Tuesday evening, Edison, N.J.-based Cooking Mama publisher Majesco reported rising revenues and narrowing losses as its mass market games strategy gained traction.

The publisher reported net revenues of $18 million for the fourth quarter ended October 31, a 51 percent year-on-year rise. Operating loss was $900K versus an operating loss of $1.5 million a year ago.

Diluted loss per share for Q4 was 3 cents compared to a loss of 4 cents a year prior.

Despite the mixed Q4 results, for the full year, Majesco reported $63.9 million in net revenues, a 25 percent jump compared to a year ago. The publisher also reported operating income of $1.5 million compared to an operating loss of $3.8 million.

The performance indicates signs that Majesco's turnaround strategy, initiated three years ago, is working. The company ceased the publishing of premium-priced games to focus on budget and casual games in early 2006.

The Cooking Mama franchise has proven an exceedingly important money-maker for Majesco, having sold over 3.4 million units to date. Q4 sales were driven by the Cooking Mama franchise, the company said, and Jillian Michaels' Fitness Ultimatum.

The publisher established fiscal 2009 revenue guidance "in excess" of $70 million and expects positive operating income.

Despite the apparent progress, Wedbush analyst Michael Pachter remains cautious, maintaining a "hold" rating for Majesco shares, which dropped 9 cents to 76 cents in morning trading on Wednesday.

"We think that investors will remain skeptical about the sustainability of earnings growth until the company can consistently prove this skepticism unwarranted," Pachter said.