Midway Confidence Boosted Despite Dire Results

Midway Games has posted yet another set of less than healthy financials in a fresh blow to the embattled publisher as it continues to push for an upward spiral in fortune.

In detail, Midways revenues this quarter were $20.1 million, down from $45.8 million in this quarter last year. Midway also remains loss-making, this time $14.2 million for this period. This is higher than the same period in 2003 when the company posted losses amounting to $9.3 million.

However, the picture could be worse for Midway. The company and its shareholders have reacted positively to the news, with principal shareholder, Viacom chairman Sumner Redstone, announcing that he intends to increase his personal stake to around 60% from his current 49% holding. Strong sales of the acclaimed The Suffering, as well as a healthy-looking line-up of games, including a NARC re-make, also makes for positive reading. Midway is also poised to release a re-branded version of Shadow Hearts in the west.

"The addition of Shadow Hearts: Covenant to our 2004 line-up brings a sequel product with a proven audience into our portfolio", comments president and chief executive officer David F. Zucker. "Moving NARC into 2005 will give that game a better competitive launch window in much the same way that The Suffering and NBA Ballers benefited from their moves from 2003 into 2004. We believe the Shadow Hearts: Covenant addition and NARC scheduling change produce an overall stronger product pipeline for 2004 and 2005."