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Majesco reports Q1 profits of $3.8 million

By Matt Martin

Wed 17 Mar 2010 3:51pm GMT / 11:51am EDT / 8:51am PDT

Cooking Mama performs well as company continues to focus on Wii and DS releases

Cooking Mama publisher Majesco has reported first quarter profits of $3.8 million (2.4m / 2.7m), down from the $4.2 million recorded for the same period last year.

For the three months ended January 31, net revenues were $29.2 million (19.1m / 21.2m) compared to $32.8 million (21.4m / 23.8m) in 2009, with operating income of $2.5 million (1.6m / 1.8m), down from $3.7 million (2.4m / 2.6m).

"Majesco had a very solid first quarter driven by strong holiday sales of our Cooking Mama franchise, which once again delivered impressive results, and Alvin & The Chipmunks: The Squeakquel. Our results were in-line with our internal expectations and we remain on track to deliver improved profitability for 2010," said CEO Jesse Sutton.

"We have made significant progress in fine tuning our strategy to meet the challenges of the current operating environment. We continue to focus our resources on our best opportunities and our costs remain under control. We are committed to improving our profitability and building long-term value for our shareholders."

The company is releasing 37 SKUs in 2010, including 14 for the DS and 16 for the Wii. 62 per cent of full year revenue is expected to come from DS titles, 31 per cent from Wii games and 7 per cent from all other platforms.

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