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Midway Losses Lessen, Sales Surge

Midway reported today higher sales and lower losses for fiscal 2006 and its fiscal fourth quarter, but the Chicago-based publisher has a way to go before reaching annual profitability.

Net revenues for the quarter ended December 31 were up 39 percent to $96.9 million, compared to $69.8 million for the same period a year ago. Net loss for the quarter was $2 million compared to $37.8 million a year prior.

Total year revenues and losses were also improved. The company generated $165.6 million in net revenues for the 2006, up 10 percent from $150.1 million in 2005. Annual net loss was $77.8 million, an improvement over the prior year's $112.8 million loss.

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