Mad Catz Reports Declines in Quarterly Profit, RevenueMonday, February 13, 2012
Mad Catz Interactive Inc., a San Diego maker of accessories for video games, reported Feb. 8 net income of $1.5 million for its fiscal third quarter ended Dec. 31, compared with net income of $9.7 million for the like quarter of 2010.
Revenue for the quarter was $46.2 million compared with revenue of $92.9 million for the like period of 2010.
For the nine months, Mad Catz reported a net loss of $2.4 million compared with net income of $9.4 million for the like period of 2010.
Revenue for the nine months was $88.4 million, compared with $150.3 million in the like period of 2010.
The company said that while it experienced sales increases in certain brands, it sustained a decline in year-over-year sales in the third quarter compared with the results last year, which benefited from sales of some video game-specific products and a third party distribution agreement that was discontinued.
CEO Darren Richardson said the firm’s line of audio products is going into wide distribution in the U.S. and doing well in other parts of the world. “We will continue to carefully select targeted software opportunities that pose manageable downside risk by complementing our hardware initiatives,” he said.
— Mike Allen