Mad Catz swings to 2010 profit
Accessories manufacturer reduces operating costs and boosts sales following 2009 losses
Mad Catz, the videogame accessories company, has announced its fiscal 2010 results posting a $4.4 million profit - a swing from last year's loss of $32.6 million.
The change has been brought about by a reduction in operating costs to the tune of about 10 per cent, while sales were up 5.7 per cent to $119 million.
"Our top priority in fiscal 2010 was positioning Mad Catz to emerge from the severe economic downturn as a far stronger company, while continuing to invest in areas and activities that position Mad Catz to drive top and bottom-line growth in the quarters to come," said CEO Darren Richardson.
"Despite the many challenges we faced during the year, we accomplished our primary goal and our focus for fiscal 2011 is on achieving further top-line growth and improved profitability even as our business continues to face the challenges of the global economy - in particular, the impact of the strength of the US Dollar."
Mad Catz, which also owns the Saitek brand, recently signed a multi-year licensing agreement with Harmonix to become the official peripherals partner for Rock Band, while also renewing a deal with Activision for continued Call of Duty accessories.
The majority of the company's business is done in North America - 56 per cent in total - a region which saw a fall in sales over the year. But this was more than offset by a stronger performance in Europe, where sales were up 18 per cent to $49 million.