Midway Games' loss widens in third quarter
TMCnet
TMC Launches New Sites ::  NGC  |  4GWE  |  Green Tech  |  Satellite  |  IT |  IVR |  ITEXPO SHOW NEWS  |  Healthcare  |  Cisco News  |  Skype News  |  Microsoft News  |  AVAYA News
  INDUSTRIES
  VERTICALS
  HORIZONTAL
  PUBLICATIONS
  FREE RESOURCES
  INTERNATIONAL
  EVENTS
  ABOUT TMC
  COMMUNITIES
TMCnet CHANNELS
#1 VoIP Enabler: Risk-free, Quick & Easy Deployment
3G, VoIP & IPTV Performance Management
Advanced Carrier Services
All-in-one IPPBX
Appliance Deployment
ATCA
Auto Dialer
Billing
BPA (3rd Party Remote Call Monitoring)
Business Automation
Business Phone Systems
Business VoIP
Call Center
Call Center Certification
Call Center Digital Signage
Call Center Furniture
Call Center Hiring
Call Center Management
Call Center On Demand
Call Center Outsourcing
Call Center Scheduling
Call Center Software
Call Center Solutions
Call Center Training
Call Center Workforce Management
Call Monitoring
Call Recording
Conference Call
Conference Phones
Conferencing
Contact Center Software
CRM Solutions
Dialer
DID/DDI
Digital Signage
e911
E911 Hosted Solutions
Ethernet Extender
Fax
Fax Over IP
HD Conference
Headsets
Hosted Call Center
Hosted Contact Center
Hosted PBX
Integrated Communications
IP Fax
IP Phone System
IP Phones
IVR
Lead Management Software
Master Agent
Mobile Management
Mobile Unified Communications
Mobile Video
NEBS
Open Source CRM
Phone Systems
Predictive Dialer
SIP
Speech Recognition and Text to Speech
Telecom Expense Management
Telecom Training
Telemarketing Software
Virtual Call Center
Virtual Office
Virtual PBX
Voice Broadcast
Voice Management
Voice Over IP
Voice Peering
Voicemail Replacement
VoIP Contact Center
VoIP Developer
VoIP Gateways
VoIP Monitoring
VoIP Robustness Testing
VoIP Test Solutions
VoIPSwitch
Web Conferencing
Web Meeting
Wholesale VoIP
Wireless Expense Management
Wireless Management
Workforce Management
Workforce Optimization
Share
TMCnews
[November 10, 2008]

Midway Games' loss widens in third quarter

(Chicago Tribune Via Acquire Media NewsEdge) Nov. 10--Chicago-based video game publisher Midway Games posted a net loss of $75.9 million in the third quarter, widening from a net loss of $33.5 million a year earlier, but executives said they are working to turn around the struggling company.



Chief executive Matt Booty said in an earnings call that the company has made "tough but necessary decisions," including the cancellation of a large project at its Austin, Texas-based studio and the combining of two offices in Southern California to reduce overhead. Midway Games has also gotten out of two underperforming license agreements, Booty said.

Midway Games' financial struggles have been a source of worry for media mogul Sumner Redstone, who owns a roughly 87 percent stake in the Chicago company. National Amusements, the Redstone family company that holds his stakes in Viacom and CBS, agreed to a $90 million credit line for Midway Games in February. Booty said the management and directors are continuing to address Midway Games' liquidity and capital issues. National Amusements is grappling with its own financial problems.



Shari Redstone, Sumner's daughter, resigned from Midway Games' board of directors last week to focus on National Amusements, where she is president.

Midway Games' shares dropped a sharp 23.2 percent Monday, closing at 43 cents apiece.

wawong@tribune.com

To see more of the Chicago Tribune, or to subscribe to the newspaper, go to http://www.chicagotribune.com.

Copyright (c) 2008, Chicago Tribune
Distributed by McClatchy-Tribune Information Services.
For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.

[ Back To TMCnet.com's Homepage ]
Discussions:
Be the first to post a comment on this page!
 
By  
TMCnet
+ Add to the Discussion
Receive more news in your Email
Featured White Papers
Featured White Paper RSS feed
10 reasons to switch to an IP PBX
Satisfy Your Customers the First Time, Every Time
Application Whitelisting: A new security paradigm
view all white papers…
Top Stories
Today's TMCnet Top Stories and News Articles
Plantronics Encourages Hawaiian Drivers to Use Hands-Free Devices Whil…
Comcast's WiMax Bundle Challenges AT&T and Verizon: …
Gartner Positions Expand Networks in the 'Leaders' Quadrant
Cellular South to Offer the Dell Inspiron Mini 10 Netbook
Insight Enterprises Earns MS 2009 Operational Excellence Award for Fif…
more of today's top stories...
Related VoIP News
Latest IP Communitions and VoIP News
Qwest Ethernet Services Selected by the State of Utah
J.D. Power and Associates Ranks Verizon Business Highest in Customer Satisfaction
Cadence GRE Technology Reduces Hitachi's PCB Design-Cycle Time
Coleman Technologies Offers Borderless Unified Cisco Network
Kyrgyzstan's National Telecom Operator Selects Cisco's Technologies

Today @ TMC
Upcoming Events
ITEXPO West 2009
 September 1-3, 2009
Los Angeles Convention Center
Los Angeles, CA
4G Wireless Evolution Conference
 Collocated with ITEXPO
September 1-3, 2009
Los Angeles Convention Center
Los Angeles, CA
view more…
Subscribe FREE to all of TMC's monthly magazines. Click here now.