Majesco reports 25.3% hike in revenue
Wii and DS focused strategy cited as cause of success, which saw losses cut and revenues climb
Majesco Entertainment has reported its financial results for the fourth quarter and full-year ended October 31, 2008.
The Cooking Mama publisher saw its net revenues for the fourth quarter increase 51.2 per cent year-on-year to USD 18 million. During this same period, the company reported an operating loss of USD 900,000, down from an operating loss of USD 1.5 million for same period the previous year.
For the twelve month period ending October 31, 2008, the company's net revenues increased 25.3 per cent to USD 63.9 million, while its operating income hit USD 1.5 million compared to a loss of USD 3.8 million in 2007. Majesco's earnings per share for the fiscal year were USD 0.08 compared to a loss of USD 0.20 year-on-year.
"Our strong financial performance in 2008 reflects the successful execution of our plan and confirms we're on the right path," said Jesse Sutton, CEO of Majesco Entertainment. "For the year we exceeded our updated guidance on revenue, and achieved profitability. Revenue for the full year increased over 25 percent to USD 63.9 million."
"Our combined Wii and DS business, which is at the heart of our strategy, was up 86 per cent for the quarter, and 64 per cent for the year when compared to 2007. As we grow our business, we are increasingly converting our revenue growth into bottom-line returns allowing us to achieve profitability ahead of schedule."
"We expect to further build on our success in 2009," he added. "We believe we are well positioned to benefit from consumer trends given our focus on the fastest growing segment of the gaming industry. We have a proven and disciplined business model and a management team that is committed to growing the company in a profitable manner."