Thursday, Majesco Entertainment Co. Inc. (COOL), reported a profit for the third quarter, compared to a loss in the year-ago quarter, helped by a 44% growth in revenues. The company also raised its fiscal 2008 revenue guidance.
The Edison, New Jersey-based company reported net income for the third quarter of $0.5 million or $0.02 per share compared to a net loss of $1.5 million or $0.06 per share for the year-ago quarter.
On adjusted basis, net income was $157 thousand or $0.01 per share, compared to an adjusted net loss of $1.62 million or $0.07 per share in the equivalent last year quarter.
Net revenues for the third quarter rose 44% to $14.56 million from $10.01 million in the prior-year quarter.
Operating costs and expenses totaled $5.87 million, up from $4.24 million in the same quarter last year.
Operating income for the quarter was $28 thousand compared to an operating loss of $1.28 million in the third quarter of 2007.
For the nine-month period, the company's net income was $2.97 million or $0.11 per share, compared to a net loss of $3.81 million or $0.16 million last year. Adjusted net income for the nine-month period was $1.69 million or $0.06 per share, compared to an adjusted net loss of $1.62 million or $0.07 per share in the previous year.
Net revenues for the nine-month period increased to $45.9 million from $39.1 million a year ago.
Looking ahead for fiscal year 2008, the company has raised its revenue outlook to a range of $58 million to $60 million from its previous expectation of $53 million to $58 million. The company also expects to be profitable for 2008.
COOL closed Thursday's regular trading session at $0.97, down $0.03 or 3.00%. However, the stock gained 13 cents in the after-hour trade.
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