Majesco reports drop in Q1 profits
This week, Majesco reported its earnings for its fiscal first quarter (which ended January 31). As you may have surmised from the recent news of its potential Nasdaq delisting, things aren't precisely where Majesco would want them to be, financially. Its net profit for the quarter was $3.8 million, showing a year-over-year decline compared to Q1 2009's $4.2 million profit.
However, the slightly smaller Q1 still seems big enough to make Majesco happy. "Majesco had a very solid first quarter driven by strong holiday sales of our Cooking Mama franchise," CEO Jesse Sutton said, "which once again delivered impressive results, and Alvin & The Chipmunks: The Squeakquel." Yes, that's right, some of you bought something with the word "Squeakquel" on it.
"Our results were in-line with our internal expectations and we remain on track to deliver improved profitability for 2010," he added. "We have made significant progress in fine tuning our strategy to meet the challenges of the current operating environment." The latest announcement from Majesco, of course, is another extension of the Cooking Mama franchise, Crafting Mama.
