NEWS - Friday, August 5, 2005


Midway Has Weak Q2

Weak Q2 for Midway as Unreal Championship 2 disappoints Adds to internal development strength with Ratbag Games purchase Publisher Midway Games has missed its already low guidance for the June quarter, posting a loss of $29.9 million on revenues which slid over $10 million from last year’s figure to just $36.9 million. While much of the loss is attributed to the poor performance of Unreal Championship 2 - the company’s only other big release in the quarter, Area 51, performed rather better - the knock-on effect on the firm’s full-year targets is also significant. Midway has lowered its projections for the coming quarter to a loss of $19 million on revenues of $30 million, while for the full year ended December 31st, it expects revenues of $200 million and a net loss of $60 million - down from earlier projections of $225 million revenue and $47 million loss. However, some analysts remain optimistic about the company, which has been undergoing some fairly significant growth and refocusing since Viacom boss Sumner Redstone acquired a majority stakeholding in it last year. "We believe that as Midway continues to focus on game quality, its outlook will continue to improve," commented Wedbush Morgan Securities analyst Michael Pachter. "We believe that the company is building the infrastructure necessary to support significantly higher revenues, and expect this investment to pay dividends in 2007, if not earlier." However, for now Pachter is maintaining his Hold rating on the stock. "The company’s turnaround is under way," he said, "but we believe that Midway may still be 12 - 18 months away from consistent profitability." Midway also this morning announced that it has acquired Ratbag Games, the Australian studio responsible for titles including Powerslide and The Dukes Of Hazzard, which will now be renamed as Midway Studios Australia and is already working on a number of unannounced titles for the publisher.
Source: http://www.gameindustry.biz

Site Statistics

Registered Members: 49,791
Forum Posts: 725,921
Xbox One Titles: 3,017
Xbox 360 Titles: 1,086
Xbox 360 Kinect Titles: 95
Xbox 360 Arcade Titles: 586
Original Xbox Titles: 987
Staff Reviews: 2,066
Member Reviews: 10,339
News Articles: 15,699
Screenshots: 34,330
Xbox 360 Achievements: 45,112
Xbox 360 Faceplates: 2,016
Cheat Codes: 1,706

Latest News

Bonkies Sets off January 29th

Bonkies Sets off January 29thBonkies is packed with cute animals, brain-teasing missions and goofy mishaps, a perfect recipe for a peaceful evening with loved ones at home. Plus there’s a 20% preorder discount!






Teratopia Launches January 20th

Teratopia Launches January 20thJoin Tucho in his quest to rescue his friends and liberate the colorfully grotesque lands of Teratopia! Traverse 13 unique zones packed with enemies bent on overtaking your homeland.



See News Archives

Community Forum Activity

Watch Dogs: Legion
Post by Nato King
0 Replies, 14446 Views

Xbox Series X or S
Post by Nato King
5 Replies, 16107 Views

Spellbreak Grand Magus Pack (3) and Starter Pack (7) Giveaway!
Post by Variation-XBA
0 Replies, 13413 Views

I pay $ 1000! I search the Element 54 Canadian launch Team signaturen Faceplate
Post by Smill
0 Replies, 13310 Views

Xbox one no signal
Post by debrartin
0 Replies, 37579 Views

do you remember?
Post by SnoochyBoochy
3 Replies, 39057 Views

i haz xbox
Post by SnoochyBoochy
0 Replies, 34338 Views

Claiming the first thread of 2020
Post by Kraft
7 Replies, 59955 Views

Important! I pay $ 1000! I search the Sweden launch and the Element 54 Faceplate
Post by Smill
3 Replies, 24979 Views

Squad Up
Post by samslophead
0 Replies, 61165 Views

TERA Skinned Xbox One X Giveaway!
Post by Variation-XBA
0 Replies, 54480 Views

Starfield Release expectations?
Post by DJ tx
4 Replies, 99707 Views

Issue with Xbox live on Xbox home
Post by rcmpayne
0 Replies, 70744 Views

Happy Birthday, Me.
Post by SnoochyBoochy
4 Replies, 86142 Views

Xbox Playdates Canada October, 2018 Play date info thread.
Post by Kiesey
2 Replies, 20361 Views

© 2000-2021 XboxAddict.com - All rights reserved. All trademarks are properties of their respective owners.
Xbox is a registered trademark of Microsoft. XboxAddict.com is not affiliated with Microsoft.

Made in Canada
Site Design by Cameron Graphics