Majesco Entertainment Results Miss Estimate - Quick Facts

(RTTNews) - Majesco Entertainment Co (COOL), a provider of video games for the mass market, Monday reported third-quarter net loss of $2.7 million or $0.44 per share compared with a loss of $3.6 million or $0.63 per share last year.

Excluding items, adjusted loss for the quarter was $0.58 per share.

Revenues for the quarter were lower at $2.9 million compared with $4 million in the prior year.

Analysts polled by Thomson Reuters estimated a loss of $0.42 per share on revenues of $6.1 million for the quarter. Analysts' estimates typically exclude special items.

Majesco said the main market for casual game software for the Nintendo Wii and DS gaming systems remains weak and, as a result, revenues have not been adequate to cover expenses.

The company said it continues to explore and implement initiatives to reduce expenses, diversify its business into new categories, and evaluate possible strategic alternatives in an effort to maximize company value.

The company retained Bond Lane Partners LLC to act as financial advisor to assist in evaluating strategic alternatives, which may include a merger, joint venture, asset divestitures, among others.