Majesco Sees Expanded Revenues, Expanding Prospects

Officials from Majesco have announced the financial results for the company’s first quarter, ended January 31st. During this period the company reported record net revenues of $30.7 million, compared to $24.6 million at the same time last year. Gross profits also increased to $11.0 million for the first quarter, compared to $7.5 million in 2004. However, net income was slightly down at $700,000, from $1.1 million at the same time last year. Carl Yankowski, Majesco's Chairman and CEO, commented, "This quarter has been an exciting one for Majesco; we were listed on the NASDAQ National Market System, and raised $60 million in net proceeds from a successful registered offering and related warrant exercise. We continued to broaden and enhance our product portfolio." He also commented: "Key initiatives include new premium and value games; game titles for Sony's new PSP including an exclusive three-game partnership with Planet Moon Studios; the release of several new Disney properties for our Game Boy Advance Video product line; and development of several new wireless TV Arcade products." For the full fiscal year 2005, the company is expecting revenues of between $175 to $185 million and an operating income of $16 to $18 million, and pointed to multiple new products it is launching as part of a significant and fairly aggressive expansion from a value-focused to full-price publisher, including Tim Schafer's Psychonauts, due in the second quarter of the year, Advent Rising, due Q3, Planet Moon's PSP-exclusive Infected, due 'in Fall', and Microsoft Game Studios Japan title Phantom Dust, which Majesco has licensed for North American release later this month.