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Majesco Entertainment Company Reports First Quarter Fiscal 2010 Financial Results (14 DS and 16 Wii titles in fiscal 2010)

EDISON, N.J., March 16 /PRNewswire-FirstCall/ — Majesco Entertainment Company (Nasdaq: COOL), an innovative provider of video games for the mass market, today reported financial results for the first quarter ended January 31, 2010.

For the first quarter ended January 31, 2010, Majesco’s net revenues were $29.2 million versus $32.8 million in the same period a year ago. During this same period, the Company reported operating income of $2.5 million, compared to operating income of $3.7 million in the first quarter of 2009. Non-GAAP operating income was $3.5 million versus non-GAAP operating income of $4.8 million in 2009. Net income for the quarter was $3.8 million versus net income of $4.2 million in 2009. On a non-GAAP basis, net income for the quarter was $2.9 million compared to non-GAAP net income of $4.3 million last year.

The Company’s basic and diluted net income per share for the quarter ended January 31, 2010 was $0.10 compared to net income per basic and diluted share of $0.15 in the same period last year. Non-GAAP basic and diluted net income per share was $0.08 compared to a net income per share of $0.15 last year. Please refer to Non-GAAP Financial Measures and reconciliation tables included later in this release for additional information and details on non-GAAP items.

Jesse Sutton, Chief Executive Officer of Majesco, said, “Majesco had a very solid first quarter driven by strong holiday sales of our Cooking Mama franchise, which once again delivered impressive results, and Alvin & The Chipmunks: The Squeakquel. Our results were in-line with our internal expectations and we remain on track to deliver improved profitability for 2010. We have made significant progress in fine tuning our strategy to meet the challenges of the current operating environment. We continue to focus our resources on our best opportunities and our costs remain under control. We are committed to improving our profitability and building long-term value for our shareholders.”

Financial Highlights

* First quarter 2010 net revenues were $29.2 million, a decrease of $3.6 million or 11 percent compared to the same quarter last year. Last year’s results included the strong performance of our first Jillian Michaels’ product which was released in October 2009.
* Gross margin was 29.8 percent, compared to 36.1 percent in 2009. Gross margin for 2010 included the impact of a $0.9 million impairment charge, which impacted gross margin by approximately 300 basis points. The impairment charge relates to two titles which are new IP in development for introduction later this year.
* Total operating expenses declined $2 million or 24.2 percent compared to last year and were 21.1 percent of sales down from 24.8 percent last year.
* Selling and marketing expenditures declined $1.1 million or 25.9 percent and were 10.5 percent of sales, down from 12.6 percent last year, resulting primarily from lower marketing expenditures in the 2010 quarter.
* General & administrative expenses for the quarter declined $0.4 million or 15.2 percent and were 7.3 percent of sales compared to 7.6 percent last year.
* At the end of the first quarter, the Company had in excess of $12.7 million in cash and cash equivalents.

Announced Product Line-up

Second Quarter Fiscal 2010 Ending April 30, 2010

To date, the Company has announced the following titles that were or are expected to be released during its second quarter:

* Data East Arcade Classics for Wii™ lets players re-live their arcade marathons with 15 nostalgic titles including BurgerTime and its sequel, Peter Pepper’s Ice Cream Factory, Bad Dudes vs. Dragon Ninja, Burnin’ Rubber, Heavy Barrel, Caveman Ninja, and many others. Featuring special updates for modern gamers, all titles also support single player and 2-player head-to-head or co-operative multiplayer play.
* The Daring Game for Girls for Wii and Nintendo DS™ is based upon the best-selling book, The Daring Book for Girls, the ultimate can-do, how-to ‘manual’ that celebrates the female spirit. The games guide adventurous girls in a range of daring and practical activities from building a campfire to exploring caves, tending a garden, crafting items, playing sports and games, and making new friends.
* Pizza Delivery Boy for Wii lets players use the Wii Remote as an all-in-one kitchen utensil and driving wheel to cook and deliver pizzas to hungry customers in three bustling towns. Players must beware, though, as a number of obstacles stand between them and the coveted title of Pizza Boy of the Year.
* Dance Sensation! for Wii is the only game that lets players train and perform routines in four different styles: Hip-Hop, Jazz, Ballet, and Latin Ballroom. Players use the Wii Remote and Nunchuk to control their on-screen dancer as she perfects more than 160 real motion-captured dance moves in recitals ranging from local auditoriums to the Broadway stage.
* Let’s Draw for Nintendo DS is based on the popular Japanese book series that teaches kids how to draw by combining basic shapes. With more than 100 objects to draw and fun art related mini games that let young players animate their creations, kids can learn to draw anywhere, at any time.
* Dawn of Heroes for Nintendo DS is a tactical role playing game that combines classic RPG concepts — including character development, epic combat, quests and puzzles — with a humorous style.

Fiscal 2010

To date, the Company has announced the following titles that are expected to be released during the rest of fiscal 2010:

* Attack of the Movies 3-D is the first-ever 3-D shooter designed exclusively for Wii and Xbox 360®. The game transports players into six fantastic movie-themed worlds and features classic enemies culled from the annals of film history. The game also comes packaged with four pairs of 3-D glasses to support four-player multiplayer action.
* Flip’s Twisted World for Wii is a unique puzzle platformer that stars Flip, a magician’s apprentice who mistakenly gets sucked into an alternate universe where up and down are only a matter of perspective. Players will help Flip navigate his puzzling world by rotating the environment 180 degrees in any direction with a simple twist of the Wii Remote.
* Pirates Plundarrr for Wii is a fun and frantic beat-’em-up that lets players hunt the high seas for the renegade captain Rudebelly who has unleashed an army of cursed dead and menacing bosses. Would-be pirates will fight through 45 creature-filled levels to retrieve their stolen treasure, and four mates can even plunder together in a party style, battle royale.
* Super Speed Machines for Nintendo DS lets players kick it into high gear in this frantic arcade racer that delivers super speed and dangerous conditions at every turn.
* Tetris® Party Deluxe for Wii and Nintendo DS represents a strategic partnership with Tetris Online, Inc. to support the North American launch and distribution of the two newest additions to the Tetris franchise. Tetris Party Deluxe builds on the previously released Tetris Party for WiiWare by adding new modes and features to enrich the overall game play experience for both platforms.
* Ghostwire: Link to the Paranormal for Nintendo DSi turns your handheld into a portal to the astral plane. Coupled with the DSi camera, this detection and communication tool lets you find, summon, capture and interact with ghosts living amongst us. Ultimately you can help them find peace as you develop your own paranormal prowess within an augmented reality that promises to change your perspective forever.
* Zumba® Fitness for to be announced systems is a one-of-a-kind exercise program that pairs Latin rhythms with red-hot international dance steps so you can have a blast as you party your way into shape. Through invigorating, high calorie-burning fitness classes, Zumba Fitness has helped melt the pounds and inches off more than five million Zumba-enthusiasts in more than 75 countries.
* Boys vs Girls for Wii is a motion-based battle of the sexes where players vie for the upper hand in sports and pranks against the opposing gender, all set within a summer camp environment.
* Greg Hastings Paintball 2 for the Xbox 360 Wii, and PlayStation®3, is the most realistic paintball experience to date from the most successful name in the sport. The game introduces more than 10 single and multiplayer game modes, each staged in all-new paintball locations based on actual fields around the world. Featuring three new event branches — Tournament Speedball, Recball, and Tournament Woodsball — players can build and develop their team of professional ballers and even cheat to stay in the game.
* Crafting Mama for Nintendo DS is the newest brand extension of the Cooking Mama franchise that has sold more than six million units. Using the stylus as a universal crafting tool, crafters will sew, mold, glue, cut and paint under Mama’s masterful direction as they create 40 different projects, from patchwork quilts to earrings, candles and kaleidoscopes.

Fiscal 2010 Outlook

The Company reiterated its fiscal 2010 full year outlook for net revenue of approximately $80 million and non-GAAP earnings per share of approximately $0.05. The Company’s guidance assumes the release of approximately 37 SKUs in 2010, including 14 DS and 16 Wii, with 9 titles released in the second quarter, 8 titles released in the third quarter and 12 titles released in the fourth quarter. We also expect that roughly 62% of our revenue will come from DS titles; 31% from Wii titles and 7% from all other platforms. The Company’s results are also impacted by seasonality from the December holiday period and variability based on release schedules.

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