WASHINGTON (dpa-AFX) - Majesco Entertainment Co. (COOL), an innovative provider of video games for the mass market, reported a higher profit for its first-quarter, driven mainly by higher revenues. The company also issued fiscal 2012 outlook.
For the first-quarter, net income was $7.7 million or $0.19 per share, compared to $6.8 million or $0.18 per share in the previous year's first quarter.
On a non-GAAP basis, net income was $7.3 million or $0.18 per share, down from $7.5 million or $0.20 per share last year. On average, 5 analysts polled by Thomson Reuters expected the company to report a loss of $0.20 per share. Analysts' estimates typically exclude special items.
For the quarter, net revenues were $66.18 million, up 37% from $48.47 million in the comparable quarter a year ago, while five analysts expected revenues of $54.91 million for the quarter.
Looking ahead to fiscal 2012, the company expects non-GAAP earnings of $0.25 per share to $0.35 per share and net revenue in a range of $130 million to $140 million. Analysts now expect earnings of $0.35 per share on revenues of $136.50 million for fiscal 2012.
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