Printer Friendly

MICROPROSE REPORTS RECORD REVENUES FOR ITS THIRD FISCAL 1993 QUARTER

 HUNT VALLEY, Md., Feb. 5 /PRNewswire/ -- MicroProse, Inc. (NASDAQ: MPRS), today announced revenues for the third fiscal 1993 quarter ending Dec. 31, 1992 of $14,525,000, up 11 percent from last year's third quarter revenues of $13,097,000. These are the highest revenues of MicroProse in any fiscal quarter. Net income was $893,000 or $0.13 for the third fiscal 1993 quarter, in the range anticipated by the company in its announcement to the public on Dec. 23, 1992. This income compared with net income of $2,317,000 or $0.34 per share for the same period a year ago.
 Revenues for nine months were $34,370,000, up from revenues of $28,952,000 for the first nine months of last year, a 19 percent increase. For the nine months of fiscal 1993, MicroProse reported net income of $771,000 or $0.11 per share, compared with net income of $3,219,000 or $0.58 for the same period a year ago. The earnings per share for the first nine months of fiscal 1993 reflect the increase in shares outstanding as a result of the company's initial public offering in October of 1991. MicroProse had approximately 6.8 million shares outstanding in the nine months of fiscal 1993 versus approximately 5.6 million shares outstanding for the same period last year.
 J. W. "Bill" Stealey, chairman of the board and chief executive officer of MicroProse, stated, "Although we reported record revenues for the third fiscal 1993 quarter, our sales were less than previously expected and earnings were lower than the same period a year ago. The lower earnings were primarily due to the shipment of new products later in the third quarter than originally scheduled. We also made additional investments in marketing and product development, as we entered new PC game categories and prepared for our entry into the 16-bit video game market."
 During the third quarter, MicroProse had the most successful product roll-out in its history, with the shipment of more than 110,000 units on the initial release of F-15 STRIKE EAGLE III for IBM PC compatible computers. MicroProse also launched three other new titles for the IBM PC platform: WORLD CIRCUIT (a Formula One racing game); JUMP JET (a Harrier flight simulation); and TASK FORCE 1942 (a surface naval simulation.) The company also shipped an 8-bit NES title, F-117A STEALTH FIGHTER, and received approval from Nintendo for its first 16-bit Super Nintendo Entertainment System product, Super Strike Eagle.
 According to Mr. Stealey, "We continue to believe that the right strategic approach for MicroProse is to focus on excellent individual titles, maintain a strong commitment to quality, and steadily increase our internal product development capabilities. While we still need to enhance our ability to ship new software products as scheduled, our philosophy of only releasing products when they meet our strict standards is the best for our long-term growth. All of the new PC products were released later in the third quarter than we had expected."
 "Looking at the fourth fiscal 1993 quarter and the remainder of the new calendar year," said Mr. Stealey, "we have the best and strongest product line in our history, and we have an exciting new product development plan. However, our biggest challenge is to improve the timing of software releases to maximize the return to MicroProse and its shareholders. The company's strategy is sound and we are determined to take the necessary actions to improve our execution of that strategy."
 MicroProse is a worldwide publisher of entertainment software for personal computers and video game machines, with operations in the United States, Europe and Japan. The company publishes software for PC compatibles, Macintosh, NEC-9801, Commodore Amiga computers, as well as Nintendo and Sega video game systems.
 MICROPROSE, INC.
 Condensed Consolidated Statements of Operations
 (Dollars in thousands, except per share data, unaudited)
 Period ended Three months Nine months
 Dec. 31 1992 1991 1992 1991
 Net revenues $14,525 $13,097 $34,370 $28,952
 Cost of sales 7,379 5,471 17,286 12,840
 Gross profit 7,146 7,626 17,084 16,112
 Operating expenses:
 Marketing and sales 3,431 2,220 9,616 6,246
 General and administrative 1,216 937 3,181 2,689
 Research and development 1,146 1,040 3,239 1,971
 Total operating expenses 5,793 4,197 16,036 10,906
 Operating income 1,353 3,429 1,048 5,206
 Interest and other expenses
 (income), net 12 (231) (101) 86
 Income before income taxes 1,341 3,660 1,149 5,120
 Provision for income taxes 448 1,343 378 1,901
 Net income 893 2,317 771 3,219
 Net income per share 0.13 0.34 0.11 0.58
 Number of shares in computation 6,760 6,744 6,779 5,565
 MICROPROSE, INC.
 Condensed Consolidated Balance Sheets
 (Dollars in thousands)
 12/31/92 3/31/92
 (Unaudited)
 Assets
 Current Assets:
 Cash and equivalents $ 249 $ 4,425
 Accounts receivable, net 14,066 12,045
 Inventory 6,225 3,137
 Prepaid royalties and product
 development advances 296 690
 Other current assets 1,330 753
 Total current assets 22,166 21,050
 Furniture and equipment, net 3,372 2,227
 Software development costs, net 8,858 4,992
 Other assets 429 274
 Total 34,825 28,543
 Liabilities and Shareholders' Equity
 Current Liabilities:
 Notes payable $ 3,872 $ --
 Accounts payable 7,678 5,692
 Salaries, wages and related accruals 696 826
 Income taxes payable 589 1,310
 Current portion of capital
 lease obligations 433 274
 Other current liabilities 265 244
 Total current liabilities 13,533 8,346
 Deferred income taxes 798 1,046
 Long-term debt 1,256 358
 Shareholders' equity 19,238 18,793
 Total 34,825 28,543
 -0- 2/5/93
 /CONTACT: Jim Thomas, 410-771-6722, or fax, 410-785-8963, or Elizabeth Baker, 410-771-6411, or fax, 410-785-8963, both of MicroProse, Inc./
 (MPRS)


CO: MicroProse, Inc. ST: Maryland IN: CPR SU: ERN

TS-OS -- NY041 -- 3644 02/05/93 15:41 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 5, 1993
Words:1002
Previous Article:MIRROR TECHNOLOGIES ANTICIPATES LOSSES
Next Article:SAFETY-KLEEN DECLARES QUARTERLY CASH DIVIDEND
Topics:


Related Articles
UNIQUEST REPORTS RECORD REVENUES AND EARNINGS
MICROPROSE, INC. ANNOUNCES PRELIMINARY RESULTS FOR FIRST QUARTER
MICROPROSE REPORTS EARNINGS
SPECTRUM HOLOBYTE ANNOUNCES FIRST FISCAL QUARTER RESULTS
SPECTRUM HOLOBYTE ANNOUNCES SECOND FISCAL QUARTER RESULTS
SPECTRUM HOLOBYTE ANNOUNCES THIRD FISCAL QUARTER RESULTS
SPECTRUM HOLOBYTE ANNOUNCES FOURTH QUARTER AND YEAR-END RESULTS FOR FISCAL 1996
Microprose (Formerly Spectrum Holobyte) Releases Preliminary 2nd Quarter Expectations
MicroProse, Inc. Releases 2nd Quarter Financial Results in Line With Earlier Company Projections
MicroProse Says Costs, Lost Momentum From Aborted GT Merger to Result in 3rd Quarter Loss of $7-$10 Million on Anticipated Revenues of $17-$20 Million

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters