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Majesco Entertainment Company, Inc. (COOL) Discusses Third Quarter Results and Increases Fiscal Year 2008 Guidance

Majesco Entertainment Company, Inc. (NASD: COOL), a provider of interactive entertainment products, recently announced its financial results from the third quarter of fiscal 2008, ending July 31, 2008.

Shares of Majesco Entertainment Company, Inc. (COOL) posted gains late last week after the company announced that net revenues posted a 44-percent year-over-year increase to $14.5 million, translating to $0.02 basic and diluted earnings per share for the quarter, compared to a loss of $0.06 in the same period last year. Additionally, Majesco Entertainment increased its fiscal 2008 full-year net revenue guidance to a range of $58 million to $60 million from its previous expectation of $53 million to $58 million.

The company’s chief financial officer, John Gross, recently commented during a conference call last week and stated, “Our domestic business was up 87 percent versus last year. Through nine months, our gross margins now stand at 39.4 percent versus 34.8 percent in 2007. We expect our gross margins to be up modestly for the year and we are well positioned as we enter the fourth quarter and the holiday season.”

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