Majesco reports 60% Q2 revenue increase

Cooking Mama publisher Majesco has announced its financial results for the second quarter of fiscal year 2009, reporting increased revenue year-on-year along with an increased operating loss.

Revenue was reported at USD 20.5 million for the quarter ending April 30, a 60.8 per cent increase from USD 12.8 in the same period last year.

"We delivered another impressive quarter as we continued to successfully execute on our business plan and capitalise on the strength of the family friendly, casual game market," said Majesco CEO Jesse Sutton. "Our revenue growth was driven by the continued strength of Jillian Michaels' Fitness Ultimatum 2009 and our Cooking Mama franchise."

The company's operating loss rose, from USD 300,000 in Q2 2008 to 600,000 in 2009, due to an increased marketing spend totaling over USD 1 million.

"As expected, profitability in the quarter was dampened by our strategic marketing campaigns as we made investments to support the growth of our franchises and most promising titles," said Sutton. "We believe the benefits of these investments will continue beyond the first half of 2009 and help drive future growth."

As a result of its successful quarter, Majesco has raised its fiscal 2009 revenue guidance from USD 80 million to USD 85 million.

"We remain focused on prudently managing our costs and are committed to delivering profitable growth," said Sutton. "We have a proven strategy, are executing operationally and believe we have the right team in place to continue creating value for our shareholders over the long-term."