Continued losses for Majesco "in line with expectations"
Publisher's financials reveal Q3 losses down to $1.6 million from last year's $5.2 million
Publisher Majesco has released results for its third financial quarter, which reveal a net revenue of $12.2 million, but a net loss of $1.6 million.
While revenues have declined from Q3 last year's $17.2 million, the losses have at least recovered from $5.2 million.
The picture is rosier for the nine months ending July 31, with Majesco mustering a $600,000 income instead of the same period last year's $2.7 million loss.
The publisher projects between $77 and $80 million revenue for the entire 2010 fiscal year, with 96 per cent of that coming from DS and Wii titles.
Majesco CEO Jesse Sutton was bullish in the face of the net loss. "Our Company's third quarter results were in line with our internal expectations," he claimed.
"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."
Sutton also expressed excitement about Majesco's plans for the Move and Kinect motion controllers.