Majesco hits profits of $4.2m

Majesco Entertainment has reported its results for the first quarter ended January 31, revealing net revenues up by 75.8 per cent to USD 32.8 million from USD 18.7 million in the same period a year ago.

During the same three month period, Majesco saw its operating income hit USD 3.7 million, up from USD 2.4 million year-on-year. Meanwhile, net income for the quarter was USD 4.2 million, compared to USD 2.7 million for same period in 2008.

"We had a terrific holiday season as reflected by our outstanding financial performance in the first quarter and our best quarter since implementing our casual gaming strategy three years ago," commented Jesse Sutton, CEO of Majesco.

Sutton said the success "demonstrates our ability to execute on our strategy and convert revenue growth into bottom-line returns."

"Our success was driven by strong demand across our product line, specifically for our Cooking Mama titles and the newly released Jillian Michaels' Fitness Ultimatum 2009, which has become a hit with approximately 500,000 copies sold to date."

He continued: "We are well positioned to capitalize on the increasing demand for family friendly mass market games, the fastest growing segment of the industry, which in part is being driven by the success of Nintendo's platforms."

"We are focused on the right market, have the right strategy and have a proven management team that is delivering profitable growth and building value for our shareholders."