Majesco Entertainment Co. (NASDAQ: COOL) shares lost nearly 8% on the day, tumbling with the rest of Wall Street as the markets got pounded in the increasing aftermath of the earthquake and tsunami in Japan.
Majesco recently posted better-than-expected results for the first fiscal quarter of the year. The company reported its revenue for the quarter at $48.5 million, up from $29.2 million it had earned in revenue a year back. The company also announced its operating income at $8.00 million. Majesco Entertainment had announced $2.5 million in operating income for the previous year quarter.
Majesco Entertainment said that it earned $8.3 million in Non-GAAP operating income, up from $3.5 million it had reported a year earlier. The company�s diluted net income per share for the quarter stood at $0.18, up from $0.10 earned in the earlier quarter. Jesse Sutton, CEO of the company, said, �We made our first real entry into the social games business with Cooking Mama Friends Cafe on Facebook, and are happy to announce that we have over 750,000 active users, despite a very limited marketing campaign to date.�
Majesco Entertainment is involved in the business of providing interactive entertainment products. The company is mainly operational in the United States and Europe. The company�s main products include video game software and digital entertainment products. Majesco Entertainment produces games for several platforms such as Nintendo, Microsoft and Sony. The company markets its products via video game rental outlets, retail chains and distributors.
Majesco Entertainment reported its total current assets at $29.44 million for the year ending Oct 31, 2010. Its total assets were worth $30.029 million for the same period. Majesco Entertainment had valued its total liabilities at $18.021 million. The company had reported its revenue at $75.648 million and its gross profit for the year at $18.385 million. Majesco Entertainment�s net income for the year stood at ($972) million.
The company stock has traded in the range of $0.49 and $2.84 during the past 52 weeks. The company�s market cap is $106.7 million.
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