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Midway Lowers Guidance, Cites Slow Demand

Midway Games lowered its financial guidance for the fiscal 2002 and 2003 years, due to slow demand for a number of its recently released games.
Midway expects revenues for Q4, ending December 31, to be $78-$83 million, compared to previous guidance of $105-$155 million. The company says it will report a loss in Q4, compared earlier projects of a $15-$40.0 million profit. It said that slow demand for Defender, Dr. Muto and Haven: Call of the King had caused the revenue shortfall. For the full year ending December 31, Midway expects revenues of between $250-$275.0 million, and pre-tax earnings of $20-$30 million. Analysts had expected $277.7 million in revenue.

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