Midway Expects $100m Loss

Officials from Midway have today revealed the results of operations for the three and nine-months ended September 30. Revenues for the third quarter 2003 were $11.6 million, down from $52.6 million last year. The third quarter net loss was $23.3 million compared with a loss of $11.5 million previously. The third quarter 2003 loss applicable to common stock was $24.1 million or $0.52 per share, compared with figures last year of $11.8 million or $0.25 per share. Revenues for the nine-months ended September 30 were $62.4 million, down from $111.7 million. The net loss for the nine-months was $87.5 million, compared with a net loss of $29.2 in the same period last year. The loss applicable to common stock for the nine-months period was $89.4 million or $1.92 per share, compared with a loss applicable to common stock of $48.7 million or $1.07 per share at the same time last year. The company expects a net loss of approximately $100 million for the year ended December 31 – approximately $3 million more than previously predicted due to the delay of Spy Hunter 2 and Midway Arcade Treasures.