Majesco’s Bottom Line Improves After Settlement

Majesco Entertainment’s [COOL] previous year-end profits are now better than it originally reported, due to a renegotiation of a settlement with shareholders in an earlier class action lawsuit, the company said.

As a result, Majesco’s net income was$3.4 million, or 12 cents per share on revenues of $63.9 million for the year, which ended on October 31. Its Q4 net income was $400,000, or 1 cent per share on revenues of $18 million. The revised results better the previous $2.1 million net income and $863,000 loss in Majesco’s January 13 earnings announcement.

The terms of the settlement have Majesco making a cash payment of $700,000 and contributing more than 1 million shares of stock. Shareholders involved in the settlement will also receive a cash payment from Majesco’s insurance.

Midway Chairman Steps Down

Midway Games [MWY] Peter Brown has resigned as chairman for personal reasons, the company said. Brown’s replacement will be President/CEO Matthew Booty.

Brown’s tenure did not last long. He took over the post in November when Shari Redstone resigned the position shortly before her father Sumner sold the company for $100,000. Brown will remain in his position as president/CEO of movie theater chain AMC Entertainment [AMCE].

Booty joined Midway in 1991 as an engineer and programmer, just before the start of its Mortal Kombat franchise. He was promoted to VP of product development in 2002 and subsequently became the company’s SVP of worldwide studios.

Strong Sales Don’t Save Nintendo’s Profit

The bloodletting isn’t over on this red Thursday yet, as Nintendo’s nine-month bottom line dropped 18 percent and the company slashed its profit forecast 33.3 percent for the full year ending March 31.

Not even 20 million Wiis sold worldwide in the first nine months could stop Nintendo’s net income from falling to $2.4 billion in the period ending December 31, compared to $2.9 billion in the same period a year earlier. Like Sony [SNE], Nintendo blamed a stronger yen versus weaker foreign currencies for the decline in profit.

Not surprisingly, those strong Wii sales helped Nintendo’s revenues climb 17 percent. The company’s revenues rose to $16.7 billion, compared to last year’s $14.6 million. While demand for Wii was again strong this past holiday season, this editor saw more instances of that demand being met versus the previous year after straw polling local retailers.

Nintendo expects its profit to drop to $2.6 billion on revenues of $20.1 billion for the full fiscal year, down from last year’s $2.9 billion on revenues of $22.2 billion.

Wii’s North American installed base is now 20 million, while DS is at 32 million. The company’s new DSi, only available in Japan for now, has an installed base of 1.6 million.

PlayStation Network Gets PopCap Hits

PopCap Games has struck a deal with Sony Online Entertainment to bring five of its popular casual games to PlayStation Network’s PlayStation Store.

PopCap is bringing the usual suspects to the online store: Bejeweled 2, Zuma, Heavy Weapon, Peggle and Feeding Frenzy. Bejeweled 2 is available immediately, and the rest soon thereafter. Each title will cost $10.

The news follows PopCap’s revelation yesterday its retail sales rose 85.3 percent last year, not accounting for online sales.

Sony Profit Drops 95 Percent

A decline in consumer demand and a rising yen are to blame for a 95 percent drop in Sony’s [SNE] Q3 bottom line, the company said in its earnings report today.

For the quarter ended December 31, the company reported a net income of $115.8 million, or 11 cents per share on revenues of $24 billion. That compares to a net income of $2.2 billion, or $2.12 on revenues of $31.8 billion in the previous year’s Q3. Sony posted an operating loss of $200.3 million for the quarter, compared to an operating income of $2.6 billion a year ago.

Revenues for Sony’s game division, which includes PlayStation 2, PlayStation 3 and PlayStation Portable hardware and software, plummeted 32.2 percent to $6.5 billion mainly due to a decline in PS2 and PSP units and games, the company said.

Although PS3 hardware sales dropped by 440,000 for the quarter, Sony said in a conference call it still expects to meet its goal of 10 million units for the year ending March 31. Software sales for PS3 dropped by 14.8 million units compared the same quarter last year.

Sony is expecting a boost in software and hardware sales from its upcoming God of War 3 for PS3, it said.

More than 2.1 million users signed up for PlayStation Network in the quarter, bringing the worldwide total to more than 17 million. That keeps Sony’s online gaming network on par with Microsoft’s [MSFT] Xbox Live, which last week said there are 17 million registered users for the service.

While its game division was down, the brunt of Sony’s loss came from its electronics division due to stronger price competition for televisions and portable music devices. That division suffered a loss of $175 million versus $2.2 billion in 2007’s Q3.

(Conversion: $1=90 yen)

EA, Spielberg Collaborating Again

Electronic Art [ERTS] announced today it is developing Boom Blox Bash Party for Wii.

As with the first Boom Blox, Steven Spielberg will collaborate with EA on the game’s design. Although a party game, there are no plans to utilize Nintendo’s Wi-Fi Connection for multiplayer games. However, the game will enable players to download new levels from EA as well as user-created levels.

The title will ship this spring.

US Flocks to Cheap Online Games in Recession

As more Americans struggle to make ends meet during this recession, more are turning to free, ad-supported games for their entertainment cravings, according to online market research firm comScore [SCOR].

Yahoo’s [YHOO] gaming portal was the big winner in December 2008, with 19.5 million unique visitors, up 20% from last year’s 16.1 million. WildTangent enjoyed the largest increase in traffic for the month, up 74% from 7.7 million to 13.4 million users in a month-on-month comparison.

Overall traffic for the month rose 27% to 86 million users versus 68 million in December 2007, comScore said, adding that people are spending more time playing these games—42% more to be exact.

“It appears that online, ad-supported gaming is one of the activities that has benefited during this economic downturn,” said Edward Hunter, comScore’s director of gaming solutions. “Not only have consumers turned to outlets such as gaming to take their minds off the economy, but as they curtail their discretionary gaming-related purchases they are turning to free alternatives.”

Top Online Gamine Sites, December 2007 vs. December 2008 Unique Visitors (in thousands)

Site	Dec. ‘07	Dec. ‘08	% Increase
Total Internet : Total Audience	183,619	190,650	4
Total Online Gaming Audience	67,457	85,977	27
Yahoo! Games	16,184	19,468	20
EA Online	12,673	15,369	21
Disney Games	11,933	13,458	13
WildTangent Network	7,650	13,306	74
Addictinggames.com	9,706	11,343	17
AOL Games	8,380	10,750	28
MSN Games	9,685	10,263	6
Miniclip.com	7,264	8,636	19
Nick.com  Games	6,020	7,092	18
Spil Games	1,821	6,715	269

Source: comScore

With the higher traffic came higher display ad views in November—to the tune of 29%, or 8.6 billion, comScore said. “The growth in display ads in the online gaming category not only underscores the assertion that gamers are increasingly accepting of ad-supported games, but also that the advertising community is recognizing the value of this highly engaged audience,” added Hunter.

EA to Forge Battle in March

Electronic Arts [ERTS] will ship its card-based, real-time strategy title BattleForge for PC on March 24, it said today.

The company will drum up interest in the game by holding an open beta, as well as giving exclusive BattleForge-related cards to those who preorder the title. BattleForge is in development by German-based EA studio Phenomic.

PopCap Puts a New “Twist” on Retail Sales in 2008

Despite NPD Group data showing a 14% drop in PC game revenues at retail in 2008, PopCap Games’ revenues grew by 85.3% in the same period, PopCap said today.

Fueled by the November retail release of Bejeweled Twist, the privately held PopCap said it is now in the top 20 publishers by dollar volume for the first time in its history. Twist was the 8^th best-selling title during the key holiday selling period according to NPD data. Other big sellers for the company were Bejeweled 2 (still), Zuma (still), Amazing Adventures The Lost Tomb and Mystery P.I.-The Lottery Ticket. Most of PopCap’s titles sell for $20 or less.

While the news is good for PopCap in this faltering economy, the company’s numbers do not include direct download sales, where the company has sold its wares since its 2000 inception. Market research firm Cowen and Company believes off-the-shelf PC game sales will shrink this year to $680 million and $659 million in 2010 due to direct online sales. Retail sales for PC games in North America totaled $702 million last year.

"Our family-friendly casual games appeal to the broadest consumer audience - literally anyone over the age of five or six - making our products extremely reliable sellers at retail," said Dennis Ryan, EVP of global business development for PopCap.

PopCap plans on expanding its console presence this year, Ryan said. It has several games available on Microsoft’s [MSFT] Xbox Live Arcade and a “hits” compilation on PlayStation 2. The company also plans on bringing Twist to nearly every conceivable mobile device in Q2.

The company has sold its games to retailers since 2004.

BethSoft Releases First Fallout 3 Content

Bethesda Softworks has released its first downloadable content for Fallout 3 on PC and Xbox 360, Operation: Anchorage.

The content will set gamers back 800 Microsoft [MSFT] points, or $10 in real world money. PlayStation 3 owners need not hold their breath for the content, as it is exclusive to Microsoft’s platforms, a Bethesda spokesperson told The Game Trade Journal.

More than 4.7 million units of the title were shipped worldwide across all three platforms in its first week, Bethesda said. Fallout 3 shipped on October 28 last year.

Nintendo President to Keynote at GDC

Nintendo President Satoru Iwata will deliver a keynote address at this year’s Game Developer Conference, said event organizer Think Services.

Iwata, who spoke at 2006’s GDC, will discuss “Discovering New Development Opportunities” in this year’s address.

"The Game Developers Conference is thrilled to welcome Satoru Iwata back to the keynote stage," said GDC Event Director Meggan Scavio. "His previous talks at the GDC can be credited with setting the stage for much of the huge growth the games industry has since seen, and attendees continue to talk about how both lectures impacted their perspective on development. We are confident that Iwata's keynote this year will be added to the list of memorable GDC talks. Attendees are eager to know how he will inspire them this year."

The keynote is scheduled for 9 a.m. on March 25 in the Esplanade Room of the Moscone Center Convention Center’s South Hall in San Francisco.

Activision Adds World Tour Content

Activision Publishing [ATVI] next month will release three new “track packs” for its PlayStation 3, Xbox 360 and Wii cash cow, Guitar Hero World Tour.

The Acoustic Track Pack will be the first to hit each consoles respective online marketplaces, followed by the Wings Track Pack and the Bob Seger Track Pack. All of the packs contain three songs each.

Each pack will cost $5.50, or gamers can download individual songs from any of the packs for $2. More than 70 tracks have been released for the title since its October 2008 launch, Activision said.

2K Games Ships MLB Management Game

Take-Two Interactive’s [TTWO] 2K Sports label has shipped MLB Front Office Manager for Xbox 360, PlayStation 3, and PC.

The Blue Castle Games-developed title retails for $40. MLB Front Office Manager is the latest Major League Baseball-licensed game since Take-Two acquired exclusive third-party publishing rights to the sport in 2006. The licensing deal runs through 2012.

Majesco Skips Retail Shelves With Latest Title

Majesco Entertainment’s [COOL] Orchard for PC is now available for download, the company said today. The title is the company’s first game to be distributed online only.

Orchard was developed by BoomZap and co-published with Gogii Games and is available through eight websites, and will soon be available through three more, Majesco said.

Midway Ships 1.8 Million MK vs. DC Units

Midway Games’ [MWY] latest title in its flagship series, Mortal Kombat vs. DC Universe for PlayStation 3 and Xbox 360 has shipped 1.8 million units worldwide, the company said today.

The game, which was released in November, is a crossover between characters from Midway’s popular Mortal Kombat series and DC Comics’ iconic superheroes such as Superman and Batman.

Mortal Kombat Co-Creator and Creative Director Ed Boon said the company is “hard at work” on its next version in the series, and will reveal more in the future.

That future is largely in question, as Midway has to repay $150 million in convertible senior notes by two key dates next month: February 12 and 19. The company was sold by media mogul Sumner Redstone on November 28 for a mere $100,000, triggering the buyback from the note issuers.

Analyst: PS3 to Continue to Lag Behind 360 and Wii

Microsoft’s [MSFT] Xbox 360 and Nintendo’s Wii will widen their lead over Sony’s [SNE] PlayStation 3 in the next two years, according to a report released today by market research firm Cowen and Company.

The report, penned by analysts Doug Creutz and Adam Noily, is a revision over an earlier estimate that stated PS3 would sell 6.2 million and 6.5 million units in 2009 and 2010, respectively. Cowen has axed those estimates to 4 million and 4.5 million in the next two years, citing Sony’s lack of a clear “must-own” title that will drive its sales. It also says the console’s price—$400 for the less expensive 80GB version—will continue to hurt PS3’s sales in the midst of this consumer slowdown.

Meanwhile, the firm has raised its expectations for the juggernaut known as Wii, raising its 2009 estimate from 6 million to 8 million units, and 4 million to 6 million in 2010. First-party, mass-market titles such as Wii Fit, Wii Music and Wii Play continue to help the platform with strong sales, while Nintendo will keep gamers coming back for more with the Wii Sports sequel, Wii Sports Resort and an update to a classic, Punch Out!!, Cowen said.

Xbox 360 will also perform better than expected, Cowen said. The firm raised its 360 sales expectations in 2009 by 250,000, from 4 million to 4.25 million. Cowen’s 2010 360 estimate of 4 million has not changed. “360 seems to have entrenched itself as the best value proposition for hard-core gamers,” Cowen said, adding that new titles in the Halo franchise (Halo Wars and Halo 3: ODST) and new exclusive episodic content for Take-Two’s [TTWO] Grand Theft Auto IV (The Lost and The Damned) make for an attractive system to gamers.

EA Flexes Spore Muscle

Electronic Arts’ [ERTS] revealed plans to capitalize on the success of its Spore franchise with four new titles across multiple platforms.

The first will hit shelves this spring for PC, Spore Galactic Adventures, an expansion pack for the original game. EA will then target younger gamers with Spore Creature Keeper for PC, which enables gamers to train and play with their custom-made creatures. The popular franchise will make its debut on Wii this fall with SporeHero, an adventure game that will be developed to take advantage of the system’s unique controls. Lastly, EA will release Spore Hero Arena for DS, its second title on Nintendo’s handheld.

The original Spore, designed by Will Wright, was released last September for PC, followed by Spore Creatures for DS a few days later. The PC version sold almost 2 million copies in its first three weeks, EA said.

Books and Games to Cross-Publish

Online game maker Big Fish Games and book publisher Harlequin Enterprises Limited have entered a licensing agreement that will bring games inspired by Harlequin’s romance novels into Big Fish’s catalog.

The first games will be available on Big Fish’s website as well as on retail shelves this summer. Also part of the deal will be Harlequin publishing books starting in the second quarter of next year based on Big Fish’s Mystery Case Files series of games.

Harlequin sold 130 million books and Big Fish served roughly 400 million games last year, Harlequin said.

Ubisoft’s Sales Rise, But US Market Share Drops

A diverse portfolio helped French publisher Ubisoft’s sales rise 13% for its third quarter, the company said today.

The company reported revenues of $660 million for Q3 ended December 31, compared to $585 million in the same quarter last year. While Ubisoft gave no data on its bottom line, CEO Yves Guillemot expects his company to “once again be one of the most dynamic and profitable publishers in the games industry in 2009.” Ubisoft expects its year-end operating income to be roughly $157 million on sales of $1.4 billion, it said.

In spite of the strong sales performance by Ubisoft, its US market share dropped to 5.4%, compared to 6.1% in the previous year’s Q3. Among the company’s best performers in the quarter were Far Cry 2 (multiplatform) and Rayman Raving Rabbids TV Party (Wii and DS) which sold 2.9 million and 1.5 million units respectively. Ubisoft’s newer franchise, Shaun White Snowboarding (multiplatform), sold 2.3 million units and was the number two sports game here in the US, the company said.

Forty percent of Ubisoft’s sales came from the US versus 41% in the same quarter last year. Twenty-six percent of the company’s worldwide sales were on DS, while it had strong showings on Xbox 360 and PlayStation 3, with 24% and 22%, respectively. Eighteen percent of Ubisoft’s sales were on Wii.

Ubisoft’s catalog this quarter are highlighted by mass market and core games such as its Imagine DS games and Tom Clancy’s H.A.W.X. for PS3, 360 and PC.

Former EA Exec Headlines GDC Mobile

ngmoco CEO/Founder Neil Young (not to be confused with the “Free World” rocker) will headline the Game Developer’s Conference Mobile with his keynote presentation, “Why the iPhone Just Changed Everything.”

Young, once a VP and GM of EA Los Angeles and EA Maxis, will “declare the iPhone the most exciting innovation of the last year,” said GDC facilitator Think Services. Young will contend that Apple’s [AAPL] iPhone is proving to be as compelling as Nintendo’s DS or Sony’s [SNE] PSP.

This year’s GDC will take place March 23 and 24 at Moscone Convention Center in San Francisco. No word on whether Young will give pronunciation lessons on ngmoco.

Microsoft Reduces Headcount, Posts Strong 360 Sales

In response to an 11% decrease in net income for its second quarter, Microsoft  [MSFT] will reduce its headcount by as many as 3,000 in the next 18 months, starting with 1,400 today.

Microsoft reported a net income of $4.1 billion, or 47 cents per share on revenues of $16.6 billion for the quarter ended December 31. That compares to a net income of $4.7 billion, or 50 cents per share on revenues of $16.3 billion in the same quarter a year ago. Although the company’s profit rose, it fell roughly $900 million short of the company’s expectations, Microsoft said.

In an email to employees, Microsoft CEO Steve Ballmer said the company will eliminate 5,000 positions in the next 18 months, but add new ones in “key investment areas” during the same period of time, making the net headcount reduction between 2,000 and 3,000. This marks the first time the company has ever eliminated jobs in its 34-year history. The company declined to comment if any of the positions eliminated will fall in its Entertainment and Devices Division (EDD), for which Xbox 360 makes up the lion’s share.

No major gaming products will be cut outright, but Microsoft “will consolidate some products and groups where it makes sense,” a company spokesperson told The Game Trade Journal. “Every division is assessing its portfolio and prioritizing investments based on the best opportunities in the current economic environment,” the spokesperson said.

The company’s EDD reported record revenues of $3.1 billion for the quarter, compared to $3.0 billion in the same quarter last year.

Despite the sales boost, Microsoft’s operating income for the division plummeted to $151 million in Q2, less than half of the $375 million in Q2 a year earlier. This dramatic drop was attributed to an increased cost of revenue, research and development expenses, and sales and marketing expenses, the company said in a filing with the SEC. Combining all of these factors, the division’s expenses rose $328 million.

Microsoft did not provide information on the division’s bottom line.

A record 6 million 360s were sold during the quarter, and that was a 2-to-1 ratio over Sony’s [SNE] PlayStation 3, Microsoft said, citing NPD data. That compares to 4.3 million consoles sold in the previous year’s Q2. While the company didn’t give sales data for 360 software, it did boast a software attach ratio of 8.1, it said in its earnings conference call. While Microsoft did not break down its console sales by region, it did tout its European sales doubled over the previous year’s holiday season.

Xbox Live, Microsoft’s online gaming service, grew its membership a whopping 70% to 17 million members, the company said.

Other cost-cutting measures by the company will include a 20% reduction in its travel expenses, spending on vendors and contingent staff, and scaling back the expansion of its corporate campus, Microsoft said.

EA’s Skate 2 Ships

Electronic Arts [ERTS] has shipped the second iteration of its skateboarding game, Skate 2 for PlayStation 3 and Xbox 360.

The first Skate, released in 2007, outsold Activision Blizzard’s [ATVI] Tony Hawk’s Proving Ground 2 to 1, EA said last year in an earnings conference call. The Tony Hawk series had been at the top of the skateboarding genre since its inception in 1999, despite several attempts from other publishers to upend it.

Skate 2 retails for $60 on both systems and was developed by EA internal developer Black Box. The next version in the Tony Hawk series, Tony Hawk’s Adrenaline, won’t ship until this fall for PS3 and 360, according to an Los Angeles Times interview with Tony Hawk.

EA Expands Console Strategy Catalog

Electronic Arts [ERTS] will ship its popular real-time strategy game Command & Conquer Red Alert 3: Ultimate Edition for PlayStation 3 this March.

The title will offer gamers exclusives such as new multiplayer maps not found in the PC or Xbox 360 versions. Real-time strategy games, wildly popular on PC, have struggled to find their place on consoles due to the limited control options a gamepad offers. However, critics were more receptive to EA’s implementation of the “Command Stick 2.0” interface in Command & Conquer 3: Kane’s Wrath for Xbox 360, making it easier for gamers to control their units onscreen with a gamepad. C&C 3 for PS3 will also implement this control scheme.

The game is the latest offering in the Command & Conquer series, which has sold more than 25 million units worldwide since its inception in 1995, EA said. The series ranks in the top five best-selling PC franchises of all time, the company added, citing NPD Group data. C&C 3 for PS3 is in development by EA Los Angeles.

About The Game Trade Journal

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Take-Two COO Resigns, Execs Get Fuller Plates

Take-Two Interactive [TTWO] COO Gary Dale has resigned  and  will end his employment with the company on April 15, the company said. His day-to-day duties have ended immediately.

A Take-Two representative told UK magazine Edge the departure was for personal reasons and was “absolutely not” terminated. The company will not fill his position, and instead will delegate Dale’s responsibilities among the other executives.

Dale was appointed COO last July after rejoining the company in December 2007 as executive vice president. Prior to that, he was Capcom’s European managing director. Before Capcom, Dale was COO for Take-Two’s Rockstar Games publishing label.

Short Circuit: Circuit City Calls It Quits

Circuit City [CC] is seeking bankruptcy court approval to liquidate its remaining stores, it said today.

The company, the country’s second-largest electronics retailer, will close its remaining 567 stores and lay off more than 30,000 employees.

The move comes more than a week after the company said it was seeking a suitor to rescue it. In its previous announcement, Circuit City said it was in “significant discussions” with two “highly motivated and interested” buyers. The company said it would no longer be able to operate if a deal was not reached by today.

Circuit City’s liquidation ends years of struggles for the company, which included consistently poor share prices and a failed merger bid with the also-struggling Blockbuster [BBI].

Shares of Circuit City’s primary competitor, Best Buy [BB], were up 75 cents to $27.89 in midday trading.

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.