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Atari Posts Q3 Results

Atari, Inc. has released financial details from the third quarter of its 2004 fiscal year.

In the three months ending December 31, 2003, net revenues were reported as $190.6 million, versus $210.6 million in the comparable year-ago period. Publishing contributed $174.4 million to net revenues, while distribution revenue added $16.2 million, compared to $179.8 million and $30.8 million a year earlier respectively. Quarterly net income was $23.0 million ($0.19 per share), compared to net income of $30.1 million ($0.43 per share) in the year-earlier period.

Nine-month net revenues were $402.5 million, versus the $449.6 million from the similar period a year earlier. $355.0 million was culled from publishing, while distribution contributed $47.5 million. One year-ago publishing served up $371.1 million in net revenues, while distribution contributed $77.9 million. Nine-month net income was $18.1 million ($0.20), before a one-time non-cash dividend of $39.4 million, related to recapitalization and a public offering, weighed down results to a net loss of $21.3 million ($0.24 per share). A year earlier, Atari had nine-month net income of $30.1 million ($0.43).

For its full fiscal year ending March 31, 2004, Atari expects net revenue in the $460.0 million to $470.0 million range, with break-even net income and EPS, prior to the appearance again of the previously mentioned one-time non-cash dividend.

Atari said it finished the 2003 calendar year as the fourth-ranked independent videogame publisher (up from fifth in 2002) in the U.S., and maintained its number three position in the U.S. PC game publisher market., according to NPD Funworld data.

2/2/2004 Aaron Thomas

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