Midway Reports Even Larger First Quarter Loss

For the quarter, Midway reported a net loss of $33.954 million, compared to a net loss of $19.814 million in the same quarter the previous year. Midway is still in the midst of a turnaround that has been going for long enough that it can be better termed a continued slump. Despite the fact that the first calendar quarter of the year is consistently the worst performing period for gaming publishers (thanks to the preceding holiday season), these results are particularly bad, even for Midway, reflecting the fact that the company had no major game releases during the quarter.

During the quarter, 45.8% of revenues came from the sale of PlayStation 3 products, followed by 36.0% from the Wii, with other platforms making up the balance. Returns or adjustments on previously shipped Xbox 360 products actually cost Midway money during the quarter.