Mad Catz, a third-party peripheral manufacturer, has announced its Q1 2008 financial results, documenting a net loss of USD 181,000.
Net sales of USD 14.6 million were down 19.6 per cent from the same period last year, but gross profit of USD 4.7 million was up 31.9 per cent from 2007.
"With our seasonally slowest quarter now behind us, the benefit of a broad portfolio of licensed brands and continued penetration into the current generation console marketplace, Mad Catz is poised to enter what will be an important holiday season," said president and CEO Darren Richardson.
"While we will continue to feel the effects of a difficult operating environment related to the prior generation of consoles, we believe we are well-positioned to take advantage of the opportunities ahead as the installed base of current generation consoles continues to grow," he said.
Mad Catz noted that sales of products and accessories for the latest hardware generation accounted for 46 per cent of the company's net sales as compared to 11 per cent in the prior year and 39 per cent in Q4 2007. European sales rose 69.4 per cent year to year.
The company has entered into license agreements with Microsoft and Bioware to produce a new line of customized accessories to support the upcoming launches of Halo 3 and Mass Effect.