 By James Ransom-Wiley
el 06-May-2008 | Filed under: Business
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Midway today held its first quarter earnings conference call, which also marked interim president and CEO Matt Booty's official introduction to investors and others (like us) listening in. Graciously, interim CFO Ryan O'Desky handled the seemingly good news that Q1 2008 revenue hit $29.9 million, up $18.8 million over Q1 2007's revenue, followed by the very bad news that Q1 '08 net losses totaled $34 million ($14.2 million more than Q1 '07 losses), before passing the mic over to Booty.
After a brief introduction, which included a shoutout to Midway's coin-op era "heyday," the 19-year company veteran set out to map a "path to profitability." While Q1 featured "no new releases in North America," and the Q2 highlight has already come and gone (what, you missed it?), Booty focused on the expected Q3 summer release of Unreal Tournament 3 for Xbox 360 as a potential starting point for getting the company back on track. (A port of last year's shooter leading your current portfolio more than halfway into 2008? Really, Midway? Really?)Continue reading Notes from Midway's Q1 earnings conference call Read | Permalink | Email this | Comments
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