Majesco Q2 losses narrow

The company posted a loss of $300,000 for the period, compared to a loss of $1.3 million for Q2 in 2006/2007.

The firm’s net revenue for Q2 2007/2008 stood at $12.8 million – slightly down from the previous year’s $14.6 million.

Company CEO Jesse Sutton stated that company was “prudently expanding” its family-friendly porfolio.

He said:

"We continue to execute on our mass market, family-friendly strategy and build on our presence in one of the industry's fastest growing genres. Our second quarter results are in line with our expectations and reflect the impact of our release schedule and seasonality of our business.

“For the first six months of 2008, our combined DS and Wii business, which is at the core of our mass market strategy, is up roughly 50 per cent versus last year. We remain on pace to achieve modest gross margin gains in 2008 and continue to believe that we can achieve cash break even or better at an operating level with full fiscal year net revenue between $53 and $58 million.

"We launched six new titles in the second quarter and ten titles [this] year to date. Two titles shipped for Nintendo's Wii system, seven for Nintendo's DS handheld, and one title for the PSP, aimed to maintain our focus on the family-friendly market," continued Sutton.

"We are prudently expanding our portfolio of titles and our studio is on schedule in developing its first titles. With our targeted strategy, improved operating execution and commitment to cost controls we are well positioned to continue improving our financial performance."

Majesco titles still set for release this fiscal year include Babysitting Mania and Nancy Drew: The Mystery Of The Clue Bender Society for DS and Zoo Hospital for Wii.