Atari Posts Q3 Results
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