Atari Reports Fiscal 2007 First Quarter Results

Atari, Inc., a leader in interactive entertainment, today announced financial results for the fiscal 2007 first quarter ended June 30, 2006.

Net revenue for the quarter ended June 30, 2006, was $19.5 million versus $23.9 million in the comparable year-earlier period. Publishing net revenue was $9.8 million versus $12.4 million in the prior year, while distribution revenue was $9.7 million versus $11.5 million in the comparable year-earlier period.

Net loss for the fiscal 2007 first quarter was $7.1 million, or $0.05 per share, compared to a net loss of $32.8 million, or $0.27 per share, in the year-earlier period. Loss from continuing operations for the first quarter of fiscal 2007 was $4.6 million, or $0.03 per share, compared to a loss from continuing operations of $30.1 million, or $0.25 per share, in fiscal 2006.

"Atari continues to execute on its strategic objectives," stated Bruno Bonnell, Chairman, CEO and Chief Creative Officer of Atari. "We previously announced plans to streamline our portfolio of titles and our operations. Since those announcements, we have divested ourselves of Timeshift, Stuntman, Driver, and our Reflections studio, raising approximately $37.0 million for investment in our future. Further, we are starting to see the results from our previously announced cost savings initiatives as we have reduced general and administrative expenses by 32% in our fiscal 2007 first quarter as compared to the prior year's first quarter."

Mr. Bonnell continued, "As we look forward, we are focused on improving profitability, releasing high quality product such as Test Drive Unlimited for Xbox 360, which will take advantage of next generation online capabilities and growing shareholder value."

Atari's product lineup for the remainder of fiscal 2007 is expected to include the following new releases:

Arthur and the Invisibles (PlayStation2 computer entertainment system, PSP system, Nintendo DS, Game Boy Advance and Windows), Bullet Witch (Xbox 360) Dragon Ball Z: Budokai Tenkaichi 2 (PlayStation2 and Nintendo Wii), DUNGEONS & DRAGONS: Tactics (PSP system), Earthworm Jim (PSP system), HOT PXL (PSP system), Neverwinter Nights 2 (Windows), Super DBZ (PlayStation2), and Test Drive Unlimited (Xbox 360, Windows, PlayStation2, PSP system), among others.

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