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TheStreet Open House

Midway Games Reeling

Video game publisher Midway (MWY) missed analyst expectations for the third quarter on poor sales of some games, delays in the release of other titles and a lower financial outlook for the year.

The company warned on Oct. 2 that it would miss analyst estimates because of delays in the release of two games and lower sales expectations for another, BlackSite: Area 51.

Net losses for the quarter widened to $33.5 million, or 37 cents a share, compared with a loss of $22.2 million, or 24 cents a share, in the year-ago quarter.

Excluding stock option-related expenses and other charges, Midway reported a third-quarter loss of $28 million, or 31 cents a share. A year ago, the company reported a loss of $20.3 million, or 22 cents a share. Analysts polled by Thomson Financial were expecting a loss of 33 cents a share.

Net revenue for the 2007 third quarter was $36.7 million compared with $27.4 million a year ago. Analysts were expecting revenue of $39.17 million in the quarter.

Shares of Midway were off 7 cents, or 2.4%, to $2.83 in recent after-hours trading.

For the fourth quarter, Midway expects revenue of $80 million with a net loss of 21 cents a share.

Excluding charges, the company expects to report a fourth-quarter loss of 13 cents a share. Analysts are expecting a loss of 14 cents a share on revenue of $88 million.

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