Midway Games, developer and publisher of the Mortal Kombat series, has announced their results for the three month period between June 30th, 2006 and September 30th, 2006, commonly referred to as Quarter 3 of the year. From the press release:
Net revenues for the 2006 third quarter were $27.4 million, compared with 2005 third quarter net revenues of $29.5 million. The 2006 third quarter loss applicable to common stock was $22.2 million which includes $1.0 million of stock option expense, or a loss of $0.24 per share, compared with a 2005 third quarter loss applicable to common stock of $29.1 million, or $0.33 per share.
In a rather optimistic view of Quarter 4, Midway mentions the already released MK: Armageddon and the soon to be released MK: Unchained for the Sony PSP.
For the quarter ending December 31, 2006, Midway expects net revenues of approximately $86 million and net income of approximately $2 million. For the fourth quarter, Midway has already released Mortal Kombat: Armageddon for PlayStation 2 and Xbox, and Unreal Anthology for the PC. During the remainder of the quarter, the Company expects to release Happy Feet for multiple platforms; The Grim Adventures of Billy & Mandy, Rampage: Total Destruction, and The Ant Bully for the Nintendo Wii; Blitz: The League for the Xbox 360; and Blitz: The League Overtime, Mortal Kombat: Unchained, and Rush for the PlayStation Portable (PSP). For the year ending December 31, 2006, Midway continues to expect net revenues of $155 million, and is revising full year earnings expectations to a net loss of approximately $73 million, compared to our prior guidance of a net loss of approximately $70 million. This is primarily due to decreasing margins on current generation titles. The full year guidance includes approximately $3.5 million of stock option expense.
There was also a Conference Call, which took place earlier today, which can be reviewed as seen below:
Midway Games Inc. is hosting a conference call and simultaneous webcast open to the general public at 4:30 P.M. EST today, Thursday, November 2, 2006. The conference call number is (866) 510–0704 or (617) 597–5362 (international callers). The passcode for the call is 82744623. Please call ten minutes in advance to ensure that you are connected prior to the presentation. Interested parties may also access the live call on the Internet at www.investor.midway.com or at www.earnings.com. Please log–on fifteen minutes in advance to ensure that you are connected prior to the call's initiation. Following its completion, a replay of the call can be accessed until November 9th by dialing (888) 286–8010 or (617) 801–6888 (international callers). The passcode for the replay is 79391706. Additionally, a replay of the call will be available for twelve months on the Internet via www.investor.midway.com.
To view the press release in full on Midway's site, click here.
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