Majesco reports revenue increase of 60% to $20.5 million

News by Stephany Nunneley-Jackson Former News Editor

Published on June 16, 2009

Majesco has reported second quarter earnings for the company's fiscal year with an increase in revenue of 60.8 percent equaling $20.5 million. These figures are for the months of February - April compared to $12.8 million during the same quarter in 2008.

Still, it is reporting a loss of $1.7 million for the quarter with a comparison of $257,000 for the same time period last year.

The loss is being blamed on "strategic marketing campaigns" but CEO Jesse Sutton projects the rest of the year will ge3nerate $80 to $85 million thanks to investing in new titles.

"We believe the benefits of these investments will continue beyond the first half of 2009 and help drive future growth," he said in a statement.

The revenue increase was attributed to Jillian Michaels' Fitness Ultimatum 2009 and the Cooking Mama franchise with the later selling 4 million units worldwide and the former selling 600,000 copies.

"We continue to believe that Majesco can deliver sustainable profits, as we have better revenue visibility with an ever stronger game lineup," said analyst Michael Pachter in a financial mailer.

"We believe investors should remain focused on Majesco’s continuing profitability [as] Q2 revenue was much better than expected."