Majesco Reports Loss in First Quarter

March 13, 2014 - GamePolitics Staff

Majesco continues to have financial challenges, as evident by its fiscal quarter 2014 results. For the quarter ended January 31, 2014, Majesco reported earnings of $21.9 million in revenue, down slightly from the $23.5 million earned in the same quarter last year. The company also posted a net loss of $4.5 million, compared to a loss of $2.1 million in the same period a year ago. On a non-GAAP basis, Majesco realized a Q1 loss of $4.1 million, versus $1.1 million in the same quarter last year.

Majesco CEO Jesse Sutton pointed to the transition to new consoles and the "expected slow build of the casual gaming installed base on the newest consoles systems."

"This ongoing transition, coupled with now entrenched digital platforms which have fragmented the market, have led us to develop opportunities for additional revenue streams," he said.

"We recently made two strategic investments in GMS Entertainment for online casino games and digital lotteries, and Midnight City, publisher and distributor of digital games for independent developers. We will build our 2014 release slate with a judicious use of resources and, even though we anticipate a loss for the full fiscal year, we are confident that we have the resources necessary to fund our operations and invest for future growth."

For Q2 Majesco plans to launch Cooking Mama 5 and Costume Quest 2. Last month, the company said it would offer shareholders a reverse stock-split in order to bolster its stock price above $1 and avoid being delisted from the Nasdaq.

Source: GII


 
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