Majesco Entertainment Company Reports Second Quarter Fiscal 2012 Financial Results

EDISON, NJ, Jun 11, 2012 (MARKETWIRE via COMTEX) -- Majesco Entertainment Company COOL -8.47% , an innovative provider of video games for the mass market, today reported financial results for the second quarter ended April 30, 2012.

For the second quarter ended April 30, 2012, Majesco's net revenues were $30.4 million, down 5 percent versus $32.1 million in the same period a year ago. During the second quarter of 2012, the Company reported operating income of $2.8 million, compared to operating income of $5.3 million in the second quarter of 2011. Net income for the quarter was $2.7 million versus net income of $2.1 million in 2011. On a non-GAAP basis, net income for the quarter was $3.0 million compared to non-GAAP net income of $5.4 million last year. Please refer to the Reconciliation of GAAP to Non-GAAP Financial Measures table included later in this release for additional information and details on non-GAAP items.

The Company's basic and diluted net income per share for the quarter ended April 30, 2012 was $0.07, compared to basic and diluted net income per share of $0.05 in the same period last year. Non-GAAP diluted net income per share for the quarter ended April 30, 2012 was $0.07 compared to diluted net income per share of $0.13 last year. Please refer to the Reconciliation of GAAP to Non-GAAP Financial Measures table included later in this release for additional information and details on non-GAAP items.

For the six months ended April 30, 2012, the Company's net revenues increased 20 percent to $96.6 million versus $80.6 million in the year ago period. The Company reported operating income of $10.3 million compared to operating income of $13.4 million in the same 2011 period. Non-GAAP operating income for the six month period was $11.2 million compared to $14.0 million for the comparable 2011 period. In the six months ended April 30, 2012 net income was $10.4 million compared to net income of $8.8 million for the six months ended April 30, 2011. For the same period, Non-GAAP net income was $10.3 million this year compared to $12.8 million in 2011.

The Company's basic and diluted earnings per share for the six months ended April 30, 2012 were $0.26 and $0.25, respectively, while basic and diluted earnings per share were $0.23 and $0.22, respectively, for the corresponding period in 2011. The Company's Non-GAAP basic and diluted earnings per share for the six months ended April 30, 2012 were $0.25 compared to $0.33 in the corresponding 2011 period.

Jesse Sutton, Chief Executive Officer of Majesco, said, "While the overall retail environment for interactive entertainment remains challenging in both North America and Europe, we are pleased to announce that in the second quarter, sales of Zumba Fitness remained solid, and Majesco delivered another profitable quarter. Zumba Fitness has now sold over 7 million units worldwide, and is the second best selling fitness game of all time. We are very excited for the upcoming holiday season, during which we will launch both Zumba Fitness Core, as well as the much-anticipated, highly innovative Kinect title, NBA Baller Beats. Lastly, we are about to ramp up our social/mobile efforts with the launches of Mini Putt Park on Facebook, as well as at least four exciting new mobile games coming to iOS over the next few months."