Mad Catz Posts Nearly $2.1M Loss for Q1Monday, August 12, 2013
Mad Catz Interactive Inc., a San Diego-based provider of interactive gaming, posted a nearly $2.1 million loss during its fiscal 2014 first quarter, which ended June 30.
Mad Catz (NYSE: MCZ) saw its quarterly net sales decline 14 percent, from $21.8 million to $18.7 million, compared with the prior first quarter. Meanwhile, its net loss was 20 percent greater than the same quarter last year, when it posted just over a $1.7 million loss.
CEO and President Darren Richardson said the company saw an expected decline in its console-related product sales during the first quarter due to “the consumer anticipation around the upcoming console transition.” That decline was partially offset, he said, by strong sales growth in its PC- and Mac-related products.
Mad Catz entered fiscal 2014 seeking to further the transition of its business toward higher-value products to position the company to take advantage of the shift toward mobile gaming, with an eye on capitalizing on the launch of the Xbox One and PlayStation 4 gaming consoles, Richardson said.
Meanwhile, he said the company is pleased with ongoing growth in Europe, “where we grew market share in the face of considerable headwinds.”
SDBJ Staff Report