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Majesco Entertainment Company Reports Fourth Quarter and Year-End Fiscal 2010 Financial Results

EDISON, N.J. Jan 18, 2011 October 31, 2010

October 31, 2010 $23.4 million $23.9 million $1.3 million $5.5 million $1.2 million $5.0 million $1.5 million $4.5 million $1.5 million $5.4 million

October 31, 2010 $0.04 $0.14 $0.04 $0.16

October 31, 2010 $75.6 million $2.1 million $6.6 million $0.3 million $3.0 million $1.0 million $7.2 million $1.3 million $4.4 million

October 31, 2010 $0.03 October 31, 2009 $0.24 October 31, 2010 $0.04 $0.15

Jesse Sutton

North America

Highlights

  • October 31, 2010 $1.0 million $6.2 million
  • $20.5 million
  • North America
  • In the fourth quarter of 2010, Majesco released ‘Swords’ for Wii, ‘Serious Sam HD: The Second Encounter’ for Xbox LIVE Arcade, ‘Greg Hastings Paintball 2’ for Xbox 360 and Wii, ‘Gardening Mama’ for the iPhone, ‘My Baby 3 & Friends’ for DS, ‘Flip’s Twisted World’ for DS, and ‘Crafting Mama’ for DS.  

Announced Product Line-up

January 31, 2011

To date, the Company has announced the following titles that were or are expected to be released during its fiscal first quarter 2011, which includes the holiday sales period:

  • Babysitting Mama Cooking Mama
  • Zumba Fitness® November 18, 2010
  • Cooking Mama Friends’ Cafe North America
  • Brain Right Brain

Fiscal 2011

To date, the Company has announced the following titles that are expected to be released during the rest of fiscal 2011:

  • Monster Tale Henry Hatsworth in the Puzzling Adventure
  • Greg Hastings Paintball 2
  • Cake Mania Main Street Cake Mania
  • Face Kart: Photo Finish
  • Pet Zombies in 3D
  • Summer Camp Showdown

Fiscal 2011 Outlook

$85 to $90 million $0.06 to $0.10

2011 RELEASE SCHEDULE

Quarter 1

Quarter 2

Quarter 3

Quarter 4

Babysitting Mama Wii, $49.99

Monster Tale DS, $29.99

Cake Mania Main Street DS

Face Kart: Photo Finish 3DS

Zumba Fitness for Kinect, Wii and Move, $49.99 Kinect, $39.99 Wii and Move

Zumba Fitness for Wii and Move (Europe)

Summer Camp Showdown Wii, $19.99

Pet Zombies in 3D 3DS

Zumba Fitness for Kinect (Europe)

Greg Hastings Paintball 2 PSN, Price TBA

Left Brain Right Brain iPhone

Cooking Mama Friends’ Cafe Facebook; freemium

Conference Call

4:30 p.m. (EST) http://www.majescoentertainment.com

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

October 31, 2010

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
  • Settlement charges related to the settlement of class action litigation
  • Change in fair value of warrants
  • California

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

Cooking Mama Babysitting Mama TETRIS® Party Deluxe Zumba Fitness® Edison, NJ Bristol, UK www.majescoentertainment.com www.twitter.com/majesco

Safe Harbor

October 31, 2009

MAJESCO ENTERTAINMENT COMPANY

UNAUDITED SUPPLEMENTARY PRODUCT DATA

Net sales by Platform for three and twelve months

(Unaudited, in thousands)

 Three Months Ended October 31,

2010

%

2009

%

Nintendo Wii

8,358

35.7%

11,562

48.4%

Nintendo DS

13,483

57.7%

12,000

50.2%

Other

1,542

6.6%

339

1.4%

TOTAL

23,383

100.0%

23,901

100.0%

Twelve Months Ended October 31,

2010

%

2009

%

Nintendo Wii

23,633

31.2%

50,062

53.0%

Nintendo DS

48,879

64.6%

40,472

42.8%

Other

3,136

4.2%

3,918

4.2%

TOTAL

75,648

100.0%

94,452

100.0%

MAJESCO ENTERTAINMENT COMPANY AND SUBSIDIARY

CONSOLIDATED BALANCE SHEET DATA

(in thousands, except share data)

October 31,

2010

2009

ASSETS

Current assets:

Cash and cash equivalents

$  8,004

$  11,839

Due from factor

1,015

1,172

Accounts and other receivables, net

725

1,145

Inventory, net

8,418

6,190

Advance payments for inventory

5,454

3,126

Capitalized software development costs and license fees

4,903

3,678

Prepaid expenses

921

847

  Total current assets

29,440

27,997

Property and equipment, net

520

447

Other assets

69

83

  Total assets

$  30,029

$  28,527

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable and accrued expenses

$  11,375

$  9,356

Customer billings due to distribution partner

230

Inventory financing payables

5,557

6,053

Advances from customers and deferred revenue

945

543

  Total current liabilities

17,877

16,182

Warrant liability

144

626

Commitments and contingencies

Stockholders’ equity:

Common stock — $.001 par value; 250,000,000 share authorized; 39,326,376
and 38,553,740 issued and outstanding at October 31, 2010 and
October 31, 2009, respectively

39

38

Additional paid-in capital

114,824

113,484

Accumulated deficit

(102,333)

(101,361)

Accumulated other comprehensive loss

(522)

(442)

  Net stockholders’ equity

12,008

11,719

  Total liabilities and stockholders’ equity

$  30,029

$  28,527

CONSOLIDATED STATEMENT OF OPERATIONS DATA

(in thousands, except share data)

Three Months Ended

October 31,

Year Ended

October 31,

2010

2009

2010

2009

Net revenues

$  23,383

$  23,901

$  75,648

$  94,452

Cost of sales

Product costs

14,146

12,504

38,718

39,699

Software development costs and license fees

5,450

8,077

17,524

29,329

Loss on impairment of software
development costs and license fees –
future releases

2,515

1,021

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