$2.6 million net loss for Majesco

Struggling US publisher Majesco has reported a net loss of $2.6 million for the first quarter of 2006, compared to a net loss of $400,000 for the same period last year.

The publisher has revealed first quarter net revenues of $24.1 million, compared to $30.7 million for the same period during 2005. Gross profit was $10.4 million or 43.3 per cent of net revenues for the first quarter, compared to $11.0 million, or 35.7 per cent of net revenues for the same period during 2005.

The company recently changed strategy to publish budget console titles rather than continue in the full-price market, after suffering disappointing sales of titles including Advent Rising, BloodRayne 2 and the acclaimed Psychonauts.

We are pleased with our results for the quarter and the progress we are making towards implementing our new product strategy," said Morris Sutton, CEO and chairman of Majesco. "For the first time, international contributed a meaningful portion of our overall revenues and we have successfully re-positioned the company to focus on providing high-quality handheld and value products during this time of industry transition."

Sutton went on to detail the companyâs strategy for the coming months, stating, "Going forward, our focus will be on enhancing our software product line up for the remainder of 2006 and 2007, continuing to reduce costs, streamlining our business, and actively seeking incremental revenue opportunities related to emerging technologies and peripherals."