Midway Suffers Bigger Losses and Establishes a Credit Facility

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Midway announced its financial results for its fiscal fourth quarter and full year ended December 31, 2007. Midway also confirmed the details of a new credit facility the company has established.
For the fourth quarter, Midway reported a net loss of $29.717 million compared to a net loss in the same quarter the previous year of $2.025 million. For the year, Midway reported a net loss for 2007 of $97.363 million compared to a net loss of $77.783 million in 2006. In general, Midway had lower net revenues and higher costs, resulting in obviously worse financial performance.

In 2007, 61.5% of Midway's revenues came from North America. By platform, in 2007, the PlayStation 3 contributed 34.6% of revenues, followed by the PC at 22.0%, the Xbox 360 at 15.5% and the DS at 10%, with other platforms making up the remainder.

Midway has terminated its previous secured credit facility with Wells Fargo Foothill that had a $30 million limit and replaced it with a new credit facility from National Amusements with a limit of $90 million.

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This page contains a single entry by Editor published on March 6, 2008 10:03 PM.

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