Atari financials show improved losses as it announces the divestment of Cryptic

Atari has announced its full year financials results for its FY11, and its find the firm net losses of €6.2 million, up from from a new loss of €19.4 million the prior year. The firm also announced that Cryptic Studios is in the process of being disposed of, as it is currently looking for a buyer.

According to the financial paper, which can be read here, for the full FY2011 Atari published consolidated revenues of €72.6 million, versus €115.7 million in the previous fiscal year. The 73 percent reduction in revenues principally incurred in the first half, but was in line with expectations the firm continues to focus on fewer, more profitable releases as it exits from the lower margin third party distribution business.

As for Cryptic, in a statement, the firm said that in line with the previously stated strategy of fewer, more profitable releases and the further expansion into casual online and mobile games, its has made the decision to divest itself from Cryptic Studios.

The firm said that the divestiture process is underway of the firm it purchased in 2008, and more details "will be provided as appropriate," but that the process started as of March 31 and has listed the firm as “assets and liabilities held for sale” on its balance sheet as of that time.

A post on the Star Trek forums states that while the studio cannot comment on matter at this time, support for Champions Online and Star Trek Online will "be continuing as normal, our staff is working hard on their projects and there are no planned changes to the way any of our games and projects will operate."

On a standalone basis, Cryptic accounted for revenue during second-half of approximately €7.2 million and  €15.9 million for FY2011, compared to approximately €4.5 million and €4.5 million on the second-half and a full-year basis for FY10,respectively.

The net results of Cryptic was a loss of approximately €3.3 million for the second half of the year, and on a full-year basis as loss of approximately €5.3 million,  compared to a profit of over €0.2 million and a loss of €12.6 million on the prior year.

Below is a timeline of projected and already announced releases for Atari's FY12:

• Yar’s Revenge for Xbox LIVE Arcade was launched in April 2011.
• Star Raiders for XBLA, and PC download was launched in May 2011.
• The Witcher 2: Assassins of Kings for PC is scheduled for release today.
• Dungeons and Dragons: Daggerdale for Xbox Live Arcade, PlayStation Network and PC download and retail is scheduled for release in Spring 2011.
• Warlords for XBLA and PSN is scheduled for release in Summer 2011.
• Centipede: Infestation for 3DS and Wii is scheduled for release in October 2011.