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Midway Games Inc. reports higher second quarter results
CHICAGO--(BUSINESS WIRE)--Jan. 30, 1997-- Midway Games Inc announced today its results of operations for the second quarter ended December 31, 1996.
Fiscal 1997 second quarter revenues were $125,519,000 compared with $89,162,000 in the prior year period. Net income
was $15,107,000, $0.41 per share, compared with net income of $11,598,000, $0.35 per share, in the prior year period. The
number of shares used in calculating per share earnings increased by 10% to 36,800,000 in the fiscal 1997 second quarter
from 33,400,000 in the prior year period because of the public offering mentioned below.
Home video game revenues increased to $93,577,000 in the fiscal 1997 second quarter from $72,173,000 in the prior year.
Coin operated video game revenues increased to $31,942,000 in the second quarter from $16,989,000 in the prior year.
The fiscal 1997 second quarter reflects product development expenses of $14,780,000 compared with $9,541,000 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 Corporation. 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 commenced shipping its newest coin-operated video games, Cruis'n World and San Francisco Rush, in the
second quarter of fiscal 1997 and the games have received favorable acceptance and the Company is receiving strong repeat
orders from its distributors.
During the second quarter of fiscal 1997 approximately 75% of the Company's home video game sales were for the next
generation platforms including Nintendo 64, Sony Playstation and Sega Saturn. Midway was the only domestic publisher for
Nintendo 64 during the quarter ended December 31, 1996 other than Nintendo. Sales of Nintendo 64 units during the second
quarter were approximately 50% of the Company's total next generation units sold. The primary next generation home video
games sold by the Company include Mortal Kombat Trilogy, The NHLPA & NHL Present Wayne Gretzky's 3D Hockey,
Area 51, Open Ice, Robotron X and Final Doom.
During the last six months of fiscal 1997, Midway expects to introduce for Nintendo 64 and selected other platforms NBA
Hangtime, Doom 64 and War Gods.
Another positive report and these guy do some business with GT. In associated news 3DO also reported good earnings.
Cheers
Bill |
