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Midway Announces Fourth Quarter and Year End Results

Midway reported Q4 and year-end results yesterday, almost doubling revenues for the quarter, but showing a sharp drop in quarterly profit.
Revenue for Q4 increased 83% to $80.2 million, yet the company's profits fell from 7 cents per share last year to 54 cents per share this year. The fall in profit was largely due to a $21.0 million charge the company took for write downs and reduced revenues related to Defender, Dr. Muto, and Haven: Call of the King. For fiscal 2002, revenue rose 65% to $191.9 million, but the company still racked up a loss of $1.61 per share, slightly better than the $1.75 per share loss last year. For the current quarter, Midway predicts a pre-tax loss of $3-$5.5 million on revenue between of $40-$45 million, about a 29% to 41% increase over the same period last year. The loss excludes a $6.2 million charge related to the closing of its Milpitas, CA, office. For current year, Midway reiterates its previous guidance of revenues of between $250.0 million and $275.0 million, an approximate 30% to 43% increase over 2002 revenues, with pre-tax earnings of between $20.0 million and $30.0 million. Shares of the company closed at $3.29, down 2.4 percent.

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