NEWS - Wednesday, July 3, 2002

MK3 Pushed Back

Midway Games today issued revised earnings and revenue guidance for its second quarter and full year 2002 financial outlook. For its second quarter ended June 30, Midway now expects revenues to fall between $28.0 and $20.0 million, down from previous expectations of $40.0 to $50.0 million. A pre-tax operating loss of $11.5 to $12.5 million is also now expected, up from previous guidance which pegged a pre-tax operating loss in the range of $5.0 to $10.0 million for the quarter. Quarterly outlooks were lowered due to the delay of Gravity Games Bike: Street. Vert. Dirt. for Xbox, and the European releases of Red Card Soccer for Xbox and Gauntlet: Dark Legacy for GameCube, all of which are now expected to ship in the quarter ending September 30, 2002. For its full year ending December 31, Midway is now forecasting revenues of between $295.0 and $310.0 million (down from $330.0 to $340.0 million) and a pre-tax operating profit of between $25.0 and $33.0 million (down from a previous estimate of $49.0 to $54.0 million). The biggest reason for the drop in guidance is that the long-awaited Mortal Kombat: Deadly Alliance has been pushed back to a release in Midway’s 4th quarter, from a previously planned September release. Also, the company has cancelled production of Gravity Games Bike: Street. Vert. Dirt. for GameCube, previously due for release in the third quarter of 2002.


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