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Mad Catz reports $3.2 million net income

Despite a net loss of $0.8 million in Q4, the company sees a 14.9 per cent increase in FY gross profit

Mad Catz Interactive has announced financial results for the fourth quarter and fiscal year ended March 31.

Net sales for the Q4 were up 13.2 per cent from the same period of the prior year to USD 21.9 million. Gross profit for the quarter increased 14.7 per cent to USD 6.5 million.

Mad Catz reported a net loss of USD 0.8 million or USD 0.02 per diluted share compared to a net gain of USD 0.7 million in Q4 2007.

For the fiscal year, net sales were down 12.2 per cent to USD 87.6 million. Gross profit increased 14.9 per cent to USD 28.7 million, with net income for the year of USD 3.2 million or USD 0.06 per diluted share.

"The fiscal 2008 fourth quarter results reflect a significant economic contribution from the Saitek acquisition which was completed late in calendar 2007 and Mad Catz' strategy to focus on maintaining healthy gross margins to achieve consistent profitability," said Darren Richardson, president and CEO.

"On an operating basis, Saitek was accretive to our results during the quarter and we anticipate further contributions from this acquisition as we generate additional operating efficiencies and revenue opportunities."

Richardson said that the company has already reduced Saitek's operating expenses by an annual run-rate of over USD 1 million and expects to eliminate additional operating costs during this fiscal year.

"In fiscal 2009 we expect to benefit from the wide range of opportunities established in fiscal 2008 and will continue to focus on diversifying and expanding our sources of revenue and creating long-term shareholder value."

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