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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) March 12. 1998
MIDWAY GAMES INC.
(Exact Name of Registrant as Specified in Its Charter)
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<S> <C> <C>
DELAWARE 1-12367 22-2906244
(State or Other Jurisdiction of (Commission File Number) (I.R.S. Employer Identification Number)
Incorporation or Organization)
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3401 NORTH CALIFORNIA AVENUE
CHICAGO, ILLINOIS 60618
(Address of Principal Executive Offices) (Zip Code)
Telephone Number, Including Area Code (773) 961-2222
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ITEM 5. OTHER EVENTS.
On March 12, 1998, the Registrant completed its acquisition from GT
Interactive Software Corp. of distribution rights for Registrant's personal
computer (PC) games in North America and Japan for all future games released by
Registrant. Additional information about developments concerning the Registrant
are incorporated herein by this reference to the press release filed herewith as
Exhibit 99.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits.
99 Press release, dated March 13, 1998.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
MIDWAY GAMES INC.
March 17, 1998 By: /s/ Orrin J.Edidin
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Orrin J. Edidin
Vice President, Secretary
and General Counsel
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INDEX TO EXHIBITS
EXHIBIT DESCRIPTION
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99 Press release, dated March 13, 1998
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Exhibit 99
WMS INDUSTRIES, INC.
3401 North California Avenue
Chicago, Illinois 60618
WMS AND MIDWAY ANNOUNCE MIDWAY'S ACQUISITION OF
NORTH AMERICA AND JAPAN PERSONAL COMPUTER
RIGHTS AND PRELIMINARY EARNINGS ESTIMATES
FOR THE THIRD QUARTER
CHICAGO -- March 13, 1998 -- WMS Industries Inc. (NYSE:WMS) and Midway
Games Inc. (NYSE:MWY), which is 86.7% owned by WMS, announced today that Midway
has purchased from GT Interactive Software Corp. (Nasdaq: GTIS), "GTIS,"
distribution rights for Midway's personal computer (PC) games in North America
and Japan for all future games released by Midway. Midway had originally granted
these distribution rights to GTIS in 1995 when Midway was focusing on building
its position in the console game market. Now that Midway is a leader in that
market, it has elected to exploit directly the growth opportunities available in
the North America and Japan PC game market. Midway anticipates introducing new
PC games for distribution in North America beginning in its June 30, 1998 fiscal
quarter.
WMS recently announced a record date of March 31, 1998 for the spin-off of its
86.7% ownership interest in Midway to WMS stockholders, pursuant to which WMS
stockholders will receive approximately 1.2 shares of Midway common stock for
each share of WMS common stock owned on the record date. For the fiscal quarter
ending March 31, 1998, Midway expects that Hyper Drive, a coin operated video
space game that it planned to introduce in March 1998, will instead be
introduced in the Company's quarter which ends June 30, 1998. As a result,
Midway's earnings for the quarter ending March 31, 1998 are anticipated to be
approximately $0.18 per share compared to Midway's earnings of $0.17 per share
for the quarter ended March 31,1997. Midway noted that the creative process of
game development often makes it difficult to precisely predict the timing of
game deliveries. For the same quarter WMS expects to report a loss from its
continuing pinball, novelty game, video lottery terminal and gaming device
operations, of approximately $1.80 per share as compared to a loss from
continuing operations of $0.10 per share for the quarter ended March 31, 1997.
The March 31, 1998 quarterly loss from continuing operations of WMS includes an
after tax charge of approximately $1.69 per share for the previously announced
adjustments to the WMS outstanding common stock options. WMS noted that this
expected loss from continuing operations of $0.11 per share, excluding the
option adjustments, includes lower revenues and an increased loss from the
pinball segment and higher revenues and a decreased loss from the gaming segment
than reported in the previous quarter.
This press release contains forward-looking statements that involve risks and
uncertainties including the risk that actual results for the quarter ending
March 31, 1998, could be different from management's estimates contained herein,
risks that anticipated deliveries of games could be delayed, abandoned or
accelerated and the risks and uncertainties discussed in WMS' and Midway's
reports filed with the Securities and Exchange Commission. Actual results could
differ materially from those in these forward-looking statements.
WMS Industries Inc. is engaged in the design, manufacture and sale of pinball
and novelty games and video lottery terminals and gaming devices. Midway Games
Inc. is engaged in the design, distribution and sale of video games.
CONTACT:
Harold H. Bach, Jr. or Joseph N. Jaffoni,
Chief Financial Officer Kathleen M. Holmes
773/961-1111 Jaffoni & Collins Incorporated
212/835-8500, [email protected]
