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Majesco to Present at the LD Micro Main Event

Majesco to Present at the LD Micro Main Event

Press Release

Morristown, NJ – November 24, 2015 (NYSE MKT: MJCO) today announced that it will be presenting at the 8th annual LD Micro Main Event, Thursday December 3 at 3:00 pm PT.  Ketan Mehta, Majesco’s CEO and Co-Founder, will be delivering the presentation and meeting with investors.

The conference will be held at the Luxe Sunset Bel Air Hotel and will feature 210 companies in the small/micro-cap space.

About Majesco

Majesco enables insurance business transformation for over 142 global customers by providing technology solutions which include software products, consulting and IT services. Our customers are carriers from the Property and Casualty, Life, Annuity and Group insurance segments worldwide.   Majesco delivers proven software solutions and IT services in the core insurance areas such as policy administration, billing, claims, distribution and analytics.

For more information, please visit us on the web at www.majesco.com, or call 1-800-249-9540.

About LD Micro

LD Micro is an investment newsletter firm that focuses on finding undervalued companies in the micro-cap space. Since 2002, the firm has published reports on select companies throughout the year. The firm also hosts the LD Micro Invitational in June. It is a non-registered investment advisor. For more information, please contact 408-457-1042 or visit www.ldmicro.com.

 

Majesco Contacts:

Corporate Contact                                                                               Investor & Media Contact

Ann Massey                                                                                          SM Berger & Co

SVP-Finance                                                                                         Andrew Berger

(973) 461-5190                                                                                    (216) 464-6400

ann.massey@majesco.com                                                             andrew@smberger.com

 

Majesco and Subsidiaries

Consolidated Statements of Operations (Unaudited)

(All amounts are in thousands of US Dollars except per share data and as stated otherwise)

 

Three Months Ended

September 30,

 Six Months Ended

September 30

2015 2014 2015 2014
Revenue..............................................................................................$     28,208$     19,074$     51,371$     35,956
Cost of revenue..................................................................................       15,777       11,685        27,884        22,090
Gross profit.......................................................................................$     12,432 $       7,389 $     23,488 $     13,866
Operating expenses
        Research and development expenses..........................................$       4,238$       2,710$       7,389$       5,502
        Selling, general and administrative expenses...............................9,496         4,50017,082       10,480
        Reorganization costs...................................................................            237            470             465             470
Total operating expenses...................................................................$     13,971 $       7,680 $     24,936 $     16,452
Income/(Loss) from operations..........................................................$    (1,539) $       (291) $    (1,448) $    (2,586)
        Interest income  .........................................................................-              1910              19
        Interest expense..........................................................................(73)                7(128)           (27)
        Other income (expenses),net......................................................           239             181             375             502
Income /(Loss) before provision for income taxes.............................$    (1,374)        $         (84) $    (1,192)         $    (2,092)
    (Benefit)/Provision for income taxes..............................................         (398)            139         (298)      (1,007)
Net Income/(Loss)..............................................................................$       (976)$       (223) $       (894) $    (1,085)
        Net Income/(Loss) Attributable to Non-controlling interests.......$              -$              -$              -$            12
        Net Income/(Loss) Attributable to Majesco................................$       (976)$       (223)$       (894)$    (1,097)
      
Earnings per share:
        Basic...........................................................................................$      (0.03)$      (0.01)$      (0.03)$      (0.04)
        Diluted........................................................................................$      (0.03)$      (0.01)$      (0.03)$      (0.04)
Weighted average number of common shares outstanding
        Basic...........................................................................................36,415,35730,575,00033,657,67930,575,000
        Diluted........................................................................................36,415,35730,575,00033,657,67930,575,000

 

 

 

 

 

Majesco and Subsidiaries

Consolidated Balance Sheets (Unaudited)

(All amounts are in thousands of US Dollars except per share data and as stated otherwise)

 

September 30,

2015

 March 31,

2015

ASSETS
    CURRENT ASSETS
        Cash and cash equivalents.......................................................................$                5,541$               6,262
        Short term investments............................................................................                     406                    270
        Restricted cash.........................................................................................325                    305
        Accounts receivables, net........................................................................13,428                 7,758
        Unbilled accounts receivable...................................................................                  5,548                 5,615
        Deferred income tax assets......................................................................2,413                 2,168
        Prepaid expenses and other current assets ..............................................                  4,311                 2,911
    Total current assets....................................................................................                31,972               25,289
        Property and equipment, net....................................................................                  2,104                 1,173
        Intangible assets, net................................................................................                11,750                 3,434
        Deferred income tax assets......................................................................                  2,253                 2,182
        Other assets.............................................................................................                     172                    271
        Goodwill..................................................................................................                32,675               14,196
    Total Assets.................................................................................................$              80,926$             46,545
LIABILITIES AND STOCKHOLDERS’ EQUITY
    CURRENT LIABILITIES
        Capital lease obligation............................................................................$                  157$                    17
        Loan from bank.......................................................................................7,1241,470-
        Accounts payable....................................................................................2,056                    442
        Accrued expenses and other liabilities
            Related Parties  ...................................................................................-                 3,520
            Others..................................................................................................10,991                 8,739
        Deferred revenue.....................................................................................                  5,857                 4,826
    Total current liabilities...............................................................................                26,185               19,014
        Capital lease obligation, net of current portion.........................................162                      31
        Term loan- bank  ....................................................................................2,625                 3,000
        Other.......................................................................................................                  5,032                 3,944
    Total Liabilities...........................................................................................$              34,004$             25,989
Commitments and contingencies
STOCKHOLDERS’ EQUITY
Preferred stock, par value $0.002 per share – 50,000,000 shares authorized as of September 30, 2015 and March 31, 2015, NIL shares issued and outstanding as of September 30, 2015 and March 31, 2015..--
Common stock, par value $0.002 per share – 450,000,000  shares authorized as of September 30, 2015 and March 31, 2015, 36,451,357 shares issued and outstanding as of September 30, 2015 and 30,575,000 as of  March 31, 2015..........................................................$                     73$                    61
    Additional paid-in capital.............................................................................68,932               39,049
    Accumulated deficit.....................................................................................(21,692)            (20,798)
    Accumulated other comprehensive income .................................................                  (391)                 2,244
Total equity of common stockholder..............................................................                46,922               20,556
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY...........................$              80,926$             46,545
 

 

 

 

Majesco and Subsidiaries

Reconciliation of U.S. GAAP Net Income to EBITDA and Adjusted EBITDA

(Unaudited)

 

 Three Months Ended

September 30,

 Six Months Ended

September 30,

(U.S. dollars; in thousands):2015 2014 2015 2014
Net Income (Loss) .........................................$          (976)$          (223)$          (894)$       (1,085)
 
Add:
Provision (benefit) for income taxes ..............(398)139(298)(1,007)
Depreciation and amortization ........................1,0706301,9531,642
Interest expense .............................................73(7)12827
 
Less:
Interest income ...............................................-(19)(10)(19)
Other income (expenses), net .........................(239)(181)(375)(502)
EBITDA .........................................................$          (470)$            339$             504$          (944)
 
Add:

 

Stock based compensation .............................289-289-
One-Time Costs .............................................237470465470
Adjusted EBITDA ..........................................$              56$            809$          1,258$          (474)
Revenue .........................................................28,20819,07451,37135,956
Adjusted EBITDA as a % of Revenue ............0.2%4.2%2.5%-1.3%

 

Majesco and Subsidiaries

Reconciliation of Selected U.S. GAAP Measures to Non-U.S. GAAP Measures

(Unaudited)

 

 Three Months Ended

September 30,

 Six Months Ended

September 30,

(U.S. dollars; in thousands):2015 2014 2015 2014
Net Income (Loss) .........................................$          (976)$          (223)$           (894)$        (1,085)
Reorganization Costs(1) ...................................237470465470
Total One-Time Costs.....................................$             237470$             465470
Adjusted Net Income......................................$          (739)247$           (429)(615)
 
Adjusted Earnings (Loss) per Common Share:
   Basic............................................................$         (0.02)$            0.01$          (0.01)$          (0.02)
   Diluted.........................................................$         (0.02)$            0.01$          (0.01)$          (0.02)

 

(1)Costs related to the merger with Cover-All Technologies and the listing of the Majesco common stock on the NYSE-MKT in connection with the merger.