NEWS - Monday, June 14, 2004
Mejesco Has Good Second Quarter
EDISON, N.J. --(Business Wire)-- June 14, 2004 Majesco Holdings Inc. (OTCBB: MJSH), a leading developer, publisher and distributor of interactive entertainment products, announced today results for its second quarter and six-month period ended April 30, 2004. For the quarter, the Company reported net revenue of $17.0 million, a 24 percent increase from $13.7 million during the same period in 2003. Gross profit increased to $5.4 million for the fiscal 2004 three-month period, compared to $4.6 million in the comparable 2003 period. Operating income increased to $1.1 million for the 2004 second quarter, versus $450,000 generated in the same quarter one year ago. The increase in net revenue and gross profit is primarily due to increased sales of Game Boy(R) Advance titles. For the three-month period ended April 30, 2004, the Company reported a net loss of $49.0 million, principally as a result of a $49.2 million non-cash charge related to the issuance of warrants in connection with our recently completed private placement (see tables for further explanation regarding "EITF 00-19", Accounting for Derivative Financial Instruments Indexed To, and Potentially Settled in, a Company's Own Stock), compared to a net loss of $200,000 in the prior year. Excluding the non-cash charge, Majesco would have generated net income of $200,000 during the quarter, an improvement of $400,000 from the same period last year. For the six-month period ended April 30, 2004, the Company reported revenue of $41.7 million, an increase of 54 percent versus revenue of $27.1 million in the same period during 2003. Gross profit increased to $12.9 million during the six-month period, versus $9.9 million in the comparable six-month period during 2003. For the 2004 period, operating income was $3.5 million versus $837,000 in the comparable 2003 time period. For the six-month period ended April 30 2004, the Company reported a net loss of $47.9 million, as a result of the $49.2 million non-cash charge related to the issuance of warrants in connection with our recently completed private placement in accordance with EITF 00-19, compared to a net loss of approximately $420,000 in the prior year. Excluding the non-cash charge, the Company would have generated net income of $1.3 million for the 2004 six-month period Other tidbits of interest from the report relating to Xbox.Source: http://www.virtualpressoffice.com
