gave a mixed quarterly report on Monday, following the lead of its larger rivals in the video-game publishing businesses.
The company edged Wall Street's earnings expectations, but fell shy of revenue estimates as sales plunged 31%. And it forecast a wider-than-expected loss in its current quarter and for the full year.
In the first quarter, Midway lost $16 million, or 19 cents a share, compared with a loss of $15 million, or 27 cents a share, in the same period a year earlier. The company's share count swelled from 55.8 million to 85.6 million shares year over year, accounting for the narrowing in its per-share loss.
Meanwhile, the company's sales slumped to $13.8 million in the first quarter from $20.1 million a year ago.
Analysts were expecting Midway to lose 20 cents a share on $16.3 million in sales. The company
forecast in February that it would lose about $18 million on $14 million in revenue in the just-completed quarter.
For the second quarter, Midway predicts it will lose $25 million on about $40 million in sales. Although Midway did not give per share guidance, the company's forecast implies a 29-cents-a-share loss if its share count remains constant in the second quarter and a 24-cents-a-share loss if the share count grows as fast as it did in the first quarter.
The company is now expecting a full-year loss of roughly $47 million on sales of $225 million. That guidance implies a loss of about 42 cents a share if the share count continues to grow at the present rate to a loss of about 55 cents a share if the share count remains unchanged.
The Street had predicted that the company would lose 12 cents a share on sales of $48.3 million in the current quarter and would post a 41-cents-a-share loss for its full fiscal year on $222.9 million in sales. Midway's previous guidance was for a full-year loss of $38 million, or about 42 cents a share, on $225 million in sales.
all offered disappointing guidance for their current quarters.
Shares of Midway closed regular trading on Monday up 13 cents, or 1.4%, to $9.43. The company's report followed the bell.