Midway Loses $34M in Q1, Sales Driven By PS3

Ever-struggling publisher Midway today posted a whopping net loss of $34 million across the first quarter of its 2008 fiscal year, which ended on March 31, 2008. The company has not posted an annual profit since 1999.

During that same time frame, Midway amassed $29.9 million in revenue, a figure that actually surpassed expectations of $28 million. In the same period last year, it only pulled in $11.1 million.

Of the company's $29.9 million revenue, 45.8% was attributed PlayStation 3 software, such as Epic's Unreal Tournament 3. Wii software, including Game Party and Cruis'n, accounted for 36% of its overall revenue, with Xbox 360 games representing 5.7% and PC titles making up 2.8% of that figure.

As it looks ahead to the road towards profitability, Midway expects similar losses for its second quarter. However, the company is optimistic for the performance of its 2008 lineup, which includes Mortal Kombat vs. DC Universe, This Is Vegas, Wheelman, and the Xbox 360 edition of Unreal Tournament 3.