Las Vegas, NV -- (SBWIRE) -- 01/15/2013 -- Majesco Entertainment Co. (NASDAQ:COOL) has reported net loss of $2.7 million in the fourth quarter, as compared to net loss of $3.9 million last year. Due to loss the company projects drop in its fiscal 2013 sales too. The company trades on the NASDAQ and is a developer and publisher of video games for console and portable systems. One of the company's most notable competitors is Electronic Arts (EA) with a market capitalization of over $4.4B.
Majesco Entertainment expects that fiscal 2013 sales will decline, primarily as a result of declines in sales of the company's core products on legacy platforms. Given that we are currently well past the holiday season, management is already in possession of enough information to make reliable assumptions. ”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,” Jesse Sutton, Chief Executive Officer of Majesco.
Majesco Entertainment Company is a provider of interactive entertainment software primarily for the casual game playing, mass-market consumer. The Company sell its products primarily to retail chains, specialty retail stores, video game rental outlets and distributors. The Company publishes video games for interactive entertainment hardware platforms, including Nintendo’s 3DS, DS, and Wii, Sony’s PlayStation 3(PS3), Microsoft’s Xbox 360 and the personal computer (PC).
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