Majesco
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Investors plug $6 million into Majesco
Majesco Entertainment completed an investment round that resulted in $6 million in funding, the Cooking Mama publisher announced today. $1 million of the funds were issued to the company with the rest stashed in escrow until certain, as-yet-unknown conditions are met by Majesco. The company also appointed two people to its boards of directors to replace two that stepped down, one of whom is Jesse Sutton, who will remain Majesco's CEO after resigning from the company's board. SEC filings in November admitted that Majesco "suffered losses that raise substantial doubt about our ability to continue as a going concern." It reported a 27.2 percent drop year-over-year in net revenue in September, as well as net losses of $2.7 million. As a result, Majesco laid off several staff in October to reduce fixed costs. The company also noted last month that it is "currently not developing any significant new games for release in fiscal 2015," which ends on October 31, 2015. [Image: Majesco]
Majesco doubting 'ability to continue' following layoffs
Majesco has fallen on hard times, as the Cooking Mama publisher "implemented a reduction of our workforce to reduce our fixed costs," according to recent SEC filings. The company's layoffs came at the very end of October, just after its independent label Midnight City launched Costume Quest 2 on PS3 and PS4. The publisher reported a net loss of $2.7 million in September for the quarter ending July 31 as well as a net revenue of $2.9 million, a 27.2 percent drop year-over year. When pointing to the earnings report in a November 6 filing, Majesco said it "suffered losses that raise substantial doubt about our ability to continue as a going concern." Likewise, Majesco is "currently not developing any significant new games for release in fiscal 2015," a period that ends on October 31, 2015. The three games slated to launch during that time are Hello Kitty and Sanrio Friends 3D Racing for 3DS, Gone Home's console port courtesy of Midnight City and Shadows: Heretic Kingdoms for PC, which is currently available in early access form on Steam. [Image: Majesco]
Costume Quest 2 drags Sackboy to PS4, PS3 next week
Double Fine's dress-up RPG Costume Quest 2 will launch on PS3 and PS4 next Tuesday, October 28, publisher Midnight City announced. The PlayStation versions of the game will also receive an exclusive Sackboy costume modeled after the hero of Media Molecule's popular platforming brand, LittleBigPlanet. The Sackboy costume will be available for free to PS4 and PS3 players as part of an update to the game. To unlock it, quest-goers must find four pieces of the costume tucked away in the game. While there's no set release date for the Sackboy update, it is expected to go live "in the coming weeks." Costume Quest 2 is already available to PC, Mac and Linux players via Steam for $14.99. No launch date has been announced for the Xbox One, Xbox 360 and Wii U versions as of yet. [Image: Midnight City]
Monaco steals, sells one million copies
Multiplayer heist game Monaco: What's Yours Is Mine reached a new milestone this week: One million copies sold. Developer Pocketwatch Games noted via Twitter that the sales landmark doesn't include free copies it distributed during special promotions. The game launched in April 2013 on Steam and received a very positive review from Joystiq's own Jess Conditt at that time, prior to its May 2013 XBLA launch. Monaco features clean, retro-inspired visuals and the ability to partake in heists with up to three friends, each using specialized characters with unique skill sets like the Locksmith, Pickpocket and Lookout. Pocketwatch Games issued the final update for the game in April before fully unveiling its next game about a month ago, an arcade RTS called Lead to Fire. [Image: Pocketwatch Games]
Wang tough, 'small delay' to Shadow Warrior console ports
Shadow Warrior isn't slicing and dicing into consoles until October 24 in the UK, Bandai Namco revealed in a release schedule sent to Joystiq this morning. As VideoGamer reports, a statement from developer Flying Wild Hog suggests the delay to the PS4 and Xbox One ports is likely to be reflected stateside, while both Amazon and GameStop are now listing the US release for October 21. "Bringing Shadow Warrior to PS4 and XB1 has proven to be a challenge for us as we want to make sure the player experience is perfect," reads the statement to VideoGamer. "In play testing we have been focusing in on the controller inputs and response. We recognized that we needed more time to improve this as Shadow Warrior is an old school FPS and this demands perfection. Sadly this means a small delay in the release date, but Lo Wang needs to be at his best on these shiny new consoles."
Cooking Mama 5 spices up 3DS on September 16
Is your 3DS library coming up short in terms of food preparation sims? Don't worry; Mama will fix this. Cooking Mama 5: Bon Appétit! will hit retailers in North America next month with a gaggle of new recipes in tow. Cooking Mama 5 features 60 new recipes, allowing players to virtually prepare international dishes like sushi, parfaits, Hawaiian pancakes, and the most exotic food of all, chicken nuggets. The game also offers a variety of side-missions and activities like pet-feeding and food delivery, and its multiplayer mode supports single cart download play for up to four competing chefs. Cooking Mama 5: Bon Appétit! premieres on September 29. [Image: Majesco]
Shadow Warrior slices, dices on Xbox One, PS4 this Fall
Lo Wang's politically incorrect quest to murder a ton of goons using only the power of Asian stereotypes continues in late September as Devolver Digital has announced an agreement with Majesco to re-release the 2013 first-person action spectacle Shadow Warrior for the latest generation of game consoles. Described as a "bold new vision of the 1997 cult classic," this new Shadow Warrior is an entertaining, happily low brow first-person shooter that combines the typical juvenilia you'd expect from a Duke Nukem 3D offshoot with surprisingly competent first-person swordfights that prove functional and exceedingly bloody. It's unknown what upgrades the PlayStation 4 and Xbox One versions of Shadow Warrior might feature, but Devolver has announced a $40 price tag for both versions. "Our fans have been very vocal about bringing Shadow Warrior to PlayStation 4 and Xbox One so we're absolutely thrilled to be working with our friends at Majesco to put Wang in a box later this year," said Devolver CFO and perennial quote goldmine Fork Parker. [Image: Majesco]
Cooking Mama 5 gets served on 3DS this September
Cookiing Mama 5: Bon Appetit will launch in North America this September. The 3DS game first took to digital kitchens in Japan this past November, bringing with it over 60 recipes for appetizers, drinks, main courses and desserts. The game includes six modes, one of which is a new "Cooking Dojo," and features more than 30 extra activities around players' houses and burger shops. Players will also have the option to customize Mama's outfit and kitchen with decorations obtained through the console's SpotPass feature. Majesco noted in its announcement that the Cooking Mama series has sold more than 13 million copies globally. The first game debuted on Nintendo DS in 2006. Cooking Mama 5 will arrive three years after the previous one for 3DS, Cooking Mama 4: Kitchen Magic, which launched in November 2011. The upcoming game also features a four-player local multiplayer mode that uses the console's download play feature, allowing three friends to participate in a cook-off with one player that owns a copy of the game. [Image: Majesco]
Bloodrayne Betrayal coming to PC next week, Japanese tease was port
Last week's tease by Arc System Works for something BloodRayne related was simply a razz for the Japanese localization of BloodRayne: Betrayal. The "BRCS" from the teaser site stood for BloodRayne: Crimson Slayer, which will be the game's name for the region. The solid action game from WayForward will be available in Japan on May 1 on PS3. In the west, BloodRayne: Betrayal will be available on Steam for PC on April 30 with full controller support. In our review we said Bloodrayne Betrayal has "style, substance and butter-smooth combat."
Gone Home headed to consoles this year from Majesco's indie label
Indie developer The Fullbright Company announced that its landmark first-person adventure game Gone Home is coming to consoles this year. Majesco will publish the console version of Gone Home via its recently-launched indie label Midnight City. Specific release platforms have not been announced, though writer and designer Steve Gaynor notes that further details will be revealed in the coming weeks. Gone Home placed at #6 in Joystiq's "Best of 2013" rankings, with our senior reporter Jess Conditt calling it "a deeply personal, moving story" and "a feat of subtlety and game storytelling." [Image: Majesco / The Fullbright Company]
Gardening Mama 2: Forest Friends blossoms on 3DS in April
Cooking Mama is back for another round of garden-tending action in Gardening Mama 2: Forest Friends, a newly-announced series entry coming to the Nintendo 3DS this spring from publisher Majesco. Following up on 2009's Gardening Mama for the DS, Forest Friends introduces 50 new horticulture-themed challenges. In addition to fulfilling in-game requests, players can deliver harvested fruits and veggies to forest shops in order to earn new items, decorations, and seeds. Gardening Mama 2 also features SpotPass functionality, rewarding players with unlockable garden backgrounds for meeting up with fellow gardening fanatics. Majesco notes that the Cooking Mama series has sold over 13 million units worldwide since its launch in 2006. Gardening Mama 2 is due to hit the Nintendo 3DS in April. [Image: Majesco]
Majesco cooking up stock split to avoid delisting
Majesco will once again appeal its Nasdaq stock delisting expected next week and seek a reverse stock split to regain compliance. The Cooking Mama and former Zumba publisher has been out of compliance with the stock exchange since March 1, 2013, which requires a $1 minimum share price. The company is currently trading at $0.53/share. Majesco Chief Financial Officer Michael Vesey informed Joystiq earlier today the company will seek a reverse stock split between 1-for-3 and 1-for-10 with shareholders in April. This will shift the stock's price between $1.09 and $5.30 (based on today's value), depending if shareholders approve. What happens if shareholders don't approve? "Plenty of companies trade 'over the counter' without affiliation to a major exchange," Jeff Reeves, editor at InvestorPlace explains. "While there's admittedly less legitimacy or prestige for stocks that trade off the NYSE or Nasdaq in the eyes of some investors here, it's not an unmanageable situation. In fact, European consumer giant Nestle actually doesn't affiliate with the NYSE or Nasdaq and chooses to list OTC." "Majesco's biggest problems are that revenue has been pressured in 2013 and the company is running at a significant loss without a lot of wiggle room," Reeve continued. "Over-the-counter stocks can trade for years and NYSE listed companies can still go bankrupt tomorrow. Sales and profits determine what's next for Majesco, not the specifics of what exchange it trades on." A reverse stock split is how THQ tried to rescue itself in mid 2012, but six months later it became clear there was no salvation and the company entered bankruptcy and eventually liquidated.
Zumba Fitness World Party delayed to November
Hey, y'all made this a multi-million unit selling franchise, so we don't wanna hear no guff that we're writing about a Zumba game. In short, Zumba World Party, originally scheduled for this month, will now launch in November. In North America, the game is scheduled for Xbox 360, Wii and Wii U for November 5. The Xbox One version will launch with the console on November 22. For Europe, November 22 is when it'll launch for Xbox 360, Wii and Wii U. An Xbox One version is still on the dance card, but no release date has been confirmed. Publisher Majesco could really, really use a holiday hit here. The company's stock continues to trade under $1 and it halted quantitative guidance in March. The company currently has a deadline of February 2014 to keep its stock above $1 for ten days or face Nasdaq delisting. It could always do a reverse stock split like THQ to retain compliance. Boy, that's an awkward example. Update: Incorporated North America details.
NASDAQ extends Majesco's delisting grace period, new deadline Feb. 2014
NASDAQ has given Cooking Mama publisher Majesco another 180 days to raise its (beef) stock value above $1.00, after the company failed to meet yesterday's existing deadline for the same goal. Majesco now has until February 24 of next year to become compliant with NASDAQ Listing Rule 5550, subsection A, article two, which requires trading companies to have a "minimum bid price of at least $1 per share." Previously, Majesco had 180 days (starting last March) to increase its stock value, lest it be delisted from NASDAQ and forced to toil endlessly in the Salt Mines of Thælm on Baltharia 7's Dark Moon. Okay maybe not that second thing, but getting delisted from NASDAQ is pretty horrible on its own. As of press time, Majesco's stock is trading at $0.64 a share.
Majesco creates Midnight City label to handle indie games
Majesco Entertainment (Cooking Mama, Zumba) has created an indie publishing label called Midnight City. The division is headed by former IGN Editor-in-Chief Casey Lynch and Doug Kennedy, former president and CEO of public relations firm Reverb Communications. The pair had previously worked together (before Lynch took the IGN gig) at Reverb Publishing, a division of the PR firm that helped streamline and support the publishing process for indies on various digital distribution platforms. "Over the years we have seen tons of really great games coming from smaller independent studios and our vision at Midnight City is to offer these games and development teams a wide range of services and support," said Lynch. "We're here to help with everything from first-party relations, QA, promotion and community building and to put a spotlight on the titles while freeing the development teams to focus 100 percent of their energy on building the best games possible." Midnight City has announced an initial lineup of ten games, which the company will show off at this weekend's PAX Prime in Seattle.
Zumba Fitness World party goes cross-gen, available later this year
Zumba Fitness World Party will bring the generations together with sweaty support for current and upcoming platforms. The fitness franchise, which has sold over nine million copies, will launch its latest installment this October on Wii U, Wii and Kinect for Xbox 360. An Xbox One edition will launch after the new console comes out later this year. If you or someone you care for is likely to pick up Zumba Fitness World Party (or could stand to), registering at zumbafitnessgame.com will net you a $10 coupon for the game at GameStop. The bullet-point features for the latest game are over 40 new tracks, a new visual presentation with 14 celebrity Zumba instructors and 30 cultural dance styles. Our Zumba dance style regularly devolves into a crawling motion toward the nearest water spigot after any five-minute routine.
Majesco receives another Nasdaq delisting notice
Majesco is once again out of compliance with the Nasdaq stock exchange for having a stock price under $1 for over 30 days. The company now has 180 days (about six months) to raise its common stock to at least $1 for ten consecutive business days.The publisher's shares took a dive in January when it announced it'd no longer provide quantitative guidance for the rest of the year. Pssst, defunct publisher THQ did the same thing.Majesco has survived similar delisting warnings in the past. At least two that we can remember.[Thanks, Michael]
Nano Assault EX hitting European eShop on March 7
Nano Assault EX will be available on the 3DS eShop in Europe and Australia on March 7, Shin'en Games announced on Twitter last week.According to the game's official site, Nano Assault EX is based on the original retail version of Nano Assault, and includes Circle Pad Pro support, online rankings and a new survivor mode. The game has been approved for the US eShop and is awaiting final approval for Japan; no official release date has been announced for either region.
Majesco stock closes day at under $1
Majesco closed the trading day at $0.75/share, down 29 percent from yesterday. The publisher now has 30 days to bring its stock price above a dollar before it receives a delisting notice from the NASDAQ stock exchange. Stocks valued at under a dollar are against the NASDAQ rules.The Cooking Mama company finds itself in this situation after announcing yesterday it would no longer provide quantitative guidance for the rest of the year. A recent example of a company making a similar declaration was THQ.If Majesco receives a delisting notice, it has 90 days to regain compliance, but must maintain the stock price for over 10 days. Majesco has survived similar situations before.
Majesco notes closures, no longer providing quantitative guidance
Majesco announced today for its fourth quarter ending October 31, 2012, the company experienced a net loss of $2.7 million, compared to a $3.9 million loss the prior year. Revenues for the full year were up six percent to $132.3 million, but concluded with a net income of $4.6 million, down $2 million from last year.The company also noted it has "implemented several initiatives to reduce fixed operating costs in favor of an outsourced, variable cost model." This included closing a studio in Foxboro, Massachusetts, and a reduction of game testing personnel in its New Jersey office.Here's the quote from the company's financial report that will likely raise some eyebrows: "As a result of the weakness in demand for products on legacy console platforms and uncertainty around consumer adoption of the next generation of consoles, management is modifying its practice of providing quantitative fiscal year revenue and earnings guidance. Instead, for fiscal 2013, management is presenting a qualitative assessment of its outlook for financial results."Boiled down, that means Majesco is no longer providing quantitative (a fancy word for numbers) guidance and is providing guidance based on a qualitative (um, warm fuzzy feelings?) assessment.If this seems vaguely familiar, THQ did almost the same thing in November and its stock plummeted 50 percent the following day. Comparatively, Majesco's stock has dropped 30 percent to $0.74/share in after-hours trading. If the company doesn't pick that up, Nasdaq will be calling in a month with a delisting warning – but Majesco has dealt with that possibility on a couple occasions in the past.
