Midway says Loss Narrows as Exits Arcade Games
This article comes from Highwaygames.com
Midway Games Inc. said on Wednesday it had a slightly narrower loss for its fiscal fourth quarter but also lower revenues as it exited the coin-operated video game business.Chicago-based Midway reported a loss of $30.4 million, or 81 cents per share, compared with a loss of $30.7 million, or 82 cents per share, in the year-earlier period. For the full fiscal year, the company reported a loss of $69.3 million, or $1.84 per share, compared with $12 million, or 32 cents per share, in fiscal year 2000.
Revenue for the fourth quarter ended June 30 was $20.2 million, down from $24.7 million in the year-earlier period. For the full year, revenue was $168.2 million, compared with $333.9 million in fiscal 2000.
Midway said in a statement that its revenues and earnings were impacted by its exit from the arcade game business and its transition to producing games for next-generation consoles. Midway said that it now plans to release 45 console games for new platforms between Sept. 2001 and Dec. 2002.
Shares in Midway closed down 2 cents at $15.48 on the New York Stock Exchange. Year to date Midway shares are down 78 percent at a time when other video game makers have rallied.
SOURCE: Reuters.
https://www.highwaygames.comhttps://www.highwaygames.com/arcade-news/midway-says-loss-narrows-as-exits-arcade-games-457/
Copyright © 1999 - 2024, Highwaygames.com All Rights