PS2 News: DRIV3R Delayed. Atari Changes Financial Outlook - PS2 News

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DRIV3R Delayed. Atari Changes Financial Outlook

Atari, Inc. has pushed back the release date of DRIV3R to June 1. Originally scheduled for a late March release, the title will now benefit from “additional time” not for development, but for Atari’s marketing team to “exploit DRIV3R’s full potential,” according to Atari CEO and chairman Bruno Bonnell.

Atari also took the opportunity to lower its outlook for net revenues and earnings in its third quarter, which ended December 31, 2003. The company now expects net revenue of around $190.0 million in the quarter (down from the $215.0 to $235.0 million forecasted in November of 2003), with net income in the range of $20.5 million to $22.5 million, or $0.17 to $0.19 per share. Previous estimates of quarterly net income were in the $28.0 million to $36.0 million range, with EPS of between $0.23 and $0.30.

Because of the slippage of DRIV3R’s release and preliminary holiday sales results, Atari also amended its full fiscal year outlook. It now is eying revenues to be between $460.0 million and $470.0 million, with net income and EPS expected to be breakeven, “prior to a $39.4 million one-time non-cash dividend relating to the company's September 2003 recapitalization and public offering. Including the dividend, the company's loss per share guidance is approximately ($0.40) on a GAAP basis.” In November Atari had eyed full fiscal year revenue in the $560.0 million to $590.0 million range, with net earnings of $35.0 million to $40.0 million and EPS in the $0.36 to $0.46 range.

1/27/2004 Aaron Thomas

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