Midway Games issued a press release today announcing their revenues for the first quarter of 2005. The final results were revenues of $13.8 million dollars, with a net loss of $15.9 million. On the other hand, while Midway posted a loss, the results were better than had been expected. From the press release:

"The first quarter revenue is in line with our guidance and the reported net loss was better than what we projected. Most importantly, we made further progress during the quarter toward increasing the strength of our product pipeline. The recently executed publishing agreements with Warner Bros. Interactive Entertainment for animated film and Cartoon Network properties add high profile licensed content to our portfolio and provide a solid foundation from which to build our new family-friendly line of games," commented David F. Zucker, president and chief executive officer.

In addition, the press release makes mention of upcoming projects and expected revenues for the rest of the year.

For the year ending December 31, 2005, Midway continues to expect net revenues of approximately $225.0 million, representing an approximate 40% increase over 2004 revenue levels. The Company expects major releases for the second half of the year to include: LA Rush, Mortal Kombat Shaolin Monks, The Suffering: Ties That Bind, Gauntlet: Seven Sorrows, Ed,Edd 'n Eddy: The Mis-Edventures and Blitz: The League. The Company now expects a net loss of approximately $47.0 million for the year ending December 31, 2005, an increase from the Company'™s prior expectation of a net loss of approximately $38.0 million.

To read the press release in its entirety, click here. (Adobe Acrobat Reader is required to view the release.)