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Majesco Posts Q3 Results
Andrew 'Talon' Wilson :: 12:30 AM @ September 13th, 2005 :: General Gaming
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( READ ATTACHED PRESS RELEASE ) Majesco has released its financial results report for the third quarter and nine-months ended July 31st, 2005. Attributed to weak sales of titles, during the quarter Majesco reported net revenues of $4.6 million, compared to $34.0 million this time last year. The quarter saw an operating loss of $38.6 million, compared to an operating income of $3.1 million, with a net loss of $37.5 million, or $1.69 per share; as supposed to a net income of $20.5 million, or $1.06 per share this time last year. Meanwhile, the nine-month perios saw net revenues of $55.1 million, down from $75.6 million; with net operating loss of $35.8 million and net loss of $37.8 million or $1.87 per share.
Jesse Sutton, Majesco's President, said, "The lower than expected sales of some of our key products combined with the effects of the upcoming console transition and overall industry softness have made this a very challenging year."

Sutton continued, "As a result of our disappointing results, we are re- evaluating our business model. In the meantime, we will maintain our focus on digital entertainment with an emphasis on video games. Our value product line will remain a core part of our business and we will selectively publish frontline titles. Additionally, our strategy includes pursuing low-risk opportunities in the mobile and online markets with our existing intellectual properties as well as new products."

Looking ahead, Majesco's game line up includes the following titles.
  • Teen Titans (Game Boy Advance: 2005)
  • Teen Titans (Xbox, PlayStation 2, GameCube: fiscal 2006)
  • Infected (PlayStation Portable: Holiday 2005)
  • Aeon Flux (Xbox, PlayStation 2: 2005)
  • Jaws Unleashed (Xbox, PlayStation 2, PC: early 2006)
  • On the financial side of things, Majesco updated its fiscal 2005 guidance, with the company now expecting revenues of $60.0 - $65.0 million and an operating loss of $40.0 - $45.0 million. Stay with us for more news throughout the day.

    Latest Similar Story: Tom Clancy�s Rainbow Six Critical Hour Announced (01/12/06)

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