Majesco triples quarterly revenue

Fourth quarter financials for Majesco Holdings Inc. show a company slowly tipping the scales toward growth. Today, the company reported earnings for the quarter ending October 31, 2004. Revenue stood at $45.3 million, compared to the $15.5 million Majesco reported for the same period a year ago. Gross profit increased to $14.7 million, compared to $4.3 million last year, and operating income increased to $5.6 million for the quarter. That compares favorably to the $7.5 million loss for the same quarter a year ago.

Recent business highlights that point to continued positive performance, according to the company, include a recently announced multititle deal to bring Disney-branded games to its Game Boy Advance Video lineup; a total of 1.6 million units of Game Boy Advance Video titles selling through to consumers (with another 2 million units have sold into the channel in anticipation of holiday demand), another recent deal that will see Golden Nugget Casino-branded games coming to consumers in 2005, and the company having shipped the latest iteration in its BloodRayne franchise, BloodRayne 2, in numbers that met its target sell-in numbers.

For the full year, the company reported net revenue of $121 million, compared to $46.6 million the previous year. Gross profit increased to $34.7 million compared to $15.8 million the year previous. Overall, however, the year ended with a net loss of $11.2 million, slightly more than the $10.8 million the company lost during fiscal year 2003.

Carl Yankowski, Majesco's chairman and CEO said in a statement, "We are pleased with our financial performance for fiscal 2004, proud to report that we exceeded our previously announced net revenue guidance and thrilled that we almost tripled our sales compared to 2003.”

Company officials are projecting net revenue for fiscal year 2005 of between $175-$185 million. Speaking of its future, Yankowski said of Majesco: “We have structured our organization around strategic business units that will focus on our three main product lines: video games, including premium priced frontline titles and lower-priced value titles.”