Record Q1 results for Majesco

Majesco has today announced record financial results for its first fiscal quarter ended January 31, attributing its success to increased sales of its Game Boy Advance titles. Net revenues for the quarter were $24.6 million, up 84 percent from $13.4 million for the same period in 2003. Gross profit for the quarter was up from $5.3 million in 2003 to $7.5 million.

"We are very pleased with our performance for the first quarter and remain optimistic for continued growth for the balance of the year," said Jesse Sutton, CEO of Majesco Sales. "We are very excited by the strong demand from retailers for our upcoming lineup of Game Boy Advance Video titles, that will allow the 20 million domestic Game Boy Advance and Game Boy Advance SP owners to view highly popular cartoons from Nickelodeon and 4Kids Entertainment on their portable handheld systems. In the fall, we anticipate releasing our two key franchise titles, BloodRayne 2 and Advent Rising, as well as launching a number of Game Boy Advance Video titles in the European marketplace. These initiatives should lay the groundwork for a promising future for Majesco."

Majesco has previously announced that it expects its net revenues for the fiscal year ending October 31, 2004, to exceed $89 million, representing an increase of at least 89 percent over the previous year.