Ahead of Majesco's expected second quarter earnings report this Thursday, Wedbush Morgan's Michael Pachter has forecasted sales of $15 million on its Cooking Mama series, saying the company is "close to returning to profitability."

The $15 million estimate is ahead of consensus estimates of $13 million in sales for the quarter. Majesco itself provided no quarterly guidance.

"We believe that Majesco’s sales were in line with our estimate," said Pachter, "based upon in line sales of its main new release Cooking Mama (which sold-through 73,000 units through April compared with our 100,000 unit sell-in estimate)."

Pachter is maintaining fiscal 2007 sales guidance of $57 – 60 million, down 10-15 percent from fiscal 2006, and says Q4 will be the "strongest" quarter. "We note that Majesco’s remaining FY:07 line-up of budget titles including 6 DS, 1 Wii, and 1 Xbox 360 games should provide relatively modest revenue at a modest cost," he said.

He concluded, "Though we think Majesco may continue to struggle with its low cash levels and will have to deal with its delisting issues, we believe that the company is close to returning to profitability, due to its improvements in sales and cost management."

"We are increasingly positive on shares now that the company has been able to stabilize revenues in the $12 – 13 million quarterly range, and believe that Majesco can break even at $65 million in annual revenues," he said.