Majesco Entertainment moves to a profit in 3Q
Video game publisher Majesco Entertainment Co. moved to a profit in its fiscal third quarter, aided by strong sales of Zumba Fitness in Europe and other games.
The company reported net income of $1.9 million, or 5 cents a share, for the three months ended July 31. That compares with a loss of $1.6 million, or 4 cents a share, in the same quarter last year.
Revenue surged 61 percent to $19.5 million from $12.2 million, driven by European sales of Zumba Fitness.
Majesco raised its adjusted earnings outlook for the fiscal year to 35 cents to 38 cents per share, up from an earlier forecast of 30 cents to 35 cents per share. Its revenue outlook for fiscal 2011 was raised to a range of $120 million to $130 million, up from a prior estimate range of $110 million to $120 million.
Analysts polled by FactSet expect earnings of 37 cents a share.
Shares fell 7 cents, or 2.6 percent, to close at $2.66 before the results were announced.