Midway Games logs heavy losses

FROM VARIETY: Net loss more than doubled to $75.9 million

By Ben Fritz of Variety -- Video Business, 11/11/2008

NOV. 11 | FROM VARIETY: With its cash rapidly depleting and stock hovering well below the $1 mark, Sumner Redstone-owned Midway Games reported another quarter of heavy losses in the quarter ended Sept. 30.

Videogame publisher reported that its net loss more than doubled to $75.9 million, while revenue was up 40% to $51.4 million.

Midway ended the quarter with just over $10 million in cash on hand, a potentially dire situation given that it is projecting a loss of about $18 million in the current quarter and has a $79 million convertible debt note due in April.

Read the full story on Variety.com.

« Back | Print