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Atari Shows Smaller Net Loss After Cryptic Divestment

Atari Shows Smaller Net Loss After Cryptic Divestment

May 17, 2011 | By Kyle Orland

Atari showed a smaller net loss despite lower revenue for the 2010/11 fiscal year thanks to decreased expenses and the just-announced divestment of Champions Online maker Cryptic Studios.

The Paris-based publisher lost €6.2 million ($8.78 million) in the fiscal year ending March 31, a 68 percent improvement over a €19.4 million ($27.5 million) loss the previous year when results from Cryptic are ignored.

The improved profit number comes despite a significant 49 percent drop in revenue to €56.7 million ($80.3 million) for the year.

Reduced research and development, administrative and marketing expenses all cushioned the impact of this reduction, the company said.

The divestment of Cryptic Studios also helped raise Atari's bottom line for the year. The company finished the year with an operating loss of €4.1 million ($5.8 million) with Cryptic included, but a small operating profit of €500,000 ($708,000) when the divestment is taken into account.

Looking forward, the company said it would continue to focus on "fewer but more profitable releases" based around established franchises, which will be primarily developed by third-party studios in order "to contribute to a more flexible and cost efficient organization."

The company also expressed interest in further expansion into online, downloadable and mobile games, as well as further licensing of classic Atari properties through merchandising and re-releases.

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