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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 30, 1999
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MIDWAY GAMES INC.
(Exact Name of Registrant as Specified in Its Charter)
DELAWARE 1-12367 22-2906244
(State or Other Jurisdiction of (Commission (I.R.S. Employer
Incorporation or Organization) File Number) Identification Number)
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 30, 1999, the Registrant issued a press release containing a
business update including expected results for the third quarter of its fiscal
year ending June 30, 1999. The press release is attached as Exhibit 99 hereto
and is hereby incorporated herein by this reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits.
99 Press release, dated March 30, 1999.
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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 30, 1999 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
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EXHIBIT DESCRIPTION
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99 Press release, dated March 30, 1999.
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EXHIBIT 99
CONTACT:
Harold H. Bach, Jr. Joseph N. Jaffoni, Kathleen M. Holmes
Chief Financial Officer Jaffoni & Collins Incorporated
MIDWAY GAMES INC. (212) 835-8500, E-mail: [email protected]
(773) 961-2222
MIDWAY GAMES UPDATES COIN-OP AND HOME VIDEO GAME PROSPECTS
CHICAGO, ILLINOIS, MARCH 30, 1999-- Midway Games Inc. (NYSE:MWY) announced today
that, as previously reported, revenues and earnings for the second half of the
fiscal year ending June 30, 1999 will be lower than the Company's revenues and
earnings for the corresponding period of the prior fiscal year and that home
video game revenues for the second half of fiscal 1999 are expected to be lower
than revenues for the same period of fiscal 1998. While the Company believes
that sales of its coin operated video games have been affected by weak market
conditions experienced in the coin operated video game industry generally, the
Company expects that coin operated video game revenues for the second half of
fiscal 1999 will exceed coin operated video game revenues for the same period of
fiscal 1998.
Midway's revenues for the third fiscal quarter ending March 31, 1999 are
expected to be between $73,000,000 and $75,000,000, compared to revenues for the
third fiscal quarter of the prior year of $94,347,000. Earnings for the fiscal
third quarter are expected to be between $.01 and $.03 per share compared to
Midway's earnings of $.18 per share for the third fiscal quarter last year.
Lower third fiscal quarter home video game revenues are primarily due to fewer
titles being acquired from third party developers for release during the quarter
and the Company experiencing delays in the introduction of certain internally
developed games.
During the third fiscal quarter the Company released three new coin operated
video games: HydroThunder, a racing boat game, NBA(R) Showtime:NBA on NBC(R), a
basketball game with over-the-top action similar in style to NFL(R) Blitz(TM),
Midway's hit football game that has sold nearly 2,000,000 home video game units
to date, and War:Final Assault, a linkable first person combat game. Hydro
Thunder was released in February and has already become a hit in the coin
operated market based on location earnings and sales to date. NBA(R) Showtime:
NBA on NBC(R) and War:Final Assault were both released in March. While
sufficient data is not yet available with respect to these two games, the
Company continues to be optimistic about the prospects for its coin operated
sales for the balance of the fiscal year. Historically, there has been a direct
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correlation between strong performance of the Company's coin-operated games and
the subsequent performance of the same game in the home market.
The Company believes that its home video game product line for its fiscal year
ending June 30, 2000 will benefit from a greater number of hit coin operated
titles and new direct-to-the-home only video games. In the first half of fiscal
2000, Midway expects to release into the home market, in addition to third party
titles, the following six internally developed products: NFL(R)Blitz(TM) 2000,
NBA(R) Showtime:NBA on NBC(R), MK Special Forces(TM), Gauntlet(R) Legends, Ready
to Rumble(TM) Boxing, and Mortal Kombat(R)4-DC. This compares with the two
internally developed titles released in the first half of fiscal 1999: NFL Blitz
and Rush 2:Extreme Racing USA.
This press release contains forward-looking statements concerning the business
conditions and outlook for the Company that involve risks and uncertainties
including, among other things, the risk that actual results for the quarter
ending March 31, 1999 could be different from management's estimates contained
herein, the financial strength of the amusement games industry, dependence on
new product introductions and the ability to maintain the scheduling of such
introductions, technological changes, dependence on dedicated platform
manufacturers and the other risks and uncertainties discussed in Midway's
filings with the Securities and Exchange Commission. Actual results could differ
materially from those anticipated in the forward-looking statements.
Midway 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.
