Midway Losses Increase

Officials from Midway have announced fourth quarter and full year financial results for the company, for the period ended December 3. Revenues for this period were $30.1 million, down from $80.2 million in the 2002 fourth quarter. The 2003 fourth quarter net loss was $27.8 million compared with a 2002 fourth quarter net loss of $24.7 million. Revenues for the full twelve months ended December 31 were $92.5 million, down from $191.9 million on the same period in 2002. The net loss for the full year were $115.2 million, compared with a net loss of $53.8 million in 2002. The Company is currently negotiating with lenders to secure a working capital financing arrangement. Subsequent to the end of the year, the company received notification of approval by the Credit Committee of a lender for a $30 million financing arrangement consisting of a $15 million working capital facility and a $15 million term loan. In light of this for the next full year the company predicts revenues of approximately $140 million, a 51% increase versus the prior year, and a net loss of approximately $20.0 million, a $95.0 million improvement. Source: Business Wire