Midway Announces First Quarter Results; Redstone Confirms Buyout Plans

Officials from Midway have released details of the company’s first quarter results for the period ended March 31. During this period, in which the company only released one title, revenues fell 56% to $20.1 million. The company reported a net operating loss of $14.2 million, compared to a net loss of $9.3 million at the same time last year. Company representatives have indicated that the company expects to report a second quarter revenue of $38 million and a net operating loss of $10 million. Full year predications suggest revenues of $148 million (a 60% increase on 2003), with full year losses falling from $20 million to $18 million. At the same time Viacom CEO Sumner Redstone announced his intention to buy a controlling stake in the company, increasing his stake from 49.3% to “at least” 60%. Redstone’s interest in the company is still a source of puzzlement to analysts but he announced that, “You will see very soon an enormous infusion of great creative talent to Midway - and I mean very soon.” Source: GameSpot