Majesco reports significant decline in annual revenue

Publisher Majesco Entertainment has absorbed major revenue drops from both Q4 and full year periods in its fiscal 2013.

The company’s latest financial report reveals Q4 2013 revenue reached just $10.1m, down significantly from Q4 2012’s $26.6m. Majesco’s operating loss also rose to $4.5m, versus $3m during the same period last year.

For the firm’s fiscal year (which ended on October 31st), net revenue hit $47.3m, compared to $132.3m during 2012 – a 64 per cent year-on-year decline. Operating loss rose to 12.6m, from $3.7m; and net loss hit $4.6m, up from last year’s $2.7m.

Majesco explained that the annual figures include $800,000 towards realignment and subsequent severance expenses from January 2013. The company also added that none of the numbers include sales data from the holiday period of November and December 2013 – those will be reflected in Majesco’s Q1 2014 report.

Majesco CEO Jesse Sutton stated that 2013 "unfolded as expected” for the publisher, with the console transition fragmenting” the casual market. The company moving forward will implement a strategy to produce fewer games based on popular brands, as well as invest more in its casino games, digital lottery sector, and its indie publishing label Midnight City.