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About Rainier

PC gamer, WorthPlaying EIC, globe-trotting couch potato, patriot, '80s headbanger, movie watcher, music lover, foodie and man in black -- squirrel!

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Atari's Quarterly Financial Report Depressing

by Rainier on Nov. 7, 2007 @ 4:37 a.m. PST

Atari has finally submitted its delayed quarterly financial report for the first quarter ended June 30, 2007, and it's not looking good. Net revenue is down from last year's $19.5 million to $10.4M, while net loss was $11.9M compared to $7.3M during the same period last year. Atari stated that it has "substantial doubt about ability to continue as a going concern."

Net revenue for the first quarter ended June 30, 2007, was $10.4 million versus $19.5 million in the comparable year-earlier period. Publishing net revenue was $9.7 million, versus $9.8 million in the prior year, while distribution revenue was $0.7 million, versus $9.7 million in the comparable year-earlier period.

Net loss for the first quarter ended June 30, 2007 was $11.9 million, or $0.89 per share, compared to net loss of $7.3 million, or $0.54 per share, in the year-earlier period.

Atari anticipates that today's filing of its Form 10-Q will bring it current in its periodic reporting obligations. As previously disclosed, the Staff of Nasdaq had notified Atari that its stock was subject to delisting because of its failure to comply with those requirements and granted Atari an extension to file its delayed Form 10-Q until November 5, 2007. Atari notified the Staff of Nasdaq of the need for an additional day and is awaiting their final determination.

Atari will not be holding a conference call for the first quarter June 30, 2007. Financial statements and accompanying footnotes are contained in the Quarterly Report on Form 10-Q and can be obtained on-line.

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