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Majesco Entertainment Company Reports Fourth Quarter and Full Year Fiscal 2012 Financial Results

Fiscal 2012 Operating Income of $3.7 Million on Revenue of $132 Million

EDISON, NJ -- (Marketwire) -- 01/14/13 -- Majesco Entertainment Company (NASDAQ: COOL), an innovative provider of video games for the mass market, today reported financial results for the fourth quarter and full year ended October 31, 2012.

Fourth Quarter Results

For the fourth quarter ended October 31, 2012, Majesco's net revenues were $26.6 million, up 6 percent versus $25.1 million in the same period a year ago. During the fourth quarter of 2012, the Company reported an operating loss of $3.0 million, compared to an operating loss of $3.0 million in the fourth quarter of 2011. Net loss for the quarter was $2.7 million versus a net loss of $3.9 million in 2011. On a non-GAAP basis, net loss for the quarter was $2.7 million compared to a non-GAAP net loss of $2.7 million last year. Please refer to the Reconciliation of GAAP to Non-GAAP Financial Measures table included later in this release for additional information and details on non-GAAP items.

The Company's basic and diluted net loss per share for the quarter ended October 31, 2012 was $0.07, compared to a basic and diluted net loss per share of $0.10 in the same period last year. Non-GAAP diluted net loss per share for the quarter ended October 31, 2012 was $0.07 compared to a net loss per share of $0.07 last year. Please refer to the Reconciliation of GAAP to Non-GAAP Financial Measures table included later in this release for additional information and details on non-GAAP items.

Twelve Month Fiscal 2012 Results

For the twelve months ended October 31, 2012, the Company's net revenues increased 6 percent to $132.3 million versus the year ago period. The Company reported operating income of $3.7 million compared to $11.4 million of operating income in the same period a year ago. Non-GAAP operating income for the twelve month period was $5.4 million compared to non-GAAP operating income of $12.8 million for the comparable 2011 period. In the twelve months ended October 31, 2012, net income was $4.6 million compared to net income of $6.8 million for the twelve months ended October 31, 2011. Non-GAAP net income was $4.4 million in 2012 compared to non-GAAP net income of $11.1 million in 2011.

The Company's basic and diluted earnings per share for the twelve months ended October 31, 2012 was $0.12 and $0.11, respectively, compared to basic and diluted earnings per share of $0.18 and $0.17, respectively, for the corresponding period in 2011. The Company's non-GAAP diluted earnings per share for the twelve months ended October 31, 2012 was $0.10 compared to diluted non-GAAP net earnings per share of $0.28 in the corresponding 2011 period. Non-GAAP earnings per share of $0.10 for the twelve months of fiscal 2012 was lower than previously expected due to accelerated amortization and inventory write-off's related to lower than expected sales of NBA Baller Beats.

Management Commentary

"We met our revenue expectations in fiscal 2012 against the backdrop of weak industry-wide sales," said Jesse Sutton, Chief Executive Officer of Majesco. "The Zumba® Fitness franchise benefited from the release of Zumba® Fitness 2 in the first quarter, Zumba® Fitness Rush in the second quarter and Zumba® Fitness Core in the fourth quarter. Zumba is now firmly entrenched as the second bestselling fitness franchise ever with over 8 million units sold worldwide. We ended the year with $31.3 million in combined cash and availability from our factor and no long term debt."

"For fiscal 2013, we expect declining sales as our core products on legacy platforms decline, and we will be offering a smaller slate of new handheld and console titles than we introduced in fiscal 2012," Sutton added.

In order to better align operating costs with expected sales trends, the Company has implemented several initiatives to reduce fixed operating costs in favor of an outsourced, variable cost model. These initiatives include the closing of its social game development studio in Foxboro, Massachusetts, and reduction of game testing personnel in its New Jersey office. The Company plans to continue to develop mobile games through its production team in Southern California and the use of external development studios. In addition, the Company has eliminated certain marketing and support positions reflecting the planned reduction of its console game slate in fiscal 2013. The Company expects to record approximately $0.7 - $1.0 million in severance and other expenses related to this strategic realignment in the first quarter of fiscal 2013. These initiatives are expected to result in reduced operating expenses of approximately $1.5 - $2.0 million on an annual basis.

"Having successfully navigated through industry transitions and periods of uncertainty in the past, we believe it is prudent to preserve our financial resources as new platforms are deployed. We plan to continue to support our established franchises, look for opportunities to reach new audiences through mobile devices and position the Company to capitalize as new platforms grow and gain consumer acceptance. Our strong balance sheet and liquidity give us the resources to resume growth as industry dynamics become clear," concluded Sutton.

Fiscal 2013 Outlook

As a result of the weakness in demand for products on legacy console platforms and uncertainty around consumer adoption of the next generation of consoles, management is modifying its practice of providing quantitative fiscal year revenue and earnings guidance. Instead, for fiscal 2013, management is presenting a qualitative assessment of its outlook for financial results.

Based on early analysis of sell-through during the 2012 holiday season, management anticipates holiday sales will be at least 50% lower than last year. Given the Company's dependence on holiday sales, management anticipates revenue for fiscal 2013 will be significantly below fiscal 2012. Management expects to report between a modest non-GAAP EPS loss to breakeven for the first quarter of fiscal 2013 and a loss for the full year of fiscal 2013.

Announced Product Line-up

First Quarter Fiscal 2013 Ending January 31, 2013

To date, the Company has announced the following titles that were, or are expected to be, released during its fiscal first quarter 2013, which includes the recent holiday sales period:

  • Maestro Piccolo's Flea Symphony for iPhone, iPad and iPod Touch recently received the Editor's Choice Award from Apple. Flea Symphony turns players into mini maestros, conducting a tiny orchestra of fleas to create beautiful melodies with a range of instruments, including tuba cannons, guitar string launchers, and even turntables. Players must solve 100 levels of progressively complex musical puzzles through five imaginative music box worlds.
  • Monster High: Skultimate Roller Maze™ on Nintendo DS™ and Wii™ was released as part of a distribution agreement with Little Orbit that includes an additional Nintendo 3DS™ sku launching this March. Players can pick their favorite Monster High character and form a team of friends as they skate through the crypts of Monster High. Collect power-ups, avoid monstrous obstacles, scream past the competition and use each character's special ability and ghoul power to win the race.

Fiscal 2013

To date, the Company has announced the following titles that are expected to be released during the balance of fiscal 2013:

  • Young Justice: Legacy on Xbox 360® and PlayStation®3 launches this April as part of the Company's distribution agreement with Little Orbit. Based on WB's hit animated series airing on Cartoon Network, the game lets players assemble their Young Justice team from 12 heroes including NightWing, Kid Flash, Robin and more. Track down notorious villains and be mentored by powerful superheroes as you explore, customize and battle in this action-packed, RPG styled game.
  • Phineas and Ferb (working title) for retail consoles and gaming handhelds, including smartphones and tablets, is based on the animated hit Disney television series. Additional details will be announced shortly.
  • The next iteration of the best-selling Zumba® Fitness franchise that offers players a fun and effective at home workout solution. Specific product details to be announced.

The Company expects to announce additional details of its 2013 lineup in the coming months.


        Quarter 1                 Quarter 2                 Quarter 4
 Flea Symphony, iPhone,    Monster High Skultimate      Phineas and Ferb,
     iPad, iPod Touch         Roller Maze, 3DS           platforms to be
 Monster High Skultimate   Young Justice: Legacy,    Zumba Fitness (working
   Roller Maze, DS, Wii    Xbox 360, PlayStation 3   title), platforms to be

Conference Call

At 4:30 p.m. ET today, management will host an earnings conference call to discuss the fourth quarter results. To access the call in the U.S., please dial 1-800-860-2442. Please dial in approximately 10 minutes prior to the start of the conference call. The conference call will also be broadcast live over the Internet and available for replay for 90 days from the "Investor Info" section of the Company's website at http://ir.majescoentertainment.com. In addition, a replay of the call will be available via telephone for seven days beginning approximately one hour after the call. To listen to the telephone replay in the U.S., please dial 1-877-344-7529 and for international callers, dial 1-412-317-0088. Enter access code #10023438.

Generally Accepted Accounting Principles (GAAP) and Non-GAAP Metrics

To facilitate a comparison between the three and twelve months ended October 31, 2012 and 2011, the Company has presented both GAAP and non-GAAP financial results. GAAP financial measures, including operating income, net income, and basic and diluted earnings per share, have been adjusted to report certain non-GAAP financial measures.

These non-GAAP financial measures exclude the following items from the Company's consolidated statements of operations:

  • Expenses related to non-cash compensation
  • Net proceeds from sale of certain state income tax net operating loss carryforwards
  • Change in fair value of warrants
  • Severance costs for workforce reduction

These non-GAAP measures are provided to enhance investors' overall understanding of the Company's current financial performance and the Company's prospects for the future. These measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results.

For more information on these non-GAAP financial measures, please see the tables in this release captioned "Reconciliation of GAAP and Non-GAAP Financial Measures."

About Majesco Entertainment Company

Majesco Entertainment Company is a provider of video games for the mass market. Building on more than 20 years of operating history, the company is focused on developing and publishing a wide range of casual and family oriented video games on all leading console and handheld platforms as well as mobile devices. Product highlights include Zumba® Fitness, Cooking MamaTM and NBA Baller Beats™. The company's shares are traded on the Nasdaq Stock Market under the symbol: COOL. Majesco is headquartered in Edison, NJ and has an office in Brockhampton, UK. More info can be found online at www.majescoent.com or on Twitter at www.twitter.com/majesco.

Safe Harbor

Some statements set forth in this release, including the estimates under the headings "Fiscal 2013 Outlook" contain forward-looking statements that are subject to change. Statements including words such as "anticipate," "believe," "estimate" or "expect" and statements in the future tense are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual events or actual future results to differ materially from the expectations set forth in the forward-looking statements. Some of the factors which could cause our results to differ materially from our expectations include the following: consumer demand for our products, the availability of an adequate supply of current-generation and next-generation gaming hardware, including but not limited to Nintendo's DS and Wii™ platforms; our ability to predict consumer preferences among competing hardware platforms; consumer spending trends; the seasonal and cyclical nature of the interactive game segment; timely development and release of our products; competition in the interactive entertainment industry; developments in the law regarding protection of our products; our ability to secure licenses to valuable entertainment properties on favorable terms; our ability to manage expenses; our ability to attract and retain key personnel; adoption of new accounting regulations and standards; adverse changes in the securities markets; our ability to comply with continued listing requirements of the Nasdaq stock exchange; the availability of and costs associated with sources of liquidity; and other factors described in our filings with the SEC, including our Annual Report on Form 10-K for the year ended October 31, 2012. The Company does not undertake, and specifically disclaim any obligation, to release publicly the results of any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

                         (Unaudited, in thousands)

                          Three Months Ended         Twelve Months Ended
                              October 31,                October 31,
                       ------------------------  --------------------------
                         2012   %     2011   %     2012    %     2011    %
                       ------- ---  ------- ---  -------- ---  -------- ---
Nintendo Wii           $13,867  52% $13,415  53% $ 79,014  60% $ 73,209  59%
Microsoft Xbox 360       8,383  32%   2,901  12%   34,874  26%   23,235  18%
Nintendo DS              3,601  14%   7,569  30%   13,743  10%   22,179  18%
Nintendo 3DS               284   1%       -   -%    1,736   1%        -   -%
Sony Playstation 3          76   0%     232   1%      885   1%    4,670   3%
Other                      351   1%   1,021   4%    2,035   2%    1,998   2%
                       ------- ---  ------- ---  -------- ---  -------- ---
TOTAL                  $26,562 100% $25,138 100% $132,287 100% $125,291 100%
                       ======= ===  ======= ===  ======== ===  ======== ===

                    (In thousands, except share amounts)

                                                  October 31,   October 31,
                                                     2012          2011
                                                 ------------  ------------
Current assets:
  Cash and cash equivalents                      $     18,038  $     13,689
  Due from factor, net                                 12,501           937
  Accounts and other receivables                        3,936         3,143
  Inventory                                             7,762        11,605
  Advance payments for inventory                          257         5,975
  Capitalized software development costs and
   license fees                                         3,489        12,564
  Prepaid expenses and other current assets             1,724         3,071
                                                 ------------  ------------
    Total current assets                               47,707        50,984
Property and equipment, net                             1,003         1,184
Other assets                                              588           209
                                                 ------------  ------------
    Total assets                                 $     49,298  $     52,377
                                                 ============  ============
Current liabilities:
  Accounts payable and accrued expenses          $     15,490  $     20,313
  Inventory financing payables                              -         1,238
  Advances from customers and deferred revenue          4,454         5,642
  Warrant liability - current                              17             -
                                                 ------------  ------------
    Total current liabilities                          19,961        27,193
Warrant liability - noncurrent                              -         1,949
Commitments and contingencies
Stockholders' equity:
  Common stock -- $.001 par value; 250,000,000
   shares authorized; 41,862,321 and 41,307,349
   shares issued and outstanding at October 31,
   2012 and October 31, 2011, respectively                 42            41
  Additional paid-in capital                          120,755       119,222
  Accumulated deficit                                 (90,888)      (95,501)
  Accumulated other comprehensive loss                   (572)         (527)
                                                 ------------  ------------
    Net stockholders' equity                           29,337        23,235
                                                 ------------  ------------
    Total liabilities and stockholders' equity   $     49,298  $     52,377
                                                 ============  ============

                      (In thousands, except share data)

                             Three Months Ended            Year Ended
                                 October 31,               October 31,
                          ------------------------  ------------------------
                              2012         2011         2012         2011
                          -----------  -----------  -----------  -----------
Net revenues              $    26,562  $    25,138  $   132,287  $   125,291
                          -----------  -----------  -----------  -----------
Cost of sales
  Product costs                11,155       12,258       46,718       54,939
  Software development
   costs and license fees      10,593        5,914       42,054       22,151
  Loss on impairment of
   software development
   costs and license fees
   - future releases                -        2,726            -        2,726
                          -----------  -----------  -----------  -----------
                               21,748       20,898       88,772       79,816
                          -----------  -----------  -----------  -----------
Gross profit                    4,814        4,240       43,515       45,475
                          -----------  -----------  -----------  -----------
Operating costs and
  Product research and
   development                  1,894        1,773        7,784        6,992
  Selling and marketing         3,801        2,676       20,157       14,707
  General and
   administrative               1,989        2,567       10,077       10,506
  Depreciation and
   amortization                   118          175          566          398
  Loss on impairment of
   software development
   costs and license fees
   - cancelled games                -            -        1,219        1,512
                          -----------  -----------  -----------  -----------
                                7,802        7,191       39,803       34,115
                          -----------  -----------  -----------  -----------
Operating income (loss)        (2,988)      (2,951)       3,712       11,360
Other expenses (income)
  Interest and financing
   costs, net                     193          177          958        1,255
  Change in fair value of
   warrant liability             (346)         761       (1,932)       2,847
                          -----------  -----------  -----------  -----------
Income (loss) before
 income taxes                  (2,835)      (3,889)       4,686        7,258
  Income taxes                   (106)           5           73          426
                          -----------  -----------  -----------  -----------
Net income (loss)         $    (2,729) $    (3,894) $     4,613  $     6,832
                          ===========  ===========  ===========  ===========
Net income (loss) per
  Basic                   $     (0.07) $     (0.10) $      0.12  $      0.18
                          ===========  ===========  ===========  ===========
  Diluted                 $     (0.07) $     (0.10) $      0.11  $      0.17
                          ===========  ===========  ===========  ===========
Weighted average shares
  Basic                    40,440,609   39,601,781   39,973,248   38,527,589
                          ===========  ===========  ===========  ===========
  Diluted                  40,440,609   39,601,781   40,823,197   40,123,968
                          ===========  ===========  ===========  ===========

                               (In thousands)

                                                    Year Ended October 31
                                                     2012          2011
                                                 ------------  ------------
Net income                                       $      4,613  $      6,832
Adjustments to reconcile net income (loss) to
 net cash provided by (used in) operating
  Depreciation and amortization                           565           398
  Change in fair value of warrant liability            (1,932)        2,847
  Non-cash compensation expense                         1,686         1,468
  Loss on disposal of assets                                -             -
  Provision for price protection and customer
   allowances                                           4,324         3,928
  Amortization of capitalized software
   development costs and license fees                  17,363         6,204
  Loss on impairment of software development
   costs and license fees                               1,219         4,238
  Impairment of Goodwill                                   54             -
  Provision for excess inventory                        1,515         1,794
  Changes in operating assets and liabilities,
   net of acquisition:
    Due from factor                                   (15,888)       (2,997)
    Accounts and other receivables, net                  (830)       (3,223)
    Inventory                                           2,328        (4,981)
    Capitalized software development costs and
     license fees                                      (9,441)      (18,064)
    Advance payments for inventory                      5,678          (521)
    Prepaid expenses and other assets                     845        (1,918)
    Accounts payable and accrued expenses              (4,868)        8,752
    Customer billings due to distribution
     partner                                                -             -
    Advances from customers and deferred revenue       (1,139)        4,660
                                                 ------------  ------------
      Net cash provided by operating activities         6,092         9,417
                                                 ------------  ------------
Purchases of property and equipment                      (338)         (465)
Purchase of assets of Quick Hit, Inc., net of
 acquired cash                                              -          (779)
                                                 ------------  ------------
    Net cash used in investing activities                (338)       (1,244)
                                                 ------------  ------------
Proceeds from exercise of options and warrants              9         1,830
Income tax withholding from exercise of options
 and warrants                                            (161)            -
Inventory financing                                    (1,238)       (4,319)
                                                 ------------  ------------
    Net cash used in financing activities              (1,390)       (2,489)
                                                 ------------  ------------
Effect of exchange rates on cash and cash
 equivalents                                              (15)            1
                                                 ------------  ------------
Net increase in cash and cash equivalents               4,349         5,685
Cash and cash equivalents -- beginning of year         13,689         8,004
                                                 ------------  ------------
Cash and cash equivalents -- end of year         $     18,038  $     13,689
                                                 ============  ============
Cash paid during the year for interest and
 financing costs                                 $        870  $      1,255
                                                 ============  ============
Cash paid during the year for income taxes       $        591  $          3
                                                 ============  ============
Leased assets                                    $         46  $        163
                                                 ============  ============
Warrant liability reclassified to additional
 paid-in capital upon exercise                   $          -  $      1,042
                                                 ============  ============
Issuance of warrants for license fees            $          -  $         58
                                                 ============  ============

               (Unaudited, in thousands, except share amounts)

                             Three Months Ended            Year Ended
                                 October 31,               October 31,
                          ------------------------  ------------------------
                              2012         2011         2012         2011
                          -----------  -----------  -----------  -----------
GAAP operating income
 (loss)                   $    (2,988) $    (2,951) $     3,712  $    11,360
Non-cash compensation (1)         385          405        1,686        1,468
                          -----------  -----------  -----------  -----------
Non-GAAP operating income
 (loss)                   $    (2,603) $    (2,546) $     5,398  $    12,828
                          ===========  ===========  ===========  ===========

GAAP net income (loss)    $    (2,729) $    (3,894) $     4,613  $     6,832
Non-cash compensation (1)         385          405        1,686        1,468
Change in fair value of
 warrants (2)                    (346)         761       (1,932)       2,847
                          -----------  -----------  -----------  -----------
Non-GAAP net income
 (loss)                   $    (2,690) $    (2,728) $     4,367  $    11,147
                          ===========  ===========  ===========  ===========

GAAP net income (loss)
 per diluted share        $     (0.07) $     (0.10) $      0.11  $      0.17
Non-cash compensation (1)        0.01         0.01         0.04         0.04
Change in fair value of
 warrants (2)                   (0.01)        0.02        (0.05)        0.07
                          -----------  -----------  -----------  -----------
Non-GAAP net income per
 diluted share            $     (0.07) $     (0.07) $      0.10  $      0.28
                          ===========  ===========  ===========  ===========
Shares used in GAAP and
 Non-GAAP per diluted
 share amounts             40,440,609   39,601,781   40,823,197   40,123,968
                          ===========  ===========  ===========  ===========

(1) Represents expenses recorded for stock compensation expense. The Company does not consider stock-based compensation charges when evaluating business performance and management does not consider stock-based compensation expense in evaluating its short and long-term operating plans.

(2) Represents the change in the fair value of warrants classified as a liability. The fair value of the warrants is calculated at each balance sheet date with a corresponding charge or credit to earnings for the amount of the change in fair value.

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Virgil consists of an open-source encryption library, which implements Cryptographic Message Syntax (CMS) and Elliptic Curve Integrated Encryption Scheme (ECIES) (including RSA schema), a Key Management API, and a cloud-based Key Management Service (Virgil Keys). The Virgil Keys Service consists of a public key service and a private key escrow service. 

Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...