Printer Friendly

ATARI CORPORATION ANNOUNCES RESULTS FOR THE SECOND QUARTER 1992

 ATARI CORPORATION ANNOUNCES RESULTS FOR THE SECOND QUARTER 1992
 SUNNYVALE, Calif., Aug. 27 /PRNewswire/ -- Atari Corporation (AMEX: ATC) today reported operating results for the second quarter ended June 30, 1992.
 Sales for the period were $23.3 million as compared to $49.2 million for 1991. The reduction in sales resulted primarily from economic softness, especially in the personal computer business, coupled with intense competitive pressure on the company's computer and video game products.
 As a result of this intense competitive pressure it is necessary to reorganize the company's operations for its future business activity and reduce the carrying value of its inventory. Accordingly, the company has included charges of $34.1 million in operating income (loss) in the second quarter 1992.
 Primarily as a result of the aforementioned $34.1 million charges, the company reported a loss for the quarter of $39.8 million. In the second quarter of 1991, the company reported income of $30.4 million which included the gain on the sale of its Taiwan facility of $40.9 million.
 Commenting on the results, Atari President Sam Tramiel said, "The reorganization of the company is necessary to streamline the company for its future operations and for the new products which will commence shipping in the fall 1992, and which we expect to ship in volume in 1993." He further stated, "The company has over $60.0 million in cash, and a strong balance sheet."
 Atari Corporation manufactures and markets personal computers and video games for the home, office and educational marketplaces throughout the world. Atari headquarters is located at 1196 Borregas Avenue, Sunnyvale, Calif. 94089.
 ATARI CORPORATION
 Condensed Consolidated Statements of Operations
 (In thousands, except per share data)
 (Unaudited)
 Periods Ended Quarter Six Months
 June 30 1992 1991 1992 1991
 Net sales $23,265 $49,210 $67,344 $112,654
 Operating income (loss) (45,028) (5,783) (52,863) (6,937)
 Exchange gain (loss) 4,706 (4,143) (1,863) (9,926)
 Other income (exp.) net (315) 425 (236) 2,434
 Interest (exp.) net of
 interest income 669 (780) 1,137 (1,563)
 Gain from sale of Taiwan
 Manufacturing Facility -- 40,920 -- 40,920
 Net gain from sales of
 surplus property -- -- -- 1,800
 Inc. bef. inc. taxes
 & extraordinary credit (39,968) 30,639 (53,825) 26,728
 Income taxes (220) 244 (229) 280
 Inc. bef. extraord. credit(39,748) 30,395 (53,596) 26,448
 Extraord. credit from
 repurchase of subordinated
 debentures -- -- -- 1,960
 Net income (39,748) 30,395 (53,596) 28,408
 Earns. per com. & equiva.
 share:
 Primary:
 Inc. bef. extraord. credit $(0.69) $0.53 $(0.93) $0.46
 Net income (0.69) 0.53 (0.93) 0.49
 No. of shares used in
 computation 57,307 57,696 57,418 57,722
 Fully diluted:
 Inc. bef. extraord. credit $(0.69) $0.51 $(0.93) $0.46
 Net income (0.69) 0.51 (0.93) 0.49
 No. of shares used in
 computation 57,307 60,372 57,418 60,398
 -0- 8/27/92
 /CONTACT: August J. Liguori of Atari Corporation, 408-745-2069/
 (ATC) CO: Atari Corporation ST: California IN: CPR SU: ERN


TM -- NY097 -- 4218 08/27/92 23:41 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 27, 1992
Words:529
Previous Article:RYAN LODE HIGH-GRADE GOLD RESERVES CERTIFIED FOR INITIAL OPEN-PIT
Next Article:RECORDS AT RISK; LIEBERT STUDY SHOWS MOST COMPUTERS UNPROTECTED AGAINST BLACKOUTS
Topics:


Related Articles
ATARI REPORTS ITS OPERATIONS FOR FIRST QUARTER 1992
ATARI RESULTS FOR THIRD QUARTER 1992
ATARI CORPORATION ANNOUNCES RESULTS FOR THE FOURTH QUARTER AND YEAR 1992
ATARI RESULTS FOR THE FIRST QUARTER 1993
ATARI CORP. RESULTS FOR THE SECOND QUARTER 1993
ATARI CORP. ANNOUNCES THIRD QUARTER RESULTS
ATARI CORP. ANNOUNCES FOURTH QUARTER AND 1993 RESULTS AND ADDITIONAL EQUITY INVESTMENT BY TIME WARNER
ATARI CORP. ANNOUNCES SECOND QUARTER 1994 RESULTS
ATARI CORPORATION ANNOUNCES RESULTS FOR THE YEAR AND FOURTH QUARTER 1995
ATARI CORPORATION ANNOUNCES FIRST QUARTER 1996 RESULTS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters