Atari posts $32.8mn in losses for F1Q06

08/10/05 - newratings.com

NEW YORK, August 10 (newratings.com) – Game publisher Atari (ATAR) posted disappointing results for F1Q06 due to the lack of a blockbuster game to match its robust performance last year.

New York-based Atari posted $24.2 million in revenues for the fiscal first quarter ended June 30, as compared to $108.1 million reported for the year-ago quarter. The company reported losses of $32.8 million for F1Q06, as compared to net profits of $12.1 million in the year-ago period. The company expects its performance to recover in 2006, with the launch of new games, including The Matrix: Path of Neo, Mark Ecko's Getting Up, and Dragon Ball Z Budokai, during the holiday season. Atari requested its parent company Infogrames (IFG) for financial assistance and has asked its bank HSBC for "waivers of certain financial covenants."