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Atari's Q1 Losses Mount

Beleaguered publisher Atari has posted details of the company’s first quarter financial results via its delayed Form 10-Q, with losses increasing to $11.9 million and both publishing and distribution revenues continuing to fall year-on-year.
Officials from struggling publisher Atari have posted details of the company’s first quarter financial results, for the three months ended June 30th. The delayed quarterly report on Form 10-Q shows a net loss of $11.9 million. Net revenue for the quarter was put at $10.4 million, down from $19.5 million at the same time last year. Publishing net revenue was $9.7 million, almost unchanged from $9.8 in 2006, and distribution revenue was $0.7 million – sharply down from $9.7 the previous year. The net loss of $11.9 million, or $0.89 per share, is an increase on the loss of $7.3 million, or $0.54 per share, last year. Although the company believes that this delayed filing of its Form 10-Q will avoid its shares being delisted on the Nasdaq stock exchange, the future remains uncertain for the publisher. Executives have no plans to hold a conference call for the first quarter results, and despite a recent new $10 million credit facility, must still cope with a paucity of prominent new releases. The firm has sold many of the company’s most significant franchises (such as Driver and Stuntman) and developers (such as Shiny Entertainment and Reflections) to reduce losses, with the Dungeons & Dragons license and the Alone In The Dark franchise probably the most prominent remaining to Atari and its parent Infogrames. The publisher also faces the prospect of losing the lucrative Dragon Ball Z franchise, with a recent SEC (Securities and Exchange Commission) filing revealing an ongoing legal battle with U.S. based anime distributor FUNimation.

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