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Mad Catz profits show $15m YoY fall in Q3

Revenue also falls from $93 million to $46.2 million

The latest financial results for peripherals manufacturer Mad Catz has shown a $15.2 million fall in profits compared to the previous year, dropping from $26.4 million to $11.2 million.

The Q3 figures for the period ending December 31 also showed a large drop in revenue year on year, from $93 million to $46.2 million.

Sales across North American and European territories fell, and saw only a small rise in other countries.

 "The decline in financial results for the fiscal 2012 third quarter largely reflects the difficult year-ago comparison which benefited significantly from strong sales of products related to specific video games and strong revenue from a third party distribution agreement, which has since been discontinued," said CEO Darren Richardson.

"We also experienced delays in launching key products for the 2011 holiday season and were impacted by the overall economy and fundamental changes in the video game industry, marked by the transition of Nintendo's Wii console and the move by many casual gamers to smartphones and tablets."

He argued these issues meant direct comparison with the previous year were unfair.

"We believe that the long-term growth and financial health of the Company depends on creating 'must have' products for passionate consumers that do not rely on outside forces for their success."

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Rachel Weber avatar
Rachel Weber: Rachel Weber has been with GamesIndustry since 2011 and specialises in news-writing and investigative journalism. She has more than five years of consumer experience, having previously worked for Future Publishing in the UK.
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