Once-crippled game maker reverses fortunes during 2008 fiscal year, posting $2.1 million income on revenues of $63.9 million.
Here's a shock for anyone who has kept abreast of Majesco's epic rise and fall over the past few years: The company has attained profitability during its 2008 fiscal year. The news comes by way of the company's fourth-quarter fiscal results, released this week, which revealed that the August-October quarter sales reached $18 million, a 51 percent spike from a year before. Fiscal year-end revenues stood at $63.9 million, an increase of 25 percent from the year-ago period.
"Our strong financial performance in 2008 reflects the successful execution of our plan and confirms we're on the right path," said CEO Jesse Sutton, who was named to the company's highest position in December 2007. "For the year, we exceeded our updated guidance on revenue and achieved profitability."
In marked contrast to Majesco's fiscal 2007 performance, the company pulled in a net income of $2.1 million for the year ended October 31, up from a net loss of $4.8 million a year ago. Operating income also saw a significant turnaround during the year, landing $1.5 million in the black as compared to a loss of $3.8 million in fiscal 2007.
As part of its turnaround roadmap established in 2007, Majesco shifted its focus from top-tier, big-budget game development to mass-market-friendly casual titles primarily for Nintendo's best-selling Wii and DS. The move has paid dividends for the New Jersey-based game maker, with its Cooking Mama franchise, Jillian Michaels' Fitness Ultimatum, Wild Earth, and Wonder World all named by Majesco as top sellers during the year.
In addition to recapping its fiscal 2008 performance, Majesco provided initial guidance for the coming year. The company expects to maintain profitability in 2009, with net revenues projected to surpass $70 million. In all, Majesco plans to release 31 titles during the year, 15 for the Wii and 16 for the DS.
"We expect to further build on our success in 2009," said Sutton in a statement. "We believe we are well positioned to benefit from consumer trends given our focus on the fastest-growing segment of the gaming industry. We have a proven and disciplined business model and a management team that is committed to growing the company in a profitable manner."
Tom Magrino has covered the games industry since 2006. He's been compared to Steve Martin by Ozzy Osbourne and Daniel Craig by Tim Schafer. His voice, heard largely on GameSpot's podcast, recalls that of Kermit the Frog. It ain't easy bein' Magreen.
Oh yeah, and I would like another BloodRayne. I won't lie... I played the first one and loved it... and "liked" the second. I know they were not very good games, but they have so MUCH potential, and they fill such a large gaming void. Hell, the movie could have been good if Uwe "SoulKiller" Boll didn't get his hands on it.
I'd buy a Psychonauts 2 and a really packed Cooking Mama on the ps3/360/wii. Hell, nintendo would probably make a new peripheral for it, ahnd majesco would make a fortuneselling GOOD games!
Wow I didnt know cooking mama was so HOT. Get it, COOKING mama, Hot. lol (im sorry ill hit myself)
I just went looking through the GS database. Majesco used to make a lot of bad games. Guess they figured that issue out.
Ultrabeatdown: Is it sad that I have all the Cooking Mama games? ====================== No, is it sad that I enjoyed Dora the Explorer: Journey to the Purple Planet?
If your a gamer this is good and bad news. It's good news because more gaming companies=more variety in games. At the same time this is bad because all their great titles that just didn't sell well won't be made because these cheap easy casual games are more profitable. Hopefully they can find a way to do both and still be profitable.
well though i have no interest in mejesco games, but it is still a good news. Now will you plzzzzz give the reins of Advent Rising to another publisher, i am dying to see what happens next in that game.
To XtremeTrixX, I emailed them a while back to ask that question, and they actually answered. According to the response, the rights to the game were sold. Sadly, they never told me to whom it was.
Sweet! I'd like another BloodRayne! Too bad we can't get another Advent Rising. Majesco did have a lot of great games, but some really terrible ones as well.
Majesco, now that making games for Nintendo has put you in the black, please make a Bloodrayne game for the Wii. Yeah thats right fellow Gamespot members I want another Bloodrayne video game. Flame me all you want. I don't care.
congrats ...im glad to see some the gaming community has someone who knows how to survive a huge pending economy crisis
Yay Majesco! It's good to see a smaller videogame company NOT flounder due to the economic crisis.
Yeah this a good thing... It's just too bad it's on THOSE kind of games -_-. Well I am happy for them, as a gamer, it's never fun to see a video game compagny go under. At least, as long they are "alive" they might change a bit their focus in the futur, once things are back in the green.
I'm glad Cooking Mama is doing well mainly because PETA hates it, but I hope they can start doing some more awesome games like Psychonauts.
Hey, this bad news! "We expect to further build on our success in 2009." That sounds like a threat to me.
Great to see them making money, though its too bad they couldn't remain profitable doing what they used to do. This is the company that brought us Phantom Dust and I will always thank them for that. That game is in my top 10 best ever in terms of pure fun, it even knocked Halo 2 out of my Xbox. No doubt companies have to make money, just too bad a great company like Majesco can only make money on Cooking Mama with the current game market.
Can't say I have any love for current Majesco games, but it sure is nice to see someone making money!
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