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Majesco Entertainment Company Reports Second Quarter Fiscal 2014 Financial Results

EDISON, NJ -- (Marketwired) -- 06/09/14 -- Majesco Entertainment Company (NASDAQ: COOL), an innovative provider of video games for the mass market, today reported financial results for the second quarter of fiscal 2014 ended April 30, 2014.

For the second quarter ended April 30, 2014, Majesco's net revenues were $3.2 million, down 67 percent versus $9.7 million in the same period a year ago. During the second quarter of fiscal 2014, the Company reported an operating loss of $3.4 million, compared to an operating loss of $2.2 million in the second quarter of fiscal 2013. Net loss for the second quarter was $3.6 million compared to net loss of $2.3 million in the second quarter of fiscal 2013. The Company's basic and diluted net loss per share for the quarter ended April 30, 2014 was $(0.08), compared to basic and diluted net loss per share of $(0.06) in the same period last year.

On a non-GAAP basis, the net loss for the second quarter ended April 30, 2014 was $3.3 million compared to non-GAAP net loss of $1.9 million in the second quarter of last year. The non-GAAP diluted net loss per share for the quarter ended April 30, 2014 was $(0.07) compared to diluted net loss per share of $(0.05) in the same period 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.

For the six months ended April 30, 2014, the Company's net revenues were $25.2 million versus $33.2 million in the year ago period, a decline of 24 percent. The Company reported an operating loss of $7.5 million compared to operating loss of $4.2 million in the same period of 2013. For the six months ended April 30, 2014, net loss was $8.1 million compared to net loss of $4.4 million for the six months ended April 30, 2013. Included in six month fiscal 2013 operating results is a charge of $0.8 million for severance expenses from the strategic realignment implemented in January 2013. The Company's basic and diluted net loss per share for the six months ended April 30, 2014 was $(0.18), compared to basic and diluted net loss per share of $ (0.11) for the corresponding period in 2013.

Non-GAAP operating loss for the six month period was $6.8 million compared to non-GAAP operating loss of $2.7 million for the comparable period in 2013. For the same period, non-GAAP net loss was $7.5 million in 2014 compared to non-GAAP net loss of $3.0 million in 2013. The Company's non-GAAP basic and diluted net loss per share for the six months ended April 30, 2014 was $(0.17) compared to diluted net loss per share of $ (0.07) in the corresponding period of 2013. 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.

Management Commentary

"Majesco's historically seasonally soft second quarter was particularly soft this year because no major new releases were shipped and Zumba catalog sales continued to decline due to the late life cycle of Nintendo's Wii, the dominant platform for these games in the past," said Jesse Sutton, Chief Executive Officer of Majesco Entertainment. "In order to better navigate the industry's evolution during the transition of the past two years, we have right sized our infrastructure and diversified our product strategy to include online gaming and digital lottery through our joint venture in PariPlay as well as distribution of independently developed games through Midnight City. The launch of the popular Bound by Flame on next gen platforms in May, the latest extension of the award winning Cooking Mama franchise for holiday, and a number of additional digital and next gen console games, enhances our belief that Majesco is trending in the right direction to restore profitability in the future."

Announced Product Line-up

To date, the Company has announced the following titles for launch during its fiscal third quarter 2014 and the remainder of the year:

  • Bound by Flame (distributed by Majesco) for consoles and PC puts players in the role of mercenary possessed by a flame demon in a desperate world ravaged by seven Ice Lords and their Dead-Army. In this RPG where all your choices lead to consequences, you must choose between unleashing the powers of the beast within and rejecting the demonic influence that wants to claim your humanity. Freely develop your abilities and combat style through three skill trees: swing the heavy weapons of the Fighter, wield the sneaky dual daggers of the Ranger, or use the devastating flame spells of the Pyromancer. Recruit companions who will live, love, hate and fight alongside you against the dreadful creatures of Vertiel, in real-time epic battles based on tactics and reaction. Launched in May.
  • Cooking Mama 5: Bon Appetit! on Nintendo 3DS™ stars Mama from the best-selling franchise that defined the cooking genre. Create 60+ mouth-watering recipes, from classic fare to exotic cultural dishes and sweet treats. Players will keep busy with new household activities and games set within Mama's bustling Burger Shop. Launching this holiday.
  • Costume Quest 2 on PC and digital consoles is being published under the Midnight City label. Developed by Tim Schafer's Double Fine Productions, the game stars candy-crazed crusaders Wren and Reynold who must once again protect Halloween from untold horrors, and grown-ups! Your favorite trick-or-treaters come armed with a new batch of costumes they wear to transform into giant super-powered fantasy Hallowarriors. Fans of the original can look forward to a sweet upgraded battle system and a story that is unmistakably Double Fine. Costume Quest 2 is slated for PC and digital console release this Halloween.
  • Gone Home on digital consoles is being published under the Midnight City label. The Fullbright Company's runaway hit brings the explorative Greenbriar family experience to a whole new audience. Heralded as one of the best games of 2013, Gone Home extends an invitation into an ordinary family's mysterious past as a young woman who discovers an empty house that's much more than it seems. The game will release on digital consoles later this year.

The Company expects to announce additional titles in its 2014 product lineup in the coming months.

Conference Call

At 4:30 p.m. ET today, June 9, 2014, management will host an earnings conference call. 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 through June 13, 2014, beginning approximately two hours 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 #10047543.

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

To facilitate a comparison between the three and six months ended April 30, 2014 and 2013, 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
  • Expenses related to workforce reduction
  • Change in fair value of warrants

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 to Non-GAAP Financial Measures."

About Majesco Entertainment Company

Majesco Entertainment Company is an innovative developer, marketer, publisher and distributor of interactive entertainment for consumers around the world. Building on more than 25 years of operating history, the company develops and publishes a wide range of video games on console, handheld and mobile platforms, as well as digital networks through its Midnight City label. Majesco also owns 50% of GMS Entertainment, the parent company of online gaming company Pariplay, which specializes in iGaming, iLottery and social gaming. Majesco is headquartered in Edison, NJ and the company's shares are traded on the Nasdaq Stock Market under the symbol: COOL. More info can be found online at majescoent.com or on Twitter at twitter.com/majesco.

Safe Harbor

Some statements set forth in this release, including the estimates under the headings "Fiscal 2014 Outlook" contain forward-looking statements that are subject to change. Examples of forward-looking statements include statements relating to industry prospects, our future economic performance including anticipated revenues and expenditures, results of operations or financial position, and other financial items, our business plans and objectives, including our intended product releases, and may include certain assumptions that underlie forward-looking statements. Statements including words such as "anticipate," "believe," "estimate" or "expect" and statements in the future tense are forward-looking statements. These statements are subject to business and economic risk and reflect management's current expectations, and involve subjects that are inherently uncertain and difficult to predict. Some of the risks and uncertainties 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; 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, 2013. The Company does not undertake, and specifically disclaims 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.


                MAJESCO ENTERTAINMENT COMPANY AND SUBSIDIARY
                    UNAUDITED SUPPLEMENTARY PRODUCT DATA
               NET SALES BY PLATFORM FOR THREE AND SIX MONTHS
                         (Unaudited, in thousands)

                  Three months Ended               Six months Ended
            ------------------------------  -------------------------------
                       April 30,                       April 30,
            ------------------------------  -------------------------------

               2014     %      2013     %       2014     %      2013     %
            ---------- ---  ---------- ---  ----------- ---  ---------- ---
            (thousands)     (thousands)     (thousands)     (thousands)
Nintendo
 Wii/WiiU   $      703  23% $    4,469  46% $    10,058  40% $   17,053  51%
Microsoft
 Xbox
 360/Xbox
 One             1,116  34%      2,538  26%       9,462  37%      8,132  25%
Nintendo
 DS/3DS            721  22%      2,008  21%       3,305  13%      6,748  20%
Sony
 Playstation
 3                   5   0%        304   3%         897   4%        476   1%
Accessories
 and other         695  21%        401   4%       1,452   6%        783   3%
            ---------- ---  ---------- ---  ----------- ---  ---------- ---
TOTAL       $    3,240 100% $    9,720 100% $    25,174 100% $   33,192 100%
            ========== ===  ========== ===  =========== ===  ========== ===



                MAJESCO ENTERTAINMENT COMPANY AND SUBSIDIARY
                   CONDENSED CONSOLIDATED BALANCE SHEETS
                    (In thousands, except share amounts)

                                                 April 30,     October 31,
                                                    2014           2013
                                               -------------  -------------
                                                (unaudited)
ASSETS
Current assets:
  Cash and cash equivalents                    $      10,947  $      13,385
  Due from factor, net                                   133          2,134
  Accounts and other receivables                         863          1,169
  Inventory                                            2,297          4,859
  Advance payments for inventory                          70          1,064
  Capitalized software development costs and
   license fees                                        1,717          7,825
  Prepaid expenses and other current assets              232          2,827
                                               -------------  -------------
    Total current assets                              16,259         33,263
Property and equipment, net                              960            817
Investment in GMS Entertainment Limited                3,191          3,500
Other assets                                              69             69
                                               -------------  -------------
    Total assets                               $      20,479  $      37,649
                                               =============  =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
  Accounts payable and accrued expenses        $       6,919  $       8,994
  Inventory financing                                      -          1,764
  Advances from customers and deferred revenue           864          6,838
                                               -------------  -------------
    Total current liabilities                          7,783         17,596
Commitments and contingencies
Stockholders' equity:
  Common stock -- $.001 par value; 250,000,000
   shares authorized; 46,392,710 and
   46,295,969 shares issued and outstanding at
   April 30, 2014 and October 31, 2013,
   respectively                                           46             46
  Additional paid-in capital                         124,784        124,148
  Accumulated deficit                               (111,627)      (103,530)
  Accumulated other comprehensive loss                  (507)          (611)
                                               -------------  -------------
    Net stockholders' equity                          12,696         20,053
                                               -------------  -------------
    Total liabilities and stockholders' equity $      20,479  $      37,649
                                               =============  =============



                MAJESCO ENTERTAINMENT COMPANY AND SUBSIDIARY
              CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
              (Unaudited, in thousands, except share amounts)

                            Three Months Ended         Six months Ended
                                 April 30                  April 30
                         ------------------------  ------------------------

                                2014         2013         2014         2013
                         -----------  -----------  -----------  -----------
Net revenues             $     3,240  $     9,720  $    25,174  $    33,192
                         -----------  -----------  -----------  -----------
Cost of sales
  Product costs                1,673        3,851        9,215       12,265
  Software development
   costs and license
   fees                        1,506        2,834       12,509       10,740
                         -----------  -----------  -----------  -----------
    Total cost of sales        3,179        6,685       21,724       23,005
                         -----------  -----------  -----------  -----------
Gross profit                      61        3,035        3,450       10,187
                         -----------  -----------  -----------  -----------
Operating costs and
 expenses
  Product research and
   development                   420        1,456        1,666        3,538
  Selling and marketing        1,125        1,467        5,181        5,196
  General and
   administrative              1,786        2,215        3,893        4,466
  Workforce reduction              -            -            -          776
  Loss on impairment of
   capitalized software
   development costs and
   license fees --
   cancelled games                 -            -            -          175
  Depreciation and
   amortization                  106           95          187          206
                         -----------  -----------  -----------  -----------
    Total operating
     costs and expenses        3,437        5,233       10,927       14,357
                         -----------  -----------  -----------  -----------
Operating loss                (3,376)      (2,198)      (7,477)      (4,170)
Other expenses (income)
  Interest and financing
   costs                          43           74          205          257
  Loss from equity
   method investment             166            -          413            -
  Change in fair value
   of warrant liability            -            -            -          (17)
                         -----------  -----------  -----------  -----------
Loss before income taxes      (3,585)      (2,272)      (8,095)      (4,410)
  Income taxes                     -           (1)           2            2
                         -----------  -----------  -----------  -----------
Net loss                 $    (3,585) $    (2,271) $    (8,097) $    (4,412)
                         ===========  ===========  ===========  ===========
Net loss per share:
  Basic                  $     (0.08) $     (0.06) $     (0.18) $     (0.11)
                         ===========  ===========  ===========  ===========
  Diluted                $     (0.08) $     (0.06) $     (0.18) $     (0.11)
                         ===========  ===========  ===========  ===========
Weighted average shares
 outstanding:
  Basic                   44,782,134   40,543,635   44,738,155   40,512,763
                         ===========  ===========  ===========  ===========
  Diluted                 44,782,134   40,543,635   44,738,155   40,512,763
                         ===========  ===========  ===========  ===========



                MAJESCO ENTERTAINMENT COMPANY AND SUBSIDIARY
              CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                         (Unaudited, in thousands)

                                                     Six months Ended
                                                         April 30,
                                               ----------------------------
                                                    2014           2013
                                               -------------  -------------
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss                                       $      (8,097) $      (4,412)
Adjustments to reconcile net loss to net cash
 provided by operating activities:
Depreciation and amortization                            187            206
Loss from equity method investment                       413              -
Non-cash compensation expense                            643            665
Provision for price protection                         2,377          1,170
Amortization of capitalized software
 development costs and license fees                    8,705          2,689
Loss on impairment of capitalized software
 development costs and license fees                        -            175
Provision for excess inventory                           216            319
Change in fair value of warrant liability                  -            (17)
Changes in operating assets and liabilities:
  Due from factor                                       (601)        11,216
  Accounts and other receivables                         531          2,079
  Inventory                                            2,346          4,965
  Capitalized software development costs and
   license fees                                       (2,597)        (5,028)
  Advance payments for inventory                         994             44
  Prepaid expenses and other assets                    2,595          1,421
  Accounts payable and accrued expenses               (2,075)        (3,438)
  Advances from customers and deferred revenue        (5,974)        (4,377)
                                               -------------  -------------
    Net cash (used in) provided by operating
     activities                                         (337)         7,677
                                               -------------  -------------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment                     (330)          (145)
                                               -------------  -------------
  Net cash used in investing activities                 (330)          (145)
                                               -------------  -------------
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of inventory financing                      (1,764)             -
Income tax withholding from stock compensation            (7)             -
                                               -------------  -------------
  Net cash used in financing activities               (1,771)             -
                                               -------------  -------------
Effect of exchange rates on cash and cash
 equivalents                                               -            (35)
                                               -------------  -------------
Net (decrease) increase in cash and cash
 equivalents                                          (2,438)         7,497
Cash and cash equivalents -- beginning of
 period                                               13,385         18,038
                                               -------------  -------------
Cash and cash equivalents -- end of period     $      10,947  $      25,535
                                               =============  =============
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid during the period for interest and
 financing costs                               $         265  $         324
                                               =============  =============
Cash paid during the period for income taxes   $           -  $           -
                                               =============  =============



                MAJESCO ENTERTAINMENT COMPANY AND SUBSIDIARY
            RECONCILATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
              (Unaudited, in thousands, except share amounts)

                            Three months ended         Six months ended
                                 April 30,                 April 30,
                         ------------------------  ------------------------
                             2014         2013         2014         2013
                         -----------  -----------  -----------  -----------
GAAP operating loss      $    (3,376) $    (2,198) $    (7,477) $    (4,170)
Non-cash compensation
 (1)                             270          385          643          665
Severance (2)                      -            -            -          776
                         -----------  -----------  -----------  -----------
Non-GAAP operating loss  $    (3,106) $    (1,813) $    (6,834) $    (2,729)
                         ===========  ===========  ===========  ===========

GAAP net loss            $    (3,585) $    (2,271) $    (8,097) $    (4,412)
Non-cash compensation
 (1)                             270          385          643          665
Severance (2)                      -            -            -          776
Change in fair value of
 warrants (3)                      -            -            -          (17)
                         -----------  -----------  -----------  -----------
Non-GAAP net loss        $    (3,315) $    (1,886) $    (7,454) $    (2,988)
                         ===========  ===========  ===========  ===========

GAAP net loss per
 diluted share           $     (0.08) $     (0.06) $     (0.18) $     (0.11)
Non-cash compensation
 (1)                            0.01         0.01         0.01         0.02
Severance (2)                      -            -            -         0.02
Change in fair value of
 warrants (3)                      -            -            -            -
                         -----------  -----------  -----------  -----------
Non-GAAP net loss per
 diluted share           $     (0.07) $     (0.05) $     (0.17) $     (0.07)
                         ===========  ===========  ===========  ===========

Shares used in GAAP and
 Non-GAAP per diluted
 share amounts            44,782,134   40,543,635   44,738,155   40,512,763

(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 one time severance costs related to a workforce reduction. During January 2013, Company management initiated a plan of restructuring to better align its workforce to its revised operating plans. As part of the plan, the Company reduced its personnel count by approximately 40 employees.
(3) 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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