TDK Mediactive Lowers Fiscal Year Guidance

The company lowered its full-year revenue guidance from $50 million to $43-46 million. The company also lowered its expectations for net income, now saying it expects a loss between $1.2-2.4 million, or 5-10 cents per share. TDKM's earlier guidance was for net income per share of 5 cents. Vincent Bitetti, chief executive officer of TDK Mediactive, explained that "A variety of industry, retail and economic factors have conspired to make this year's holiday season more challenging than originally expected. In particular, the industry's current title surplus, related downward pricing pressures and tepid consumer spending have tempered both our revenue and net income outlook for FY '03."