For the fourth quarter ended October 31, 2008, Majesco's net revenues increased 51.2 percent to $18.0 million versus the same period a year ago. During this same period, the Company reported an operating loss of $0.9 million compared to an operating loss of $1.5 million in the fourth quarter of 2007. Net loss for the quarter was $0.9 million versus a net loss of $1.0 million in 2007. The Company's basic and diluted loss per share for this quarter was $0.03 compared to a loss of $0.04 in the same period last year.

Results for the fourth quarter of 2008 include $0.4 million of non-cash compensation and a gain of $0.3 million related to a change in the fair value of warrants. Results for the fourth quarter of 2007 include $0.5 million in non-cash compensation; $0.6 million for a gain in the fair value of warrants; and a $0.3 million charge related to settlement of litigation. Non-GAAP Operating loss for the fourth quarter of 2008 was $0.5 million and $0.7 million for 2007. Non-GAAP Net loss was $0.7 million for the fourth quarter of 2008, and $0.8 million for the same period in 2007.

For the twelve months ended October 31, 2008, the Company's net revenues increased 25.3 percent to $63.9 million versus the year ago period. During this same period, the Company reported operating income of $1.5 million compared to an operating loss of $3.8 million in 2007. Net income through the twelve months of fiscal 2008 was $2.1 million versus a net loss of $4.8 million in 2007. The Company's basic and diluted earnings per share for the twelve months of fiscal 2008 were $0.08 compared to a loss of $0.20 in 2007.

Results for the 12 months ended October 31, 2008 include: $1.6 million in non-cash compensation; a gain of $0.3 million related to settlement of litigation and a $1.3 million gain for the change in fair value of warrants. For the same period in 2007, results included $1.5 million in non-cash compensation; $2.8 million in charges related to settlement of litigation; a $0.6 million gain related to the change in fair value of warrants; and a $0.3 million gain on settlement of liabilities. Non-GAAP Operating income for the fiscal 2008 year was $2.8 million and $0.2 million for 2007. Non-GAAP Net income was $2.1 million for fiscal 2008 versus a $1.3 million loss in fiscal 2007.  The Company's non-GAAP basic and diluted earnings per share for the twelve months of fiscal 2008 were $0.08 compared to a loss of $0.06 in 2007.

Jesse Sutton, Chief Executive Officer of Majesco Entertainment, said, "Our strong financial performance in 2008 reflects the successful execution of our plan and confirms we're on the right path.  For the year we exceeded our updated guidance on revenue, and achieved profitability. Revenue for the full year increased over 25 percent to $63.9 million.  Our combined Wii and DS business, which is at the heart of our strategy, was up 86 percent for the quarter, and 64 percent for the year when compared to 2007. As we grow our business, we are increasingly converting our revenue growth into bottom-line returns allowing us to achieve profitability ahead of schedule.  For the full year, operating income was $1.5 million and net income was $2.1 million.  Our non-GAAP results showed a $2.5 million improvement in operating income to $2.8 million, and our non-GAAP net income improved to $2.1 million from a $1.3 million loss last year. Our progress in driving profitability reflects our operating discipline, improved product selection, and focused effort towards bringing reasonably priced product to mass market consumers."

"We expect to further build on our success in 2009.  We believe we are well positioned to benefit from consumer trends given our focus on the fastest growing segment of the gaming industry.  We have a proven and disciplined business model and a management team that is committed to growing the company in a profitable manner."