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Midway Reports Q2 Financials

Midway net revenues for the 2005 second quarter were $36.9 million, compared with 2004 second quarter net revenues of $47.3 million. The 2005 second quarter loss was $29.9 million, compared with a 2004 second quarter loss of $11.2 million. The second quarter results were below previously provided expectations primarily due to lower-than-forecasted sales of Unreal Championship 2 (Xbox).

During the 2005 second quarter, Midway released Area 51 for PlayStation 2, Xbox, and PC, and Unreal Championship 2 for Xbox in North America and Europe. Area 51 was a top 5-selling Xbox game and #6 overall game for the month of May in the U.S. according to NPD Funworld. In addition, in the United Kingdom, Area 51 was in the top 10 for four weeks according to Chart Track.

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David F. Zucker, president and chief executive officer, commented, “Extending our reputation for producing high-quality frontline titles, Midway’s second quarter product releases, Area 51 and Unreal Championship 2, generated an enthusiastic response from critics and the gaming community. Importantly, our upcoming holiday lineup is garnering early positive feedback from reviewers.”

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