Midway Games Reports Q3 Results

Revenues for the quarter reached $23.7 million including a $3.6 million charge related to layoffs in Midways coin-op division, down from revenues of $54.9 million in the same quarter last year. Midway’s third quarter loss, including the restructuring charge and a separate tax credit, grew to $25.9 million from last year’s $11.5 million third quarter loss. Midway’s restructuring efforts will allow it to better focus on developing next generation console titles, a move that the company believe will return it to the black in coming quarters.