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Midway Reports Loss for 3rd Qtr But Shows Latest Games
Mortal Kombat V, NFL/NHL Blitz 2002, Artic Thunder and Cart Racing - all for the consumer market, are tipped to reverse the $25.9 million loss in the 3rd quarter.
Midway announced its steep losses in the fiscal third quarter. Revenues for the quarter reached $23.7 million including a $3.6 million charge related to layoffs in Midways coin-op division, down from revenues of $54.9 million in the same quarter last year. Midway's third quarter loss, including the restructuring charge and a separate tax credit, grew to $25.9 million from last year's $11.5 million third quarter loss. Midway's restructuring efforts will allow it to better focus on developing next generation console titles, a move that the company believes will make them profitable in upcoming quarters.
As part of this announcement, Midway also released information on its upcoming games confirming Mortal Kombat V for PlayStation 2 and Xbox in 2002. The company also announced NFL Blitz 2002, NHL Hitz 2002, Arctic Thunder, Spy Hunter, Cart Racing, Ready to Rumble II and plans for at least 31 new games to range on Playstation II, Nintendo Cube, Microsoft X Box, and Nintendo Game Boy.
No news on games for the coinop industry as yet.
Midway shares rocket
After a terrible quarter of losses, Midway shares are rocketing touching US10 this week, although they would have advised Wall Street that all exceptional losses are now taken care of, we feel there may well be more to this large increase in share price. A take over by Viacom may well be back on the table.
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