Majesco announced today its financial earnings for the fiscal third quarter ended on July 31, 2010. The company reported net revenues of $12.2 million, down 29 percent from $17.2 million during the same period last year. Majesco suffered a net loss of $1.6 million, which is a sizable improvement from last year’s loss of $5.2 million.
The company also reported on the nine months ended on July 31, 2010. Net revenues were down 26 percent to $52.3 million versus the same period last year. The company saw net income of $600,000, up from a $2.7 million loss for the same nine-month period in 2009.
"Our Company's third quarter results were in line with our internal expectations. The revenue decline for the quarter was as expected and was a result of a smaller release slate compared with the third quarter of 2009. Tetris Party Deluxe did well, and will likely be one of our best-selling titles of 2010. Importantly, because of our tight cost controls, we significantly reduced our operating loss despite the revenue decline,” said Jesse Sutton, Chief Executive Officer of Majesco.
“We remain excited about our upcoming titles scheduled for release during the balance of the fiscal year and this holiday season. Brand new motion control devices coming from both Microsoft and Sony should be a catalyst for the industry, and Majesco will be there to support both this holiday. Our management team is focused on improved profitability and is totally committed to building long-term value for our shareholders."
Looking forward to the fourth quarter, Majesco is expected to release a number of titles including Crafting Mama, My Baby 3 & Friends, and Dawn of Heroes for Nintendo DS; Greg Hastings Paintball 2 for 360 and Wii; Swords, Flip’s Twisted World, and Summer Camp Showdown for the Wii, and Serious Sam HD: The Second Encounter for Xbox Live Arcade.
The company is forecasting revenue of $77 to $80 million for the fiscal year 2010, down from the firm $80 million previously forecasted. Majesco remains very much in the casual sector, expecting 63% of its revenue to come from DS titles, 33% from Wii games, and 4% from other platforms.
