Mama Makes Majesco See Black

Majesco Entertainment’s [COOL] reduced its loss for its  fourth quarter ending October 31, and delved into the black in its year-end results.

The company reported a net income of $2.1 million, or eight cents per share for the year, on revenues of $63.9 million. That compares to a loss of $4.8 million, or 20 cents per share, on revenues of $51 million the previous year. For the quarter, Majesco’s net loss was $863,000, versus $961,000 in same quarter last year.

Majesco’s $6.9 million increase in its annual bottom line comes largely in part due to its Cooking Mama property, which is found on Nintendo’s flagship systems, Wii and DS. Since the first Cooking Mama titles were released almost two years ago, more than 3.4 million copies have sold across the four SKUs in the series, the company says.

Nintendo’s DS is clearly Majesco’s platform of choice, with 61.7 percent of its sales on that system in fiscal 2008. 34 percent of the company’s sales were on Wii, with nominal sales occurring on PS2, Xbox/Xbox 360 and PSP.

The company plans on keeping the Mama momentum going with the release of Gardening Mama for DS in March, along with a slew of other mass market Wii and DS titles.

Despite the positive earnings announcement, Majesco still faces delisting from NASDAQ should it not be able to meet the stock market’s minimum requirement of $1 per share for 10 consecutive business days. It received its warning from NASDAQ in late August and has until February 18 to comply. Since the warning, the peak price for Majesco came on September 12, closing at $1.01 per share. The following Monday, the company’s shares closed at 92 cents.