EDISON, NJ--(Marketwired - Jun 10, 2013) - Majesco Entertainment Company (NASDAQ: COOL), an innovative provider of video games for the mass market, today reported financial results for the second quarter of fiscal 2013 ended April 30, 2013.
For the second quarter ended April 30, 2013, Majesco's net revenues were $9.7 million, down 68 percent versus $30.4 million in the same period a year ago. During the second quarter of fiscal 2013, the Company reported an operating loss of $2.2 million, compared to operating income of $2.8 million in the second quarter of fiscal 2012. Net loss for the second quarter was $2.3 million compared to net income of $2.7 million in the second quarter of fiscal 2012. The Company's basic and diluted net loss per share for the quarter ended April 30, 2013 was $(0.06), compared to basic and diluted net income per share of $0.07 in the same period last year.

On a non-GAAP basis, the net loss for the second quarter ended April 30, 2013 was $1.9 million compared to non-GAAP net income of $3.0 million in the second quarter of last year. The non-GAAP diluted net loss per share for the quarter ended April 30, 2013 was $(0.05) compared to diluted net income per share of $0.07 in the same period last year. Please refer to the Reconciliation of GAAP to non-GAAP Financial Measures table included later in this release for additional information and details on non-GAAP items.
For the six months ended April 30, 2013, the Company's net revenues were $33.2 million versus $96.6 million in the year ago period, a decline of 66 percent. The Company reported an operating loss of $4.2 million compared to operating income of $10.3 million in the same period of 2012. For the six months ended April 30, 2013, net loss was $4.4 million compared to net income of $10.4 million for the six months ended April 30, 2012. Included in six month fiscal 2013 operating results is a charge of $0.8 million for severance expenses from the strategic realignment implemented in January 2013. The Company's basic and diluted net loss per share for the six months ended April 30, 2013 was $(0.11), compared to basic and diluted net income per share of $0.26 and $0.25, respectively, for the corresponding period in 2012.

Non-GAAP operating loss for the six month period was $2.7 million compared to non-GAAP net income of $11.2 million for the comparable period in 2012. For the same period, non-GAAP net loss was $3.0 million in 2013 compared to non-GAAP net income of $10.3 million in 2012. The Company's non-GAAP basic and diluted net loss per share for the six months ended April 30, 2013 was $(0.07) compared to diluted net income per share of $0.25 in the corresponding period of 2012. Please refer to the Reconciliation of GAAP to non-GAAP Financial Measures table included later in this release for additional information and details on non-GAAP items.

Announced Product Line-up
To date, the Company has announced the following titles that are expected to be released during the balance of fiscal 2013:

Zumba® Dance is the first ever motion-based fitness experience for mobile tablets based on the global lifestyle brand lets you take the dance-fitness party with you, anywhere you go. (Launches in July)

Crash City Mayhem on 3DS rewards players for causing mayhem on the rubber-burned roads of Crash City. Players can unlock 15 different vehicles, from monster trucks to F1 racers, as they progress through 36 action-packed missions that challenge their skill behind the wheel. (Launches in July)

Phineas and Ferb: Quest for Cool Stuff on the Xbox 360® games and entertainment system from Microsoft, Wii U™, Wii™, Nintendo 3DS™ and DS™, is based on the top-rated Emmy Award-winning hit series from Disney. Join Phineas and Ferb as they travel to out-of-this-world places in their newest invention, the All-Terrain Transformatron, an upgradeable, customizable, ultra-cool amphibious ride that lets the boys collect treasures to display in their backyard Museum of Cool. (Launches in August)

Agent P DoofenDASH on iOS and Android, focuses on Perry the Platypus, the breakout star from Disney's Phineas and Ferb. Play as Agent P and his fellow O.W.C.A. agents as they battle Dr. Doofenshmirtz, stop his evil plot, and save the town of Danville. Players will experience unique gameplay every time they play and can challenge friends for the top secret agent score. (Launches in September)

Young Justice: Legacy (distributed by Majesco, published by Little Orbit) on PlayStation®3, Xbox 360 and Wii U™ is based on the acclaimed Cartoon Network animated series inspired by the DC Comics characters. Players assemble their Young Justice team from 12 heroes including NightWing, Kid Flash, Robin and more. Track down notorious villains and be mentored by powerful superheroes as you explore, customize and battle in this action-packed, RPG styled game. (Launches in September)

Monster High™13 Wishes Shadow Secrets (distributed by Majesco, published by Little Orbit) on Wii U™, Wii™, Nintendo 3DS™ and DS™ whisks fans away on an amazing adventure with their favorite freaky-fab ghouls who jump, climb and swing through multiple magical levels to save Monster High™. (Launches in October)

Zumba® Fitness World Party on Xbox One®, the all-in-one games and entertainment system from Microsoft, Kinect™ for Xbox 360®, Wii U™ and Wii™ is the latest game in the successful dance fitness franchise that has sold more than 9 million units worldwide. This fun, freeing fitness journey embodies Zumba's global reach of over 185 countries by taking your work out to exotic locations around the world. Burn up to 1,000 calories per hour with new modes, dance styles and 40 high-energy new routines set to a world-class soundtrack featuring Lady Gaga, Daddy Yankee and Pitbull. (Launches in October and later this year on Xbox One)

Barbie™ Dreamhouse Party™ (distributed by Majesco, published by Little Orbit) on Wii U™, Wii™, Nintendo 3DS™ and DS™ takes fans behind the pink doors into the fantastic world of the Barbie® Dreamhouse® mansion. (Launches in November during first quarter of fiscal 2014)