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Majesco reports $0.3 million Q2 net loss

CEO says results are in line with expectations and company remains on track to achieve modest gross margin gains

Majesco Entertainment has reported financial results for the fiscal second quarter ended April 30, with net revenue of USD 12.8 million and a net loss of USD 300,000 or USD 0.01 per share.

The company reported USD 14.6 million net revenue, and a net loss of USD 1.3 million, during the same period of the prior year.

"We continue to execute on our mass market, family-friendly strategy and build on our presence in one of the industry's fastest growing genres," said CEO Jesse Sutton.

"Our second quarter results are in line with our expectations and reflect the impact of our release schedule and seasonality of our business."

Sutton said that Majesco's combined DS and Wii business - the core of its mass market strategy - is up roughly 50 per cent versus last year. It expects 59 per cent of its net revenue to be from handheld titles - virtually all for the DS - and 41 per cent from console titles, almost entirely for the Wii.

"We remain on pace to achieve modest gross margin gains in 2008 and continue to believe that we can achieve cash break even or better at an operating level with full fiscal year net revenue between USD 53 and 58 million," Sutton said, confirming Majesco's outlook for the full year.

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