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Technology Stocks : Midway Games - MWY

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To: Michael Bakunin who wrote (103)	10/23/1998 1:26:00 PM
From: Sye Walsh	Read Replies (1) of 278

By Barbara C. Costanza, CBS MarketWatch Last Update: 12:31 PM ET Oct 23, 1998 NewsWatch STOUGHTON, Mass. (CBS.MW) -- Shares of Midway Games Inc. tumbled 20 percent Friday after the company posted better-than-expected earnings but warned that product delays will hurt its near-term bottom line. The company (MWY) said it expects a 2 to 4 percent decline in gross profit in its fiscal second quarter. Coin-operated revenue for the quarter is expected to drop 20 to 25 percent vs. the year-ago volume. Earnings are expected to total 28 to 32 cents a share for the period vs. the year-ago profit of 48 cents a share. Analysts expected 47 cents a share. Stoughton, Mass.-based Midway cited a delay in the introduction of certain coin-operated and home-video games. Midway, however, also reported better-than-expected first-quarter income of $9.8 million, or 26 cents a share, up from the year-ago total of $7.2 million, 19 cents. Wall Street analysts expected a profit of 19 cents a share. Revenue for the quarter hit $89.3 million, a 21 percent increase over last year's $73.7 million. Shares fell 2 5/16 to 9 7/16. See press release.

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