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Atari Reports Fiscal 2007 Second Quarter Results

Atari, an interactive entertainment company, today announced financial results for the fiscal 2007 second quarter ended September 30, 2006.

Net revenue for the quarter ended September 30, 2006, was $28.6 million versus $38.4 million in the comparable year-earlier period. Publishing net revenue was $23.1 million versus $22.6 million in the prior year period, while distribution revenue was $5.5 million versus $15.8 million in the comparable year-earlier period.

Net income for the fiscal 2007 second quarter was $0.3 million, or $0.00 per share, compared to a net loss of $25.2 million, or $0.20 per share, in the year-earlier period. Loss from continuing operations for the second quarter of fiscal 2007 was $9.5 million, or $0.07 per share, compared to a loss from continuing operations of $22.3 million, or $0.18 per share, in the second quarter of fiscal 2006.

Net revenue for the six-month period ended September 30, 2006, was $48.1 million versus $62.2 million in the comparable year-earlier period. Publishing net revenue was $32.9 million versus $35.0 million in the prior six-month period, while distribution revenue was $15.2 million versus $27.2 million in the comparable year-earlier period.

Net loss for the six-month period was $6.8 million, or $0.05 per share, compared to net loss of $58.0 million, or $0.47 per share, in the year-earlier period. Loss from continuing operations for the six-month period of fiscal 2007 was $14.1 million, or $0.10 per share, compared to a loss of $52.5 million, or $0.43 per share, in the six month period of fiscal 2006.

"Atari continues to execute on its plans," stated David Pierce, President and Chief Executive Officer of Atari. "First and foremost, we have secured a three year $15 million credit facility with Guggenheim Corporate Funding, LLC, a prestigious financial partner. This facility will provide Atari with flexibility on our short-term working capital needs. Secondly, with the sale of the Shiny development studio, we have completed the divesture of our internal development studios streamlining our development operations. Finally, we are realizing the results of our previously announced cost reduction plans as general and administrative expenses are down 31%."

Mr. Pierce continued, "As we enter into our holiday season, Atari continues to deliver by releasing high-quality products to our consumers that utilize next-generation capabilities. We look forward to launching new products such as Dragon Ball Z: Budokai Tenkaichi 2 for Nintendo Wii and continuing to build on the world-wide success of Test Drive Unlimited and Never Winter Nights 2, both of which take advantage of opportunities on-line. Atari is focused on growing shareholder value."
News was posted/written by Aaron Lockard, on Fri, 10 November 2006 16:27:45 , and has been read 25 times. It is filled under the following Tags: Atari

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