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Midway Games reports first quarter results Midway Games reports first quarter results November 6, 1996, 7:16 AM EST
CHICAGO--(BUSINESS WIRE)--Nov. 6, 1996--Midway Games Inc. (NYSE:MWY) announced today its results of operations for the first quarter ended September 30, 1996.
Fiscal 1997 first quarter revenues were $65,555,000 compared with $67,938,000 in the prior year period. Net income was $6,077,000, $0.18 per share, compared with net income of $7,170,000, $0.21 per share, in the prior year period.
Home video game revenues increased to $47,554,000 in the fiscal 1997 first quarter from $46,717,000 in the prior year. Coin operated video game revenues decreased to $18,001,000 in the first quarter from $21,221,000 in the prior year.
The fiscal 1997 first quarter reflects product development expenses of $12,003,000 compared with $5,851,000 in the prior year. This planned increase is primarily due to the addition of the product development expenses from the Company's newly acquired subsidiary Atari Games Inc. The higher level of product development expenses is expected to result in increased coin-operated and home video game introductions for the 1997 fiscal year and subsequent periods.
The Company's newest coin-operated video game, Cruis'n World, was introduced at the annual AMOA trade show in September where it won the award for "Best New Game at the Show." Midway will begin customer shipments of this game in November.
In October the Company launched its newest home video game Mortal Kombat Trilogy on the Sony Playstation which the Company believes resulted in one of the most successful product launches in the history of that platform. The Nintendo 64 and personal computer versions will be launched in November.
In the second quarter ending December 31, 1996, Midway expects to launch The NHLPA & NHL Present Wayne Gretzky's 3D Hockey for the Nintendo 64; Robotron X for the Sony Playstation and personal computers; Area 51 for Sony Playstation, Sega Saturn and personal computers; Open Ice for Sony Playstation and personal computers; and NBA Hangtime for Nintendo 64, Super Nintendo, Sega Genesis, Sony Playstation and personal computers.
On October 30, 1996 the Company successfully completed the initial public offering of 5,100,000 of its common shares at a price of $20.00 per share. The managing underwriters of the offering were Oppenheimer & Co., Inc., Hambrecht & Quist LLC, UBS Securities LLC and Wasserstein Perella Securities, Inc.
This press release contains forward looking statements that involve risks and uncertainties, including statements relating to the introduction of video games. The actual results could differ materially from those anticipated in these forward looking statement as a result of certain factors including delays in product development and manufacturing and the introduction of new dedicated platforms.
Midway Games is a leading designer, publisher and marketer of interactive entertainment software for both the coin-operated and home markets. Midway's games are available for play on all major dedicated home video game platforms, including Nintendo, Sony and Sega and personal computers.
MIDWAY GAMES INC.
Consolidated Summary of Operations
(Thousands, except per share amounts)
(Unaudited)
Three months ended
September 30,
1996 1995
Revenues:
Home video $ 47,554 $ 46,717
Coin-operated video 18,001 21,221
Total revenues 65,555 67,938
Cost of sales 31,175 40,622
Gross profit 34,380 27,316
Research and development expense 12,003 5,851
Selling expense 7,608 7,562
Administrative expense 3,994 2,272
Operating income 10,775 11,631
Interest income (expense), net (973) (47)
Income before tax provision 9,802 11,584
Provision for income taxes (3,725) (4,414)
Net income $ 6,077 $ 7,170
Net income per share $ 0.18 $ 0.21
Shares outstanding 33,400 33,400
Shares outstanding reflect the 33,400-for-one stock split in
October 1996
U Business Wire. All rights reserved.
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