The Company reported second quarter net revenues of $11.6 million, compared to $19.9 million for the same period in 2005. For the six-months ended April 30, 2006, the Company reported net revenues of $35.6 versus $50.6 million in the same period during 2005. Gross profit for the second quarter was $3.9 million, compared to $8.4 million for the comparable period in 2005. Gross profit was $14.3 million during the six-month period, versus $19.4 million in the same period during 2005. The lower net revenues and gross profits for the quarter and year-to-date are attributable to a shift in the product mix from premium console games to value and handheld games which were partially offset by an increase in international net revenue.
Operating income was $1.4 million for the second quarter of 2006, versus $821,000 for the same period one year ago. Included in the operating income for the quarter are gains from the sale of the rights and obligations of Teen Titans for Xbox, PS2 and GameCube to a video game publisher, and negotiated reductions in certain royalties and payables. For the six months ended April 30, 2006, the Company reported an operating loss of $761,000 versus operating income $2.8 million in the comparable 2005 period. Included in the operating loss for the first six months of 2006 are impairment charges related to anticipated non-recoverable development costs associated with the Company's recent shift in strategy.
For the quarter, the Company generated net income of $839,000 or $0.04 per share compared to a net income of $189,000 or $0.01 for the second quarter of last year. For the six months ended April 30, 2006, the Company generated a net loss of $1.7 million or $0.08 per share compared to a net loss of $211,000 or $0.01 per share for the first six months of last year.
Morris Sutton, Majesco's Chairman and Interim Chief Executive Officer, commented, "During the second quarter we made significant progress in establishing a solid foothold in the portable games market with the launch of Age of Empires and Guilty Gear Dust Strikers, both for the Nintendo DS(TM). We are seeing traction with our products in the third quarter, specifically Jaws Unleashed, which launched at the end of May. Going into the second half of fiscal 2006, we will continue to be prudent with research and development efforts, and work on exploring other incremental revenue opportunities related to emerging technologies and peripherals."