Atari Struggling With Lender, Announces Third Quarter Results

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Atari revealed its financial results for its third fiscal quarter ended December 31, 2007, and confirmed certain contractual problems it is encountering with its lender.
During the quarter, Atari reported a net loss of $0.6 million compared to a net loss of $0.3 million in the same period the previous year. That loss includes restructuring charges of $3.7 million

Of concern to investors is the fact that from December 31, 2007 through the present, Atari has been in violation of certain financial covenants. The lender has given Atari until March 3 to convince it not to exercise its rights (forcing Atari to accept drastic financial measures), but has not agreed to waive Atari's violations. In other words, Atari is in even hotter water than before.

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This page contains a single entry by Editor published on February 12, 2008 5:02 PM.

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