Only hours after THQ cut its earnings forecast for its current quarter (CED Dec 24 p3), Midway Games drastically reduced its estimate for 4th quarter ending Dec. 31. Midway said it now expected revenue for 4th quarter would be $78-$83 million, down from $105-$155 million company had predicted. Also, instead of $15-$40 million profit Midway had forecast, it said it now expected loss, although it didn’t say how much. Announcement spurred disappointing reactions from analysts, and shares in game maker dropped.
Best Buy, crediting strong sales of digital products, reported slight increase in 3rd-quarter net income to $85 million from $80 million as overall sales rose 16% to $5.5 billion on 0.4% decline in same-store sales.
France Telecom (FT) said it reduced its debt by 301 million euros by selling its 10.85% stake in Greek mobile telecom company Vodafone-Panafon to Vodafone International Holdings. FT said it completed sale at price per share of 5.28 euros. FT also said it had acquired from Vodafone Group Plc cash settled option to cover its potential financial obligations under its 4.125% exchangeable notes due Nov. 29, 2004, for 10 million euros. That transaction will generate capital gain of 276 million euros, FT said.
Langhorne, Pa., value-priced publisher eGames said in SEC filing it had stockholders’ equity of $346,000 and working capital of $301,000 as of Sept. 30, end of its first quarter. PC game publisher reported $213,000 profit for quarter and said it “experienced $429,000 in negative cash flow… We believe that our projected cash and working capital may be sufficient to fund our operations through June 30, 2003, but there are significant challenges that we will need to successfully manage in order to be able to fund our operations through that period of time. These challenges include, but are not limited to: Agreeing to and maintaining acceptable payment terms with our vendors; increasing the speed of receivable collections from our customers; and maintaining compliance under the covenants set forth in the forbearance agreement [the company] negotiated with Fleet Bank.”
National Security Agency added extra day to next month’s FY 2003 technology acquisition conference (CD Oct 18 p12). Event is Nov. 14-15, Hanover, Md. -- 301-688-3598.
National Security Agency (NSA) will host commercial technology acquisition conference Nov. 14 to discuss anticipated business opportunities in FY 2003 with potential contracting partners. Event is unclassified but access is restricted to U.S. citizens. Conference will be held at Acquisition Resource Center, 7471 Candlewood Rd., Hanover, Md. -- 301-688-3598.
National Institute of Standards & Technology’s Computer System Security & Privacy Advisory Board scheduled series of meetings Sept. 17-19. Agenda items include update from Office of Management & Budget on privacy and security issues and discussion of matters related to Digital Millennium Copyright Act. Meetings are 9 a.m., General Services Administration hq. Oral comments from public will be permitted, limited to 5 min. per speaker. Persons interested in speaking are encouraged to contact board in advance -- 301-975-3669.
Verance said it received 2 new U.S. patents for digital watermark technology, increasing its total to 20. U.S. Patent No. 6,427,012 uses watermark to track content over broadcasts and Internet. U.S. Patent No. 6,430,301 marks content in order to track it back to specific source, such as CD, DVD, public performance.
Dept. of Commerce needs access to dark fiber links in Washington, D.C., area. Fiber must be capable of operating at gigabit data rates involving: (1) Various U. of Md., NASA and NOAA locations. (2) U. of Md. Mid-Atlantic Crossroads and NOAA hq in Silver Spring, Md. Although all bids will be accepted (RFQ No. NWWX200048), NOAA said it intended to negotiate sole-source contract with FiberGate, “the only known source which presently has these dark fiber circuits in place or which will have them in place in the near future” -- 301-713-0828, ext. 117.
American Bar Assn. (ABA) committee is scheduled to vote Thurs. on resolution supporting constitutionality of extending copyright terms. ABA Section of Intellectual Property (IP) Law debate on proposed Resolution 301-1 will take place during section meeting in Philadelphia. In its current form, resolution states that IP section “favors, in principle, the position that the extension of the term of protection by the [Sonny Bono] Copyright Term Extension Act [CTEA]… does not violate the [U.S.] Constitution; and specifically, that the extension of term does not violate the ‘limited times’ clause of Article I, Section 8, or the First Amendment” of Constitution. ABA action is in response to Eldred v. Ashcroft, lawsuit challenging CTEA, which has sparked widespread opposition from those who contend its extension of copyright protection to works already its existence would stifle public access to materials. ABA debate will be held during section’s business session June 27, 1:45-5:30 p.m. EDT, section said.