Receives NASDAQ Compliance Letter
NEW YORK, Nov. 19: Atari, Inc. (Nasdaq: ATAR), an interactive entertainment company, announced today results for its second quarter of fiscal 2008 and has filed its Quarterly Report on Form 10-Q for the second quarter ended September 30, 2007.
Net revenue for the second quarter ended September 30, 2007, was $13.3 million versus $28.6 million in the comparable year-earlier period. Publishing net revenue was $11.4 million, versus $23.1 million in the prior year, while distribution revenue was $1.9 million, versus $5.5 million in the comparable year-earlier period.
Net loss for the second quarter ended September 30, 2007 was $7.7 million, or $0.57 per share, compared to net loss of $68,000, or $0.00 per share, in the year-earlier period.
Net revenue for the six months ended September 30, 2007, was $23.7 million versus $48.1 million in the comparable year-earlier period. Publishing net revenue was $21.1 million, versus $32.9 million in the prior year, while distribution revenue was $2.6 million, versus $15.2 million in the comparable year-earlier period.
Net loss for the six months ended September 30, 2007 was $19.6 million, or $1.46 per share, compared to net loss of $7.4 million, or $0.55 per share, in the year-earlier period.
Atari will not be holding a conference call for the second quarter ended September 30, 2007. Financial statements and accompanying footnotes are contained in the Quarterly Report on Form 10-Q and can be obtained on-line at http://www.atari.com.
On November 15, 2007, Atari, Inc. received a letter from the Nasdaq Listing Qualifications Panel stating that Atari has regained compliance with Nasdaq's periodic reporting requirements. On November 6, 2007, Atari announced that it had filed its delayed June 30, 2007 Quarterly Report on Form 10-Q and anticipated regaining compliance.
About Atari, Inc.
New York-based Atari, Inc. (Nasdaq: ATAR) develops interactive games for all platforms and is a third-party publisher of interactive entertainment software in the U.S. The Company's 1,000+ titles include hard-core, genre- defining franchises such as Test Drive [span style="font-size:7pt"]®[/span] ; and mass-market and children's franchises such Dragon Ball Z [span style="font-size:7pt"]®[/span] . Atari, Inc. is a majority-owned subsidiary of France-based Infogrames Entertainment SA (Euronext - ISIN: FR-0000052573), an interactive games publisher in Europe. For more information, visit http://www.atari.com.
Safe Harbor Statement
With the exception of the historical information contained in this release, the matters described herein contain certain "forward-looking statements" that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this release are not promises or guarantees and are subject to risks and uncertainties that could cause actual occurrences to differ materially from those anticipated. These statements are based on management's current expectations and assumptions and are naturally subject to uncertainty and changes in circumstances. We caution you not to place undue reliance upon any such forward-looking statements.
The Company undertakes no duty to update any forward-looking statements to conform the statement to actual results or changes in the Company's expectations.