Midway Lowers Fiscal Guidance, Will Create COO Position

Midway had to announce revised revenue and earnings guidance for its fiscal Q2 and full-year 2002, due to game delays that will impact revenues.
The company now expects revenues for the quarter ended June 30 to be between $28-$30 million with a pre-tax operating loss of between $11.5 and $12.5 million. Midway had earlier predicted $40-$50 million in revenues with a pre-tax operating loss of $5-$10 million. Midway lowered Q2 guidance due to the delay of Gravity Games Bike: Street. Vert. Dirt. for the Xbox and the European releases of Red Card Soccer for the Xbox and Gauntlet: Dark Legacy for the GameCube. The company said that lower-than-expected sales of games launched late in the quarter also hurt its financial results. For the year, Midway now expects revenues between $295-$310 million, and a pre-tax operating profit of between $25-$33 million. The Company previously provided full-year 2002 guidance of approximately $330-$340 million in revenues and $49-$54 million in operating profit. The fiscal year guidance was lowered due to the lower-than-expected Q2 as well as a delay in shipping Mortal Kombat: Deadly Alliance and the cancelled production of Gravity Games Bike: Street. Vert. Dirt. for the GameCube. Midway also announced that the company intends to recruit a chief operating officer to support the company's operating plans.

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