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Atari Back In The Black In Q1

Atari Back In The Black In Q1

August 14, 2008 | By David Jenkins

August 14, 2008 | By David Jenkins
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After sustained disappointing financial results and numerous delisting warnings, U.S. publisher Atari has racked up $3.5 million in profits and $40.3 million in revenue in its first fiscal quarter, thanks to the release of Alone in the Dark and Dragon Ball Z: Burst Limit.

The $40.3 million net revenue represents a significant increase over the same time last year, when the publisher reported $10.4 million. And after several quarters of sustained losses, the company's $3.5 million profit compares to a $11.9 million loss twelve months earlier.

The company also filed its Form 10-Q for the quarter, potentially one of the last before its merger with French parent company Infogrames.

However, no date has yet been set for the merger and the filing indicates that the company has only $4.0 million of available credit to draw on from Infogrames, which may not be enough to meet demands over the Christmas period.

Management are continuing to "pursue other options" to fill the potential funding gap, but the filing makes it clear that no guarantee can be given that enough working cash capital will be available if the merger does not take place before the autumn.

Despite the profit, Atari's shares are trading at $1.66 as of press time, up 2 cents on the day, but significantly below 52-week highs of $3.09.


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