Majesco reduces 2007 operating losses by 84%
Majesco Entertainment Company has reported Q4 earnings for the period ending October 31, 2007 showing a net loss of $961,000
Majesco Entertainment Company has reported Q4 earnings for the period ending October 31, 2007 showing a net loss of $961,000.
Net revenue for Q4 was USD 11.9 million, down from USD 21.5 million from the same period of the prior year, which Majesco attributes primarily to a strong performance of Jaws Unleashed and the launch of Cooking Mama in 2006.
Operating loss during Q4 2007 was USD 1.5 million, down from USD 1.9 million in 2006. Net loss on a GAAP basis was USD 961,000, or USD 0.04 per share, compared to a 2006 net loss of USD 2.9 million, or USD 0.13 per share.
"In 2007 we continued to execute on our strategy. We made substantial operating and financial progress, laying the groundwork for continued growth and improved profitability in the year ahead," said Majesco CEO Jesse Sutton.
"We successfully implemented our mass-market casual game strategy, as we published 19 games in 2007 including 13 for the DS and our first two Wii games. We streamlined our operations and reduced expenses.
"For the full year, financing and factoring costs were down 35 percent, facilitated by our additional capital. We improved our gross margins by 420 basis points to 33.9 percent, reduced our non-GAAP operating loss for the year by USD 6.5 million, or 84 percent, and made substantial progress in moving toward profitability.
"With this improved efficiency and the additional capital from our recent equity financing, we are well-positioned for growth in 2008 and 2009."
Majesco expects 2008 full year net revenue to be in the range of USD 53 - 58 million.
Upcoming 2008 releases include Pet Pals: Animal Doctor, Mega Brain Boost, Nanostray 2, Blokus Portable: Steambot Championship, Cake Mania 2, Eco Creatures: Save the Forest, Wild Earth: African Safari, Blast Works: Build, Trade & Destroy, Wnderworld Amusement Park and a sequel to Cooking Mama: Cook Off.
For fiscal Q1 2009, the company announced Our House for the Wii. It also announced an as-yet-untitled music-based game from PaRappa creators Masaya Matuura and Rodney Alan Greenblat expected to be released in late calendar 2008.