Majesco Entertainment Co. (COOL), an innovative provider of video games for the mass market, reported a higher profit for its second-quarter. However, revenues declined in the same quarter. The company also lowered its fiscal 2012 earnings per share outlook.
For the second-quarter, net income was $2.7 million or $0.07 per share, compared to $2.1 million or $0.05 per share in the previous year's second quarter.
On a non-GAAP basis, net income was $3.0 million or $0.07 per share, down from $5.4 million or $0.13 per share last year. On average, 5 analysts polled by Thomson Reuters expected the company to report a loss of $0.08 per share. Analysts' estimates typically exclude special items.
For the quarter, net revenues were $30.40 million, down 5% from $32.14 million in the comparable quarter a year ago, while five analysts expected revenues of $30.04 million for the quarter.
Looking ahead to fiscal 2012, the company lowered its non-GAAP earnings to $0.20 - $0.30 per share from its prior expectation of $0.25 per share to $0.35 per share. The company expects net revenue in a range of $130 million to $140 million, unchanged from its prior outlook Analysts now expect earnings of $0.32 per share on revenues of $141.14 million for fiscal 2012.
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