Midway's Q3

Midway's red ink is rising, as the company announces big losses for the third quarter. Revenues for the quarter dropped from $80.3 million last year to $54.9 million this year, transforming last year's $1.1 million in income into a net loss of $11.5 million for this year's third quarter. Midway's coin-op revenues dropped 31 percent from last year's result, while home game revenues slipped 33 percent. Midway is laying the fault on the perceived industry slowdown in console sales that has taken the blame from many game publishers for disappointing results over the last two quarters.