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Atari Dropping Cryptic

Atari's Financial Reporting for the second half and full year 2010/2011 results, reporting net losses for the year of €6.2 million, less than half their losses of last year, where they were in the red to the tune of €13.2 million. They say they expect continued improvement in Current Operating Income for the full year 2011/2012. They also announce plans to divest themselves of Cryptic Studios, saying the MMOG developer is accounted for as "Discontinued Operations." Also, strikes notwithstanding, they announce plans to reduce the workforce at Eden Games to approximately 30 employees. Here's word on the Cryptic situation:

In line with the previously stated strategy of fewer but more profitable releases and further expansion into casual online and mobile games, the Company has determined that external development creates more flexibility in the 3 changing marketplace. Therefore, the Company has made the decision to divest itself from Cryptic Studios. The divestiture process is underway and more details will be provided as appropriate.

As of March 31, 2011, the Company accounted Cryptic as a “discontinued operation” in the Statement of Income starting on April 1, 2009 and as “assets / liabilities held for sale” in the Balance Sheet as of March 31, 2011.

On a standalone basis and after intercompany eliminations, Cryptic accounted for revenue during the second semester of approximately €7.2 million and on a full year basis of approximately €15.9 million as of Fiscal Year 2010/2011 – as compared to approximately €4.5 million and €4.5 million on the second half and a full basis for Fiscal Year 2009/ 2010, respectively. The net results of Cryptic was a loss of approximately -€3.3 million for the second semester and on a full year basis of approximately -€5.3 million as of Fiscal Year 2010/2011, as compared to a profit of approximately +€0.2 million and a loss of -€12.6 million on a semester 2 and a full basis for Fiscal Year 2009/ 2010, respectively.

The results of Cryptic for both periods have been restated and included in the line “profit and loss from discontinued operations”

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