Gamedaily.biz reports that Majesco Entertainment is now expecting its 2008 fiscal year to be profitable, and the company has raised its full-year revenue guidance. Majesco is looking to build its IP assets as its business grows, said CEO Jesse Sutton.
Edison, N.J.-based Majesco Entertainment continues to turnaround its business ever since it abandoned development of hardcore, big budget titles in favor of a focus on casual games. Today the publisher announced that its sales for the third quarter ended July 31 rose 44 percent to $14.5 million, yielding a net income of $500,000 compared to a net loss of $1.5 million a year ago during the same period.
Looking at the company's first nine months of the fiscal year, the picture is equally bright. Majesco's net revenues are up 17 percent to $46 million and profit totaled $3.0 million, compared with a net loss of $3.8 million during this time in 2007.