Majesco reports $2.7 million Q1 2008 net income

Majesco Entertainment has announced its Q1 2008 financial results, reporting net income of USD 2.7 million.

Total revenue was USD 18.7 million - a 29 per cent increase from the same period of the prior year.

Sales were driven by the Cooking Mama franchise, which delivered a revenue increase of 47 per cent over Q1 2007.

"We delivered an exceptional quarter across all financial metrics as we continued to execute our plan," said CEO Jesse Sutton.

"Our performance was driven by our focus on the casual gaming market and the steps we have taken to improve our financial position and operating model over the past year."

Majesco reconfirmed its outlook for fiscal 2008 full year net revenue to be in the range of USD 53 - 58 million. The company expects 59 per cent of its net revenue to come from DS handheld titles and 40 per cent from Wii console titles.

In Q1 2008, 99 per cent of Majesco's revenue came from domestic (US) sales.

"We expect to continue to benefit from the improvements we have made in our operations throughout the rest of the year," Sutton said.

"Our new studio is open and is developing its first title, Our House for DS, which complements the previously announced Wii version and helps build our portfolio of intellectual property."