Majesco Q1 revs slip 11%

Majesco began March on shaky footing, after announcing that it had received a NASDAQ delisting warning due to maintaining an insufficient stock valuation. And while the Cooking Mama publisher continues to make money, it did so to a lesser degree during its November-January earnings period.

Reporting on its first-quarter results for the period ended January 31 this week, Majesco said that net revenues slipped to $29.2 million, down 11 percent year-over-year. Net income saw declines during the period as well, falling 10 percent to $3.8 million.

Majesco attributed the decline in large part to Jillian Michaels' Fitness Ultimatum 2009, which sold well enough to create a tough comparison. In a post-earnings conference call, Majesco CFO John Gross noted that while the most recent installment performed to expectations, it came in well below the first installment, released in October 2008.

As for those titles that did perform well, Majesco's warhorse Cooking Mama franchise had another big quarter, selling some 500,000 during the three-month period. Of these games, the newest release Cooking Mama 3: Shop and Chop for the DS led sales, though the publisher noted that catalog titles continued to be in demand. Other top performers included Alvin & The Chipmunks: The Squeakquel and Hello Kitty-branded games.

Majesco maintained its 2010 fiscal-year outlook following the announcement of its first-quarter results. The company expects full-year revenues to hit $80 million, resulting in $0.05 earnings per share. All said, Majesco is on track to release 14 DS and 16 Wii titles during its 2010 fiscal year ending October 31.