http://www.gamesindustry.biz/content_page.php?aid=33880

Company enters into new $90 million credit facility with National Amusements

Midway has announced its financial results for Q4 2007 and the full fiscal year, reporting a USD 29.7 million and USD 97.4 million loss, respectively.

For Q4, net revenues were USD 77.6 million - down 19.3 million or approximately 20 per cent from the prior year's Q4 revenues of USD 96.9 million.

Midway's Q4 2007 loss was USD 29.7 million, or USD 0.33 per basic and diluted share, up significantly from its USD 2 million loss in Q4 2006.

The company announced that it has terminated its existing USD 30 million secured credit facility with Wells Fargo Foothill and simultaneously entered into a new credit facility of USD 90 million with National Amusements, Inc.

Net revenues for the year ended December 31, 2007 were USD 157.2 million compared to net revenues of USD 165.6 million for the prior year.

The loss applicable to common stock for fiscal year 2007 was USD 97.4 million or a loss of USD 1.07 per basic and diluted share. In 2006, the company reproted a loss of USD 77.8 million or USD 0.86 per basic and diluted share.

"We were delighted to bring an eager fan base the PS3 version of Unreal Tournament 3 within the fiscal year, and the consumer response to a number of our casual offerings such as Game Party for the Wii and Touchmaster for the DS was encouraging," said David Zucker, Midway's president and CEO.

"Now that we have overcome many of the technology hurdles that we encountered over the last year, we anticipate smoother launches as we release our strong 2008 line-up.

"We expect 2008 to be a significant year for Midway, with more front-line releases than 2007, including some ambitious new intellectual properties with broad market appeal, reinvigorated franchises with well-established fan bases, and some new opportunities in the casual games space with console titles and a new casual games portal," he continued.

"In the near future we expect to reveal more details on our line-up, such as the recent announcement of This Is Vegas."

Midway's stock closed at USD 1.77, down 9.23 per cent in today's trading before the financial results were announced.

Ouch, it seems that a few of their projects with Traveller's Tales and other small timers have left them in the red yet again.
Didn't Midway buy Psygnosis in their time, or was that another Sony purchase? Can't remember, but that branch turned a huge loss for whomever bought it as far as I recall.

That's a nasty loss. Publishers need to emphasize more quality over quantity.

Wow. That's a staggering loss for Midway.. altough Unreal Tournament III has sold nearly 300k, that probably isn't close to recouping their losses from developing that title. Instead of high budget games for the ps3 and xbox 360 they should work on some decent, moderately-priced games for the Wii (NOT the lame movie tie-ins and shovelware they've already released for it ie Cruis'n, Happy Feet, The Ant Bully etc.)

Ouch. This year has been extremely tough on 3rd party developers. Has anyone outside of Acti-Blizzard (and Nintendo obviously) made a decent profit?

yeah, they need to be a little more creative with their games. I dont remember the last time i bought one of their games.... i think it was for the SNES... haha...

hopefully, this is like a wake-up slap for them. I think we'll see one or two good things from them this year

I can see why the were rushing to get UT3 out before the end of the year. Things would look even worst if that slipped just a few weeks into the next quarter.

I am surprised that Cruis'n for the Wii did not make millions for them. That thing had "blockbuster" written all over it.

"We expect 2008 to be a significant year for Midway, with more front-line releases than 2007, including some ambitious new intellectual properties with broad market appeal, reinvigorated franchises with well-established fan bases, and some new opportunities in the casual games space with console titles and a new casual games portal," he continued.

This paragraph scares me. Mainly because it's so vague.

Midway's going to join Acclaim soon if they don't figure this generation out soon. Innovate or die.

Oh I'm sure Epic broke even and actually made profit for midway, I think it was some of their other horrid games that just blitzed their funds xD

 You're being sarcastic I hope? That game had the worst graphics seen in over ten years and a 21% on gamerankings.