Mark Androvich
00:57 (BST)
07/11/2007
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Atari reports 11.9 million Q1 loss
Has "substantial doubt" about ability to continue
Atari has filed its delayed Q1 financial report, posting a loss of USD 11.9 million or USD 0.89 per share.
Losses were up more than 50 per cent from the year-earlier period, when Atari reported a net loss of USD 7.3 million, or USD 0.54 per share.
As reported earlier, Atari did not file its quarterly report for the period ending June 30, 2007. The company also delayed filing its annual report for the fiscal year ending March 31, 2007.
The annual report, eventually filed in September, showed a net loss for the year of USD 69.7 million.
With today's filing, the company anticipates that it will be current in its periodic reporting obligations. In July, NASDAQ had threatened Atari with delisting, granting the company an extension until November 5 to file the 10-Q form. Atari asked for an additional day.
Atari was recently served with a notice to terminate its Dragon Ball Z license by FUNimation, and previously sold its rights to the Stuntman and Driver franchises.
The company did not hold a conference call for first quarter results, but did hold a shareholders meeting today. In its quarterly report, Atari US stated that it had "substantial doubt about our ability to continue as a going concern."
Atari Europe remains unaffected.
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