Midway Corrects Misstatements in Q2 Findings

Correcting its reported Q2 2004 financial report, Midway officials sent a press release today notifying the public and press of misstatements made in late July. The correction: The company’s net loss in Q2 was $9.5 million, and Midway's loss applicable to common stock was $11.2 million, or $0.17 per share. “The correction, which does not affect revenues, results from a subsequent reinterpretation of technical accounting guidance related to the treatment of deferred tax items associated with the acquisition of Surreal Software Inc. which results in a $512,000 non cash increase in the provision for income taxes and a $512,000 reduction of goodwill,” the press release reported.