publisher Majesco this week posted its 2012 fiscal year results, with an increase in revenues but a drop in profits year-over-year.
The company put this down in part to inventory write-offs related to lower than expected sales of NBA Baller Beats
, a rhythm game for Xbox 360 Kinect released in September 2012.
As a result, Majesco says it has closed its social game development studio in Foxboro, Massachusetts, and reduced the number of game testing personnel at its New Jersey office, in order to manage its operating costs better.
Analyst Michael Pachter notes that although the company's Zumba
series sold as expected, it was still not enough to offset other product costs, including those of NBA Baller Beats
For the fiscal year ended October 31, 2012, Majesco posted revenues of $132.3 million, up 6 percent year-over-year, and profits of $4.6 million, down compared to $6.8 million year-over-year.