Majesco Revises Annual Income Upward Thanks to Advantageous Court Settlement

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MajescoMajesco Entertainment has revised its previously released results for its financial year ended October 31, 2008. Rather than the previously announced net income of $2.1 million for the year, Majesco is now reporting net income of $3.4 million for the year. The new results are due to the company settling a securities class action litigation for less than the amount that the company expected.
Subject to court approval, Majesco will make a cash payment of $0.7 million and one million shares of common stock (along with a payment from the company's insurance policy). In total, the company estimates the charge as $1.25 million.

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