Majesco turns a profit in Q3 2011

Publisher Majesco Entertainment has released its Q3 earnings, reporting a net income of $1.9 million.

For the three months ended July 31, Majesco have reported net income of $1.9 million, or 5 cents a share. For the same period in 2010, the company reported a loss of $1.6 million, or 4 cents a share.

Overall revenue rose 61 percent from $12.2 million to $19.5 million.

Majesco states that the increased performance was due to strong sales of Zumba Fitness in the European market.

Due to the better than expected earnings, Majesco have adjusted their earnings outlook for the fiscal year from 30 cents to 35 cents per share, up to 35 cents to 38 cents per share. The company's yearly revenue outlook was raised from a previously forecast $110 million to $120 million, up to $120 million to $130 million.

Thanks, Yahoo! Finance.