Zumba publisher Majesco swings to Q3 profit
Majesco has raised its financial outlook for the full fiscal year after swinging to a profit in its third quarter ended July 31, 2011. Net revenues for the three month period were up 61 per cent year-over-year to $19.5 million (£12.3m), while net income hit $1.9 million (£1.2m) versus a loss of $1.6 million (£1m) a year earlier. For the nine months ended July 31, Majesco’s net revenues increased 92 per cent to $100.2 million (£63.4m), while net income was up from $0.6 million (£380,000) to $10.7 million (£6.8m). CEO Jesse Sutton said: "Despite what is normally a seasonally weak time for our business, Majesco experienced another strong quarter. Driven by strength in Europe this past quarter, Zumba Fitness has now sold over three million units worldwide. The growth of the Zumba phenomenon overall has us very excited about Zumba Fitness 2, the much anticipated sequel coming this November for Wii.” The company raised its full year outlook, with net revenues now expected to range from $110-$120 million, up from the prior forecast of $110-$120 million. Majesco now anticipates non-GAAP earnings per share of $0.35-$0.38, up from its previous guidance of $0.30-$0.35.