Midway, the developer of Unreal Tournament III and developer/publisher of TNA iMPACT! have the results for their Q2 results and it's not looking good. Midway lost $34.8M, which is $0.38 per share and that is double what they lost last year in Q2! Ryan O'Desky, interim CFO, blamed the losses on increased development costs, saying that "capitalized product development costs [were] approximately $73.2 million, an increase of $11.6 million from the previous quarter." Another reason Midway may have struggled was because they only released one game during Q2: NBA Ballers: Chosen One.

Today, the once-mighty Midway Games reported another lackluster quarter. The Chicago-based publisher suffered a $34.8 million loss, or $0.38 cents per share, on net revenues of $23.4 million. The shortfall was more than twice the $14.3 million, or $0.16 per share, Midway lost on revenues of $31.8 million during the same quarter last year.

In an after-earnings report conference call, interim CFO Ryan O'Desky blamed the shortfall on increased development costs. He told analysts that Midway used $32.9 million in cash on operations during the quarter, while "cash invested in next-generation technologies and product development projects totaled approximately $26.2 million." For the entire quarter, O'Desky said "capitalized product development costs [were] approximately $73.2 million, an increase of $11.6 million from the previous quarter." While hardly welcome, the losses were less than analysts' expectations.

Tyranitar24 via gamespot.com »