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Restructuring Charges Push Atari Into Red In Holiday Quarter

Restructuring Charges Push Atari Into Red In Holiday Quarter

February 13, 2008 | By Brandon Boyer

February 13, 2008 | By Brandon Boyer
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More: Console/PC



Publisher Atari has announced the results of its third fiscal quarter, showing sales down to $41.1 million over the holidays, with losses down slightly to $0.3 million after restructuring charges of $3.7 million.

The company's sales were down from $47.3 million the year prior, and losses down from the prior year's $0.6 million. The company notes that without the restructuring charges, profits would have stood at $3.4 million.

The company did see a rise in its distribution revenue, up from $1.3 million to $5.9 million, but publishing revenue was down from $46 million the year prior to $35.2 million.

For its first nine months, Atari saw total revenue fall from $95.3 million to to $64.9 million. Publishing and distribution revenue were both down to $56.2 and $8.6 million, respectively. Losses for the nine months were up sharply from $8.0 million to $20.0 million.

Finally, Atari says that between December 31st and February 12th, the company's lender, BlueBay, has entered into a forbearance agreement on Atari. The company says it "continues to pursue a resolution with its lender, however, there is no guarantee a resolution will ultimately be made."

The company has declined to hold a conference call with investors for its holiday quarter.


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