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Majesco returns to profitability in '08

By Tom Magrino, GameSpotPosted Jan 14, 2009 11:45 am PT

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.

Mama is pleased.

"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."

31 Comments

  • nappan

    Posted Jan 22, 2009 10:51 am PT

    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.

  • nappan

    Posted Jan 22, 2009 10:49 am PT

    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!

  • frazzle00

    Posted Jan 21, 2009 8:16 pm PT

    I am ashamed to admit, but I really did enjoy the DS Cooking Mama titles .

  • hatieshorrer

    Posted Jan 15, 2009 4:52 pm PT

    Wow I didnt know cooking mama was so HOT. Get it, COOKING mama, Hot. lol

    (im sorry ill hit myself)

  • necronaux

    Posted Jan 15, 2009 10:17 am PT

    I'd love to see tham do another Psychonauts.

  • grigjd3

    Posted Jan 14, 2009 8:05 pm PT

    I just went looking through the GS database. Majesco used to make a lot of bad games. Guess they figured that issue out.

  • Media_Mind

    Posted Jan 14, 2009 7:37 pm PT

    good for them, I guess..

  • ivanfred

    Posted Jan 14, 2009 5:30 pm PT

    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?

  • Ultrabeatdown55

    Posted Jan 14, 2009 5:14 pm PT

    Is it sad that I have all the Cooking Mama games?

  • Zerabp

    Posted Jan 14, 2009 5:06 pm PT

    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.

  • Oblivion_Awaits

    Posted Jan 14, 2009 4:51 pm PT

    I have a huge crush on Cooking Mama. (^_^)

  • lamprey263

    Posted Jan 14, 2009 4:36 pm PT

    that's good, I actually liked Cooking Mama

  • hatieshorrer

    Posted Jan 14, 2009 4:17 pm PT

    Larger developers should follow Majesco's example.

  • Mcgnnis1

    Posted Jan 14, 2009 4:12 pm PT

    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.

  • Bigkx

    Posted Jan 14, 2009 4:10 pm PT

    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.

  • spawnassasin

    Posted Jan 14, 2009 3:48 pm PT

    BloodRayne 3???
    please

  • I1yodsyo1I

    Posted Jan 14, 2009 3:24 pm PT

    Good. I cannot bear more companies go away.

  • EnderSR388

    Posted Jan 14, 2009 2:27 pm PT

    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.

  • ivanfred

    Posted Jan 14, 2009 2:13 pm PT

    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.

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