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Majesco Entertainment Management Discusses Q3 2012 Results - Earnings Call Transcript

Looking ahead, we are very excited about our holiday release slate, beginning with the formal introduction of NBA Baller Beats tomorrow and the launch of Mini Putt Park on last week. We are optimistic about the opportunities for growth in the dynamic interactive entertainment industry.

I would now like to pass the call to Mike Vesey, our Chief Financial Officer, to provide a financial review of our third quarter results. I will then discuss our holiday release schedule. Mike?

Michael Vesey

Thank you, Jesse. I'll begin by recapping our results for the third quarter and close with some comments about our outlook for the full year fiscal 2012. As is our custom, I use non-GAAP results when discussing our financial results.

Revenue for the 3 months ended July 31 was $9.1 million, down from $19.5 million reported in the third quarter last year. The decrease is primarily due to decreased sales in the U.S. attributable to the slow retail market for video games, the late life cycle for the Nintendo Wii and DS platform, and some changes in timing of our Zumba Fitness releases in Europe over the year.

International sales in the third quarter were $2 million or 22% of revenue compared to $5.3 million or 27% of revenue in the third quarter of fiscal 2011. The decrease reflects the change in timing of the release of our Zumba Fitness products in Europe. In 2011, we released Zumba Fitness for the Wii in our second fiscal quarter. However, its best-selling quarter was the third fiscal quarter of 2011. Comparably, in fiscal 2012, we released Zumba Fitness 2 in our first fiscal quarter for the holiday, with larger initial order quantities due to its track record. Total revenue from Zumba Fitness products accounted for approximately 79% of sales compared to 80% in the same quarter a year ago.

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