Unreal Tournament III PS3 Delayed To 2008 [Updated]

BEE-UT-FULOne game PlayStation 3 owners won't be playing this holiday season is Epic Games' Unreal Tournament III. Midway had originally planned to ship the PC and PS3 versions this November, but it looks like PC gamers will be the only ones enjoying a cornucopia of headshots this Thanksgiving. Today's financial update from the company writes of the "expected movement" of UT III to the first quarter of 2008. Yes, Midway's fiscal year matches the calendar year, meaning we'll be enjoying the console first sometime between January 1 and March 31 of next year.

In other PS3 delay updates, the European version of Midway's BlackSite: Area 51 will see the Xbox 360 version hitting first, with the PS3 version arriving in early 2008. The official bad news for PS3 owners, right after this.

UPDATE: Mark Rein writes on the official Epic Games forums that the delay is not set in stone and that Midway was simply warning investors about the possibility of a delay, adding that "our goal is still to get the PS3 version of UT3 in stores before the end of 2007." He later writes "there is a chance it will come out in December." The silver lining is that the PS3 version will now feature all of the maps present in the PC version. Thanks, Shane!

Midway Provides Financial Update

CHICAGO, Illinois, October 2, 2007 - Midway Games Inc. (NYSE: MWY) today announced revised estimates for the Company's third quarter ended September 30, 2007, and fiscal year ending December 31, 2007. The changes are primarily to reflect Midway's decision to release Stranglehold for the PLAYSTATION® 3 computer entertainment system in the fourth quarter rather than the third quarter, the expected movement of Unreal Tournament 3 for the PLAYSTATION 3 system into the first quarter of fiscal 2008, and lower expected sales of BlackSite: Area 51 primarily due to the adverse impact of the split shipment between the Xbox 360 and the PLAYSTATION 3 system, with the European version of BlackSite: Area 51 for the PLAYSTATION 3 system shifting into the first quarter of 2008.

The Company now expects third quarter revenue of approximately $39 million, as compared to the Company's previous estimate of approximately $50 million, and a net loss of $0.33 per basic and diluted share, compared to the Company's previous estimate of a net loss of approximately $0.23 per basic and diluted share. On a non-GAAP basis, the Company now expects a loss of approximately $0.27 per basic and diluted share, compared to the Company's prior estimate of $0.17 per basic and diluted share. A reconciliation of non-GAAP to GAAP guidance is provided in a table at the end of this press release.

For the year ending December 31, 2007, the Company now expects full year revenue of approximately $170 million, as compared to the Company's previous estimate of approximately $225 million, and a net loss of $0.85 per basic and diluted share, compared to the Company's previous estimate of a net loss of approximately $0.44 per basic and diluted share. On a non-GAAP basis, the Company now expects a loss of approximately $0.66 per basic and diluted share, compared to the Company's prior estimate of $0.27 per basic and diluted share. A reconciliation of non-GAAP to GAAP guidance is provided in a table at the end of this press release.

David F. Zucker, president and chief executive officer, commented, "While we regret that these delays will cause us to lose some valuable holiday sales in the near term as well as shift revenue for some of these titles out of 2007 and into 2008, we remain confident that our technology strategy and product plan position us to grow both revenue and market share as we move into the heart of this console cycle. Looking ahead to 2008, with our core technology platform now in place, we expect to release a number of titles, including already announced console versions of Unreal Tournament 3, a next generation installment of our NBA Ballers franchise, Wheelman, and TNA iMPACT! the video game. We also expect to release several as-yet unannounced titles such as next generation versions of our hit franchises Blitz and Mortal Kombat, and two exciting new ambitious open world games. We intend to give more details on our 2008 release schedule in the near future."


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