idway Games recently made public their financial results for Quarter Two of 2008. The numbers are less than stellar, most likely due to their nearly nonexistent release schedule during the period of time.

The Breakdown
Total net revenue for the quarter landed at $23.4 million, lower than the $31.8 million reported this time last year. The net loss for second quarter 2008 reached $34.8 million, which breaks down to $0.38 per basic/diluted share. This compares to $0.16 loss per basic/diluted share last year.

On the non-GAAP front – excluding the impact of non-cash items and other stock-option expenses – the loss totaled $26.4 million, which translates into a $0.29 per basic/diluted share drop.

After relaying the numbers, the company highlighted some of their operational strengths this past quarter. Midway released NBA Ballers: Chosen One, Unreal Tournament III for the Xbox 360 and announced Game Party 2 and Touchmaster 2: Mechanic Master during the second quarter of 2008. In addition, they announced the newest installment of Blitz: The League II and revealed their new causal games portal accessible via MidwayArcade.com.

Midway officials expect the Quarter Three release of TNA Impact will result in net revenues of $52 million, with a net loss of $0.37 per basic/diluted share.

Matt Booty, interim president and CEO, ended the release by quoting, "At E3 this year, Midway showed that we have possibly our strongest holiday line-up in recent years, which we plan to kick off in September with TNA Impact, a game that is garnering substantial buzz as a formidable competitor to other wrestling franchises. Following that, we expect the releases of Blitz: The League II and Mortal Kombat vs. DC Universe to expand the audience beyond their core fan bases."