You are probably correct. I think its impossible for anyone to really know what financial position Williams Pinball was in when they called it a day unless you were working in the accounts dept. That pinball subsidiary of Williams might have been in the black or in the red, but it is unlikely that any business closes its doors on a profitable business. Perhaps they were breaking even, or trading dollars for dollars, but the last 3 years of production were low, albeit better figures than the other manufacturers were doing anyway.
The last few machines they sold over a 3 year period, making it a average of only 2 new titles per year, compared to their average of 4 titles per year, were
Star Wars Episode 1 - 3525 units
Tales of the Arabian Nights - 3128
Junk Yard - 3013
Medieval Madness - 4016
No Good Gofers - 2711
Monster Bash - 3361
Perhaps Williams was smart enough to pull the pin when they did, before they started suffering large financial losses. Pin2000 didnt do the figures, so what were they to do next to get figures right up again ? Its a good question because it seems after producing beautiful games like Monsterbash, MediEvil Madness, Junkyard and TOTAN, they still couldnt get the numbers they needed. If you produce great machines like the ones I have just mentioned, and you still cant get the numbers up, its not the product, its the market who had moved on sadly to X Box n Playstation.
Even so, it would have been nice to have worked at Williams in its hey day, seeing games like Twilight Zone going down the production line, month after month. Dam it would be nice to have a time machine.
Oneday next year I might get to sitdown with Gary Stern and ask him 20 x questions. Then I will know some more about Stern.
You're obviously missing a very big point: Since 1989 Bally and Williams were the same company. You can't just look at the last Williams games and neglect the Bally titles. It was the same pinball division, they just used two different brand names.
You may get some new insights if you read what Roger Sharpe is saying about the last years of the WMS pinball division in Pinball Magazine. The graphic chart with sales figures in the magazine may also give you a bit more insight.
20 questions to Gary? Show me the questions and I'll bet you I (and many others) can tell you exactly the answers he will give you.
Just as a heads up: I've been in the Stern factory: you'll probably lose your religion. It's almost like if you know how they make sausages, you'll never eat one again :)