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ATARI : ATARI : 2012-2013 fourth-quarter and full-year revenues



       ATARI : ATARI : 2012-2013 fourth-quarter and full-year revenues

 
 

               2012-2013 fourth-quarter and full-year revenues

                          Preliminary unaudited data
              Approved by the Board of Directors on May 13, 2013

 In view of the necessary deconsolidation of the American subsidiaries which
                                     hold
 the bulk of the assets and the absence of investments due to the Chapter 11
                                 proceedings,
          the Group's revenues have been reduced to a symbolic level

                         Paris, France - May 15, 2013

 Million                  1^st quarter    2^nd       3^rd       4^th
  euros                    (Apr-Jun)    quarter    quarter    quarter   TOTAL
                                       (Jul-Sep)  (Oct-Dec)  (Jan-Mar)
FY 2012-13 Actual                  6.8        4.1        3.9        0.9   15.7
           % of rev.             43.3%      26.1%      24.8%       5.7% 100.0%
FY 2011-12 Actual                 11.2        8.3       11.0        1.2   31.7
           proforma
           % of rev.             35.3%      26.2%      34.7%       3.9% 100.0%

REVENUES FOR THE 4^TH QUARTER OF 2012-2013

Faced  with   limited  financial   resources,  the   Atari  Group's   American 
subsidiaries requested  and obtained,  on  January 21,  2013, the  opening  of 
Chapter 11 proceedings in the US ("the proceedings").

The proceedings underway in the US on the American subsidiaries (Atari,  Inc., 
Atari Interactive,  Inc.,  Humongous,  Inc.,  California  US  Holdings,  Inc.) 
incorporate many stakeholders including, creditors,  the U.S. trustee and  the 
bankruptcy judge  in  charge of  the  proceedings  in addition  to  the  local 
management  and  the  independent  directors.  In  this  context,  given   the 
complexity of the proceedings and means of action and protest which each  part 
has, Atari SA no longer has  a dominant influence on all management  decisions 
made during the proceedings.

As a result, the  U.S. subsidiaries, even  if they remain  for the time  being 
Atari SA  property are  deconsolidated  as of  21  January 2013,  pending  the 
outcome of the proceedings.

In this  way,  revenues for  the  4^th  quarter of  2012-13  include  revenues 
generated by the American companies exclusively for the period from January  1 
to 21, 2013, in addition to revenues  recorded over the full quarter by  Atari 
S.A.  and  Atari  Europe  S.A.S.  (the  other  non-American  subsidiaries  are 
dormant).

In this context,  the Atari  Group's business has  been maintained,  but at  a 
nominal level, with  revenues for  the 4^th  quarter of  2012-13 totaling  0.9 
million euros. They  include 0.7 million  euros of revenues  generated by  the 
American subsidiaries between  January 1 and  21, 2013 and  0.2 million  euros 
linked to agreements for distribution by the European companies for the entire
fourth quarter. They also exclude management fees^[1].

These revenues compare with 1.2 million euros for the previous financial year,
on a pro forma basis with the same assumptions.

As a reminder, the revenues  figures as of March 31  2012 as released in  2012 
are also set forth in the table below:

                               1^st       2^nd       3^rd       4^th
 Million euros               quarter    quarter    quarter    quarter   TOTAL
                            (Apr-Jun)  (Jul-Sep)  (Oct-Dec)  (Jan-Mar)
FY 2011-12       Actual
                 published        11.2        8.3         11        9.1   39.6
(as published in % of rev.
2012)                            28.3%      21.0%      27.8%      23.0% 100.0%

From April  1,  2013,  the  American subsidiaries  will  no  longer  make  any 
contribution towards  the Group's  revenues, at  least until  the end  of  the 
Chapter 11 proceedings.

2012-13 FULL-YEAR REVENUES

For FY 2012-13,  Atari recorded  15.7 million euros  in consolidated  revenues 
(actual), compared with 31.7 million euros  in 2011-12 on a comparable  basis. 
The contraction in  revenues (-50.4%)  primarily reflects the  lower level  of 
revenues on digital activities and the fact that the license business has  not 
developed.

At March  31,  2013,  Atari S.A.  had  1.5  million euros  in  cash  and  cash 
equivalents, compared with 5.4 million euros at the end of March 2012.

SITUATION UPDATE AND OUTLOOK

Since the situation update published on April 24, 2013, no further information
has been released by  the New York Bankruptcy  Court (the "Court")  concerning 
the offer submission procedure.

Faced with the uncertainties relating to the proceedings that are underway  in 
the US,  where the  Group's strategic  assets  and most  of its  business  are 
located, the outcome of the Chapter 11 proceedings in the US will be  decisive 
for all the stakeholders. No further investments may be made at this stage and
some non-strategic assets are currently being sold off.

At the start of FY 2013-14, Atari  S.A. sold the ownership of "Outcast" for  a 
nominal amount.  In  addition,  the  rights  for  Desperados  and  Silver  are 
currently being sold, also for non-significant amounts.

The Group will be publishing its financial statements for the year ended March
31, 2013 further to the Chapter 11 proceedings, based on a schedule that  will 
be  announced   when  information   is  available   concerning  the   American 
proceedings. At this stage,  the Group is  not in a  position to confirm  that 
these accounts will be able to be approved and published within the regulatory
timeframes.

SUSPENSION OF TRADING MAINTAINED

Considering the  complexity  and  uncertainties of  the  US  Proceedings,  the 
Company is  not at  this stage  in a  position to  request the  resumption  of 
trading of Atari shares on the NYSE Euronext Paris market.

At this stage, no  guarantees can be given  concerning the potential  recovery 
for existing shareholders. The  market and the  shareholders will be  informed 
with 48 hour prior notice if trading is to resume.

About Atari. SA
Atari (www.atari.com) is  a multi-platform.  global interactive  entertainment 
and licensing  company. The  original innovator  of video  gaming. founded  in 
1972. Atari  owns  and/or manages  a  portfolio of  more  than 200  games  and 
franchises. including  world  renowned  brands  like  Asteroids®.  Centipede®. 
Missile Command®.  Pong®.  Test  Drive®. Backyard  Sports®  and  RollerCoaster 
Tycoon®.  Atari  capitalizes  on  these  powerful  properties  by   delivering 
compelling games online  (i.e. browser.  Facebook® and  digital download).  on 
smartphones and tablets and other connected devices. The Company also develops
and  distributes  interactive  entertainment  for  video  game  consoles  from 
Microsoft. Nintendo  and Sony.  As a  licensor. Atari  extends its  brand  and 
franchises into other media. merchandising and publishing categories. For more
information: www.atari.com

Contact:
Investor relations
Calyptus - Marie Ein
Tel + 33 1 53 65 68 68
atari@calyptus.net

                                   APPENDIX

                 Preliminary unaudited data - Audit underway
              Approved by the Board of Directors on May 13, 2013

Notes for readers:

The Group has adopted the provisions  of IFRS 10 and therefore  deconsolidated 
the American companies concerned by the bankruptcy proceedings in the US since
January 21, 2013.

The company Eden Games, subject to a court-ordered liquidation since  February 
19, 2013, has also been excluded from the basis for consolidation at March 31,
2013.

                                   Revenues

                       Breakdown of revenues by quarter

                      Fiscal Year 2012/2013          Fiscal Year 2011/2012
                     Actual        % of total       Actual       % of total
€ million                           revenues                      revenues
1st quarter                                               
(April - June)    6.8                      43.3% 11.2                    35.3%
2nd quarter (July                                           
- Sept.)          4.1                      26.1% 8.3                     26.2%
3rd quarter (Oct.                                         
- Dec.)           3.9                      24.8% 11.0                    34.7%
4th quarter (Jan.                                           
- March)*         0.9                       5.7% 1.2                      3.9%
                                                          
TOTAL             15.7                    100.0% 31.7                   100.0%

* From 1^st to 21^st of January for American companies

                     Revenues for 4th quarter of 2012-13

                      Contribution by operating segment

Million      FY 2012/2013    % of         FY         % of     Change   Change
Euros                      revenues    2011/2012   revenues   in € m    in %
Digital               7.9       50.0%        16.3      52.5%     -8.4   -51.8%
Retail                7.5       47.4%        11.1      30.3%     -3.6   -32.8%
Licensing             0.4        2.5%         4.3      17.2%     -3.9   -90.7%
Revenues,
net                  15.7      100.0%        31.7     100.0%    -16.0   -50.4%

                                     ***
 [1] Atari SA charges its subsidiaries management fees to cover the costs and
 time devoted to their management and support. These fees are eliminated for
consolidated subsidiaries. For the American subsidiaries, these fees were only
invoiced for the period up until the start of the Chapter 11 proceedings, i.e.
 January 21, 2013. Moreover, in the same way as other receivables with these
subsidiaries, their actual receipt is subject to the favorable outcome of the
proceedings. As such, management fees relating to the American companies have
               not been recognized in revenues for the period.

Atari: 2012-2013 fourth-quarter and full-year revenues

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Source: ATARI via Thomson Reuters ONE
HUG#1702391
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