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Yesterday Majesco Entertainment announced its financial results for its second quarter ending April 30, 2005.
Majesco reported record second quarter revenues of $19.9 million, an increase of $2.9 million from the same period in 2004. Gross profit has increased to $8.4 million, up $3 million from second quarter 2004. The company generated net income of $189,000.
For the six month period that ended April 30, 2005, Majesco reported net revenues of $50.6 million compared to $41.7 million in the same period during 2004. Gross profit also increased from $12.9 million to $19.4 million.
Jan E. Chason, Majesco’s Chief Financial Officer commented, “Our record second quarter net revenues were driven by the introduction of Psychonauts for the Xbox and PC, double game packs (2 games in 1) value games, and continued strong sales of TV Arcade. Our gross margin increased to 42.4% for the quarter, underscoring the strength of our diversified product offerings. The increased expenses for the quarter were directly related to infrastructure growth to better position the Company for the future. We expect this level of expenditures to continue as we prepare to release key products in the coming quarters, implement new support functions and compliance and testing related Sarbanes-Oxley.“
Majesco have many exciting games coming for both current and next-gen consoles. Key titles are Psychonauts for PS2, Xbox and PC (This is yet to be released in Europe) and Demonik and The Darkness for next generation systems.
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