Majesco regains Nasdaq compliance
Cooking Mama publisher finds itself on the right side of trading market after stock price closes above $1 for 10 consecutive days.
These first few months of 2009 have resulted in some good news for casual-game maker Majesco. In January, the New York-based Cooking Mama maker announced that it had returned to profitability during its 2008 fiscal year, thanks largely to its shift away from top-tier, big-budget game development to mass-market-friendly casual titles for Nintendo's best-selling Wii and DS.
Today, Majesco announced another bit of good news, saying that it has regained compliance with the Nasdaq stock market's listing standards, because its share price has been at or above $1 for 10 consecutive days. Majesco had been notified of its noncompliance with Nasdaq's standards in August 2008. According to today's announcement, Nasdaq now considers the matter to be closed.
Since closing at $0.61 on March 3, Majesco stock has skyrocketed 139 percent, finishing Friday's trading at $1.46. In March, the publisher reported first-quarter revenues of $32.8 million, which were up more than 75 percent from a year before. Profit also spiked during the November-January period, rising 54 percent to $4.2 million.