Officials from Majesco have announced the financial results for the company's first quarter, ended January 31st. During this period the company reported record net revenues of $30.7 million, compared to $24.6 million at the same time last year.
Gross profits also increased to $11.0 million for the first quarter, compared to $7.5 million in 2004. However, net income was slightly down at $700,000, from $1.1 million at the same time last year.
Carl Yankowski, Majesco's Chairman and CEO, commented, "This quarter has been an exciting one for Majesco; we were listed on the NASDAQ National Market System, and raised $60 million in net proceeds from a successful registered offering and related warrant exercise. We continued to broaden and enhance our product portfolio."
He also commented: "Key initiatives include new premium and value games; game titles for Sony's new PSP including an exclusive three-game partnership with Planet Moon Studios; the release of several new Disney properties for our Game Boy Advance Video product line; and development of several new wireless TV Arcade products."
For the full fiscal year 2005, the company is expecting revenues of between $175 to $185 million and an operating income of $16 to $18 million, and pointed to multiple new products it is launching as part of a significant and fairly aggressive expansion from a value-focused to full-price publisher, including Tim Schafer's Psychonauts, due in the second quarter of the year, Advent Rising, due Q3, Planet Moon's PSP-exclusive Infected, due 'in Fall', and Microsoft Game Studios Japan title Phantom Dust, which Majesco has licensed for North American release later this month.