Majesco Reports Large Quarterly and Annual Loss

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MajescoPublisher Majesco reported its financial results for its fiscal fourth quarter and full financial year ended October 31, 2009:
For the quarter, Majesco reported a net loss of $4.455 million, compared to net income of $387 million in the same quarter the previous year. For the year, Majesco reported a net loss of $7.189 million compared to net income of $3.352 million in the last financial year.

Due to the poor performance of some of Majesco's new titles, the company cancelled several games (mostly for the Wii), incurring a charge of $3.2 million due to cancellations and reduced expectations. The company also cut staff by 17% in the last fiscal year, and hopes that reduced costs will contribute to future profitability. It should be noted that Majesco's releases are now almost exclusively for the Wii and DS, making the company extremely dependent on Nintendo's gamers.

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This page contains a single entry by Editor published on January 14, 2010 2:30 PM.

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