Atari Shows $69.7m Yearly Losses, Resists Nasdaq Delisting

Atari has announced that it has filed its delayed annual report, showing yearly sales of $122.3 million and losses of $69.7 million, adding that filing a delayed quarterly report will bring the publisher back in line with Nasdaq compliance and stem a twice threatened delisting. The publisher's losses were originally estimated at $70 million, with sales of $121.6 million. Sales the year prior were higher at $206.8 million, and its yearly losses were then $69 million. The company said at the time its full financial earnings results were delayed in order to finalize the amount of a goodwill impairment charge for the fourth quarter. "Because of the delay in filing its fiscal 2007 Form 10-K, Atari has not been able to file its Report on Form 10-Q for the quarter ended June 30, 2007," the company's release said, adding that it expects to do so in October. "That filing along with today's filing of its Form 10-K will bring Atari current in its periodic reporting obligations and will restore Atari's compliance with Nasdaq's listing requirements," the note concluded. The company's second delisting notice also brought word that it had amended its lease to halve its New York City office space and reduce yearly rent from $2.4 to $1.2 million.