Casual Games Drive Majesco Turnaround

Posted on Mar 18, 2008 at 1:00 AM Comments:0
ImageMajesco generated net revenue of mmoabc8.7 million for the quarter ended January 31, a 29 percent increase over a year ago.

The firm attributed the revenue growth to the Cooking Mama franchise, including November"s Office Create-developed Cooking Mama 2: Dinner With Friends on DS.

Operating income for the quarter was $2.4 million, compared to an operating loss of $200,000 a year prior. Net income was $2.7 million, up from a net loss of $900,000 a year ago. Gross margins were 40.2 percent.

Majesco said it had $8.2 million in cash and cash equivalents at the end of the quarter.

CEO Jesse Sutton said in a statement that the period was an "exceptional quarter across all financial metrics."

He added, "Our new studio is open and is developing its first title, Our House for DS, which complements the previously announced Wii version and helps build our portfolio of intellectual property. We are focused on expanding the number of titles we publish and strengthening our retail distribution."

The company expects full-year 2008 revenues of $53 million to $58 million, with 59 percent of that revenue coming from handheld titles. The company"s new casual strategy relies strongly on Wii and DS development.

The firm plans on releasing 28 titles in total this year, with approximately 11 for Wii, 15 for DS and "two other" games.
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