Midway Games Inc. has announced results of operations for the three month period ended March 31, 2007.
Nett revenues for the 2007 first quarter were US$11.1 million, compared to 2006 with $15.4 million and ahead of prior guidance of approximately $7 million. The 2007 first quarter nett loss was $19.8 million compared with $22.6 million.
Other recent operating highlights include:
- * Midway released The Lord of The Rings Online: Shadows of Angmar in North America on April 24th, culminating an extensive beta event and the most successful North American pre-order programme in Midway's history.
* In addition, Midway announced that Aqua Teen Hunger Force Zombie Ninja Pro-Am, an interactive title based on the hit comedy series from Cartoon Network's Adult Swim, is expected to be available for PlayStation 2 in Spring.
David Zucker, president and chief executive officer, commented, "We exceeded our expectations during the first quarter primarily due to the continuing sales of our holiday 2006 releases and other catalogue titles. The second quarter is off to an excellent start with the launch of The Lord of The Rings Online, and our resources are focused on successfully launching several more titles later in the quarter."
During the second quarter, Midway expects to release Mortal Kombat: Armageddon for the Wii, Hour of Victory for the Xbox 360, Hot Brain for the PSP, and Touchmaster for the Nintendo DS worldwide. For the second quarter ending June 30, 2007, Midway expects nett revenues of approximately $29 million. For the year ending December 31, Midway's full year outlook remains unchanged with nett revenues expected to grow approximately 36% to $225 million with a nett loss of approximately $0.44 per basic and diluted share.
