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Midway Reports Q2 Results News
Jon Wilcox
05/08/2005
Below than expected sales of Unreal Tournament 2 blamed for lower than forecasted results...
Midway has today reported its results for the second quarter of the fiscal year 2005, which has seen the company experience a drop in Net revenues from $47.3 million in Q2 2004, to $36.9 million â“ with less than expected sales of Unreal Tournament 2 blamed for the figures.
David F. Zucker, President and Chief Executive Officer, commented, "Extending our reputation for producing high-quality frontline titles, Midway's second quarter product releases, Area 51 and Unreal Championship 2, generated an enthusiastic response from critics and the gaming community. Importantly, our upcoming holiday lineup is garnering early positive feedback from reviewersâ¦Our efforts to expand our publishing business through strategic partnerships such as with MTV and Warner Bros. Interactive Entertainment, and to grow our internal product development capabilities through acquisitions and organic growth, demonstrate that Midway's turnaround strategy continues to gain momentum. We are committed to creating high-quality innovative content for this and the next console cycle, and we have assembled excellent internal development teams and global marketing resources to support this goal."
The news comes as Midway announced the development of the videogames adaptation of Warner Brosâ forthcoming animated movie, Ant Bully â“ with the game launching on home consoles, handhelds, and the PC (expect the videogames to come out around the same time as the movie in 2006.)
Midway has also announced the acquisition of Australian developers, Ratbag for an undisclosed figure. Ratbag, based in Adelaide, are currently working on several current and next-generation games for Midway. Founded in 1994, Ratbag released their first title, Powerslide, four years later to critical and commercial success.
Midway has also announced its Q3 forecast (ending September 30th 2005) with net revenues of $30 million and a net loss of $19 million. During Q3 Midway is set to release Mortal Kombat: Shaolin Monks on Xbox and PlayStation2, Midway Arcade Treasures 3 on Xbox, PlayStation2 and GameCube, and a compilation of Midway Arcade Treasures 2 and 3 on PC. The end of September should also see the release The Suffering: Ties That Bind, but the company expects the revenue from the title influence he revenue of the fourth quarter at the end of December 2005.
During Q4, Midway will be releasing a raft of tiles including Gauntlet: Seven Sorrows on Xbox and PlayStation2, Blitz: The League for Xbox and PlayStation2, Ed, Edd n Eddy: The Mis-Edventures for PlayStation 2, Xbox, GameCube, GameBoy Advance, and PC, and L.A. RUSH for PlayStation 2 and Xbox. Midway is also set to launch its first two PSP titles: Mortal Kombat: Deception Unchained and Midway Arcade Treasures: Extended Play.
"We are very excited about our product lineup for the next two quarters as we look to launch a diverse lineup of games that include several key Midway franchises, new family-friendly products and our first-ever PSP titles. We are committed to investing in our internal development resources and recruiting top industry talent, as evidenced by our acquisition of Ratbag, to establish the infrastructure necessary to build scale and succeed in the next generation. In addition, with the expectation of a crowded fourth quarter market for real-time strategy titles, we believe it is prudent to shift Rise & Fall: Civilizations at War to 2006 to benefit from a less competitive release window," added Mr. Zucker.
Finally, Midway has announced that they expect their end of year results on December 31st 2005 to show net revenues at $200 million, down from the previously expected $225 million. This is due to the rescheduling of Rise & Fall: Civilisations At War to Q1 2006 from Q4 2005. The company also announced a revision to its net loss from the previously forecasted $47 million to $60 million.
Weâll have more news on all of Midwayâs future line-up shortlyâ¦
