million loss.

Revenues for the full year ending December 31, 2004, were $161.6 million. That figure is up 75 percent from the $92.5 million reported the previous year. Ultimately, however, with a number of charges incurred against revenues in 2004, the company's bottom line showed a net loss of $19.9 million (which still compares favorably with the net loss of $115.2 million in the prior year).

Midway president and CEO David Zucker said in a statement, "Our 2004 fourth-quarter results cap a year of progress at Midway." He added that the company is "positively repositioned" for the future.

For the current year, ending December 31, 2005, Zucker expects Midway revenues to grow by about 40 percent, to $225 million, he said in a statement. Still, the company is advising Wall Street to expect a year-end loss of $38 million.