Majesco Posts a $2.1M Loss for Its First Fiscal Quarter - News/ 1,795 Views
Majesco has released its quarterly earning for its first fiscal quarter which ended January 31, 2013. Revenue dropped 65 percent to $23.5 million, from $66.2 million a year ago. The company also reported a loss of $2.1 million, down from a profit of $7.7 million.
"As we expected, sales patterns during the holiday period reflected declining demand for products on the Nintendo Wii game platform, including our Zumba Fitness titles," said Majesco CEO Jesse Sutton. "As the industry transitions to next generation consoles, we are managing the business conservatively with an eye on cash preservation and relying on our past experience in weathering industry transitions."
"Already we have taken the necessary steps to lower our fixed cost base and we plan to introduce a smaller slate of high-profile branded console and mobile games during fiscal 2013," Sutton continued.
"With cash of approximately $27 million and no debt, we have the financial flexibility to prepare the company for a resumption of growth as the market for next generation consoles develops," added Sutton.
Majesco expects to report a loss for its full fiscal year 2013. The company currently has four titles announced that will be released this fiscal year, Monster High: Skullimate Roller Maze, Young Justice: Legacy, a new Phineas and Ferb title, and a new Zumba Fitness title.