Once-bankrupt Atari returns to profit with decade-high revenue
FILE PHOTO: People play Atari arcade game “Pong” at the computer games fair Gamescom in Cologne, Germany, August 22, 2018. REUTERS/Wolfgang Rattay/File Photo
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Aug 3 : Video game developer Atari reported annual revenue of €56 million ($65 million) on Monday, its highest in more than a decade, as a strategy built on reviving old franchises and buying up studios pulled the Paris-based company back into profit.
Atari, the arcade and console pioneer that filed for bankruptcy protection just over a decade ago, is riding a broader industry shift toward mining back catalogues and nostalgia-driven franchises instead of costly new blockbusters, a trend it has embraced through a wave of studio and IP acquisitions over the past year.
Over the past year, Atari raised its stake in Swedish video game publisher Thunderful to 97 per cent, bought Crossy Road-maker Hipster Whale for $29.3 million and the IP rights to five Ubisoft titles, including Child of Eden and Grow Home.
• CEO Wade Rosen said Atari was “reaching operational profitability for the first time in several years” and that he was confident it would continue to generate sustainable growth
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• Atari’s Games revenue rose 67.7 per cent to €46.1 million, while Hardware revenue jumped 83 per cent to €7.3 million
• Current operating income turned positive at €0.9 million, versus a €0.8 million loss a year ago, excluding Thunderful
• Net income excluding Thunderful was €0.1 million, compared with a €12.6 million loss last year; cash flow from operations was €11.0 million
($1 = 0.8674 euros)
Source: Reuters
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