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Atari Financial Results Reveal Less Revenue, But Also Less Loss

by Rainier on June 13, 2008 @ 6:21 p.m. PDT

Atari announced results for its Q4 of fiscal 2008 and its March 31, 2008 year-end revealing net revenue for the quarter and overall year were down, but also the net loss for both cycles have been significantly reduced.

Net revenue for the fourth quarter ended March 31, 2008, was $15.3 million versus $26.9 million in the comparable year-earlier period. Publishing net revenue was $13.5 million, versus $25.8 million in the prior year, while distribution revenue was $1.8 million, versus $1.1 million in the comparable year-earlier period.

Net loss for the fourth quarter ended March 31, 2008 was $3.7 million, or $0.27 loss per share, compared to net loss of $61.7 million, or $4.58 loss per share, in the year-earlier period. Without restructuring charges, the net loss for the fourth quarter ended March 31, 2008 would have been a loss of $1.8 million or $0.13 loss per share.

Net revenue for the year-ended March 31, 2008, was $80.1 million versus $122.3 million in the comparable year-earlier period. Publishing net revenue was $69.8 million, versus $104.7 million in the prior year, while distribution revenue was $10.3 million, versus $17.6 million in the comparable year-earlier period.

Net loss for the year-ended March 31, 2008 was $23.6 million, or $1.75 loss per share, compared to net loss of $69.7 million, or $5.17 loss per share, for fiscal 2007. Without restructuring charges, the net loss for the year-ended March 31, 2008 would have been a loss of $17.1 million or $1.27 loss per share.

Atari, Inc. will not be holding a conference call for the fourth quarter and year ended March 31, 2008. The Company expects to file its Annual Report on Form 10-K for the year-end March 31, 2008 before the June 29, 2008 deadline. Financial statements and accompanying footnotes will be contained in the Annual Report on Form 10-K for the year-end March 31, 2008.

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