Majesco Entertainment - COOL - Reports Q4 and FY2012 Financial Results
1/15/2013 12:40:40 PM
Majesco Entertainment Company (NASDAQ: COOL), an innovative provider of video games for the mass market, reported financial results for the fourth quarter and full year ended October 31, 2012.
COOL - Fourth Quarter Results
For the fourth quarter ended October 31, 2012, Majesco's net revenues were $26.6 million, up 6 percent versus $25.1 million in the same period a year ago. During the fourth quarter of 2012, the Company reported an operating loss of $3.0 million, compared to an operating loss of $3.0 million in the fourth quarter of 2011. Net loss for the quarter was $2.7 million versus a net loss of $3.9 million in 2011. On a non-GAAP basis, net loss for the quarter was $2.7 million compared to a non-GAAP net loss of $2.7 million last year.
The Company's basic and diluted net loss per share for the quarter ended October 31, 2012 was $0.07, compared to a basic and diluted net loss per share of $0.10 in the same period last year. Non-GAAP diluted net loss per share for the quarter ended October 31, 2012 was $0.07 compared to a net loss per share of $0.07 last year.
COOL - Twelve Month Fiscal 2012 Results
For the twelve months ended October 31, 2012, the Company's net revenues increased 6 percent to $132.3 million versus the year ago period. The Company reported operating income of $3.7 million compared to $11.4 million of operating income in the same period a year ago. Non-GAAP operating income for the twelve month period was $5.4 million compared to non-GAAP operating income of $12.8 million for the comparable 2011 period. In the twelve months ended October 31, 2012, net income was $4.6 million compared to net income of $6.8 million for the twelve months ended October 31, 2011. Non-GAAP net income was $4.4 million in 2012 compared to non-GAAP net income of $11.1 million in 2011.
The Company's basic and diluted earnings per share for the twelve months ended October 31, 2012 was $0.12 and $0.11, respectively, compared to basic and diluted earnings per share of $0.18 and $0.17, respectively, for the corresponding period in 2011. The Company's non-GAAP diluted earnings per share for the twelve months ended October 31, 2012 was $0.10 compared to diluted non-GAAP net earnings per share of $0.28 in the corresponding 2011 period. Non-GAAP earnings per share of $0.10 for the twelve months of fiscal 2012 was lower than previously expected due to accelerated amortization and inventory write-off's related to lower than expected sales of NBA Baller Beats.
About Majesco Entertainment Company - COOL
Majesco Entertainment Company (COOL) is a provider of video games for the mass market. Building on more than 20 years of operating history, the company is focused on developing and publishing a wide range of casual and family oriented video games on all leading console and handheld platforms as well as mobile devices. Product highlights include Zumba® Fitness, Cooking MamaTM and NBA Baller Beats™. The company's shares are traded on the Nasdaq Stock Market under the symbol: COOL. Majesco is headquartered in Edison, NJ and has an office in Brockhampton, UK.