Mad Catz sales fall in second quarter
Slower sales of Street Fighter IV pads blamed for losses
The peripherals company Mad Catz has posted a decline in net sales of 11 per cent for the quarter ending 30 June 2010, at $19.9 million (£12.54m) compared to $22.4 (£14.11) for the same period last year.
Net losses at the firm grew to $1.37 million (£860,000), from $996,000 (£623,000) for the same period last year.
The company's financial report singled out a slowing of Street Fighter IV products as the primary cause of the drop, alongside a decreased revenue from the PC and handheld peripheral market.
The acquisition of Tritton Technologies by Mad Catz on 28 May, 2010 ameliorated the loss slightly by contributing to the company's audio product sales.
"A tough comparison with last year's Street Fighter IV product success and the timing of the new product releases in this year's fiscal first quarter led to lower net sales relative to the near-record level of a year-ago," said Mad Catz chief exec Darren Richardson.
"However, we continue to believe we can achieve or exceed our previously-stated goal of high single-digit per cent year-over-year organic revenue growth in fiscal 2011."
The upcoming launches of Microsoft's Kinect and Sony's Move, alongside Call of Duty: Black Ops and Rock Band 3 were identified as potential sales drivers for the company in the near future.