Midway Posts Larger Quarterly Loss

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Midway announced its financial results for the quarter ended March 31, 2006.
The company reported a net loss for the quarter of $22.6 million compared to a net loss of $16.0 million in the same quarter the previous year. By platform, PlayStation 2 games were responsible for 46% of net revenues, with the Xbox following at 19%, the GameCube at $19% and the GBA at 13%. 78% of Midway's net revenues came from North America.

Midway mentioned to investors that one of the highlights of the quarter was a "broadening of its in-game advertising strategy" as demonstrated by the multi-year agreement signed with Double Fusion.

Keep in mind that while Midway is still a public company, Sumner Redstone controls around 88% of the company's stock. Midway has set up an independent committee to consider any proposed transactions between Redstone (or any of his companies) and Midway.

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This page contains a single entry by Editor published on May 3, 2006 7:35 PM.

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