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Atari Adds To 2005 Loss, Continues Refocusing

Atari Adds To 2005 Loss, Continues Refocusing

June 30, 2006 | By David Jenkins

June 30, 2006 | By David Jenkins
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More: Console/PC

Officials from U.S. publisher and Infogrames subsidiary Atari have announced that the company has filed its 10K for the year ended March 31st, 2006, and following already disappointing full year results, this latest final data includes further losses not previously factored in.

The company previously announced unaudited financial results for the fourth quarter and year ended March 31st, 2006 which showed a net loss of $4.3 million, or $0.03 per share, and $67.1 million, or $0.52 per share, respectively, following disappointing sales in the latter half of 2005.

However, as a result of final audit adjustments related to "the amortization of an unnamed license", the new audited financial results show a net loss for the fourth quarter of $6.2 million, or $0.05 per share, and a net loss for the whole year of $69.0 million, or $0.54 per share adding almost $2 million in extra losses.

This slight different in the results does not majorly affect the fortunes of the troubled company, which is additionally affected by parent Infogrames' long-term debt issues, and has already embarked on a process of severe cost cutting, selling off titles/franchises such as TimeShift and Stuntman, cutting stuff by 20 percent, and announcing plans to sell its internal studios.

In a recent statement, Atari indicated it would try to reverse its fortunes by exploiting established franchises, creating a new online gaming movement focused on community building and by publishing unique new titles for portable devices. But despite enjoying one of its more positively received E3 shows for some years, with Alone in the Dark and Test Drive Unlimited, among others, receiving a positive reaction from critics, the company has hinted at continuing moves away from its previous high-budget past.

According to the financial statement: Atari will continue to develop and publish games for traditional gaming consoles but will look to differentiate its titles by capitalizing on the connectivity and power of next-generation consoles. The Company anticipates its deliberate and decisive actions will capture new audiences and build upon its iconic brand reputation.

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