Midway Games announced today the results for the fourth quarter and full year that ended December 31, 2007. For Q4, the company posted net revenues of $77.6 million, compared to $96.9 for the same period the year previous. The publisher posted a loss of $29.7 million (or $0.33 per share), compared to the loss of $2.0 million in 2006.

For the full fiscal year, Midway announced net revenues of $157.2 million, compared to net revenues of $165.6 million last year, and a whopping loss of $97.4 million (or $1.07 per share). This is compared to the loss of $77.8 million (or $0.86 per share) in 2006. During the first quarter of 2008, Midway expects net revenues of $28 million, with a loss of approximately $0.30 per share. Despite the continued hemorrhaging of money, management remains upbeat about the future of Midway.

"We were delighted to bring an eager fan base the PS3 version of Unreal Tournament 3 within the fiscal year, and the consumer response to a number of our casual offerings such as Game Party for the Wii and Touchmaster for the DS was encouraging," commented David F. Zucker, president and CEO. "Now that we have overcome many of the technology hurdles that we encountered over the last year, we anticipate smoother launches as we release our strong 2008 line-up."

"We expect 2008 to be a significant year for Midway, with more front-line releases than 2007, including some ambitious new intellectual properties with broad market appeal, reinvigorated franchises with well-established fan bases, and some new opportunities in the casual games space with console titles and a new casual games portal," added Zucker. "In the near future we expect to reveal more details on our line-up, such as the recent announcement of This Is Vegas."

Additionally, Midway announced that they have ended their $30 million secured credit facility with Wells Fargo Foothill while entering into a new credit facility of $90 million with National Amusements. This credit facility will be used for general corporate needs, such as working capital and capital expenditures.