Majesco Entertainment Company Reports Third Quarter Fiscal 2010 Financial Results

Majesco Entertainment Company COOL, an innovative provider of video games for the mass market, today reported financial results for the third quarter ended July 31, 2010. For the third quarter ended July 31, 2010, Majesco's net revenues decreased 29 percent to $12.2 million versus $17.2 million in the same period a year ago. During this same period, the Company reported an operating loss of $1.7 million, compared to an operating loss of $4.2 million in the third quarter of 2009. For the quarter, Non-GAAP operating loss was $1.4 million versus Non-GAAP operating loss of $3.3 million in 2009. Net loss for the quarter was $1.6 million versus a net loss of $5.2 million in 2009. On a Non-GAAP basis, net loss for the quarter was $1.4 million compared to Non-GAAP net loss of $3.5 million last year. The Company's basic and diluted net loss per share for the quarter ended July 31, 2010 was $0.04 compared to a net loss per share of $0.18 in the same period last year. For the same quarter, Non-GAAP basic and diluted net loss per share was $0.04 compared to net loss per share of $0.12 last year.