Dirty Harry
10-18-2008, 02:43 AM
Gamespot (http://www.gamespot.com) reports that Midway (http://www.midway.com) has recently ceased development on two licensed games, while expecting an doubled projected Q3 loss. One of the games was an internal licensed game while the other was a 3rd Party licensed game.
"On Tuesday with much fanfare, Midway Games revealed the November 16 release date for Mortal Kombat vs. DC. Yesterday, the company made much lower-key announcement that it will cease publishing games based on two licensed IP currently in its portfolio. In a previous brief press release, the company said it had "come to mutually beneficial terms with licensing partners resulting in the cancellation of future versions of related game properties and associated development expenditures."
As a result of the agreement, Midway's third-quarter fiscal losses will nearly double. Instead of the $0.37 per share loss it forecast during its August 4 earnings call, the company now expects to lose $0.70 per share due to charges from the cancellation. That means the company's shortfall will be nearly double that of the April-June quarter, when it lost $0.38 per share, or a $34.8 million net loss. By that calculus, the publisher's red ink will increase by $0.33 per share, or about a $30 million, as a result of canceling the licensing arrangements.
Catch the full link here (http://www.gamespot.com/news/6199622.html?part=rss&tag=gs_news&subj=6199622)
"On Tuesday with much fanfare, Midway Games revealed the November 16 release date for Mortal Kombat vs. DC. Yesterday, the company made much lower-key announcement that it will cease publishing games based on two licensed IP currently in its portfolio. In a previous brief press release, the company said it had "come to mutually beneficial terms with licensing partners resulting in the cancellation of future versions of related game properties and associated development expenditures."
As a result of the agreement, Midway's third-quarter fiscal losses will nearly double. Instead of the $0.37 per share loss it forecast during its August 4 earnings call, the company now expects to lose $0.70 per share due to charges from the cancellation. That means the company's shortfall will be nearly double that of the April-June quarter, when it lost $0.38 per share, or a $34.8 million net loss. By that calculus, the publisher's red ink will increase by $0.33 per share, or about a $30 million, as a result of canceling the licensing arrangements.
Catch the full link here (http://www.gamespot.com/news/6199622.html?part=rss&tag=gs_news&subj=6199622)