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Peripheral manufacturer Mad Catz reports $26.9 million loss

Saturday, 14 February 2009 04:00 GMT By Stephany Nunneley

madcatz

Peripheral manufacturer Mad Catz has reported a net loss of $26.9 million for its latest financial quarter, despite a 19 percent increase in sales to $41 million.

Losses from Q3, ending December 31, stemmed from higher royalty and shipping costs, as well as new product development hires, the company said.

Mad Catz recently revealed the new Limited Edition Street Fighter IV arcade and fightsticks for PS3 and Xbox 360, which are something akin to gold dust at the moment.

Press release after the jump.

Mad Catz Interactive, Inc. (“Mad Catz” or “the Company”) (AMEX/TSX: MCZ), a leading third-party interactive entertainment accessory provider, today announced financial results for the fiscal 2009 third quarter ended December 31, 2008.

Mad Catz reported net sales for the fiscal third quarter ended December 31, 2008 of $40.8 million, a 19.0% increase from $34.3 million in the fiscal 2008 third quarter. Gross profit for the quarter declined 16.7% to $10.5 million, from $12.7 million in the fiscal 2008 third quarter. Gross profit margin for the third quarter of fiscal 2009 decreased to 25.8% from a record 36.9% in the prior year period. Net loss for the quarter ended December 31, 2008 was $26.9 million, or ($0.49) per diluted share, compared to net income of $3.3 million, or $0.06 per diluted share, for the third quarter of fiscal 2008. Adjusted net income, a non-GAAP measure (defined as net income excluding the impact of an estimated pre-tax non-cash charge of $28.5 million related to goodwill impairment, amortization of intangible assets and stock-based compensation) for the fiscal third quarter was $2.2 million, or $0.04 per diluted share. Adjusted EBITDA, a non-GAAP measure (defined as earnings before interest, taxes, depreciation, amortization and goodwill impairment), was $4.2 million in the fiscal 2009 third quarter, compared to adjusted EBITDA of $6.9 million in the fiscal 2008 third quarter. Reconciliations of adjusted net income and adjusted EBITDA to the Company’s net income are included in the financial tables accompanying this release.

Mad Catz’ also reported that its adjusted EBITDA as of December 31, 2008 on a trailing 4 quarter basis fell below the agreed level required by the Company’s Credit Facility with Wachovia Capital Finance Corporation. Wachovia has agreed to waive the covenant violation at December 31, 2008 and the Company is working with Wachovia to amend the Credit Facility to establish financial covenants that will apply to future periods and complete the waiver.

Selling, general and administrative expenses totaled $7.6 million, or 18.7% of net sales in the fiscal 2009 third quarter, compared with $6.4 million, or 18.7% of net sales in the prior year period. Research and development expenses decreased to $0.1 million during the third quarter of fiscal 2009. Reflecting the impact of the estimated non-cash impairment charge, loss before income taxes for the quarter ended December 31, 2008 was $25.8 million, as compared to income before income taxes of $5.6 million in the prior year fiscal third quarter.

Fiscal 2009 Third Quarter and Recent Highlights:

* Benefitting from a full quarter of sales from Saitek which was acquired in November 2007, net sales increased 19.0% From The prior year period to $40.8 million despite the challenging economic environment;
o North American net sales increased approximately 21.0% to $24.7 million;
o European net sales increased 9.0% to $14.5 million;
o Net sales to other countries increased over 200%, or approximately $1 million over the prior year, representing 3.7% of total net sales in the third quarter of fiscal 2009 as compared to approximately 1.4% in the comparable prior year period;
* Continued to expand the Company’s presence on current generation consoles as sales for these consoles represented approximately 43.0% of total net sales in the quarter and surpassed sales for prior generation consoles for the third consecutive quarter;
* Further diversified and expanded product lines and brand license portfolio:
o Began shipping full range of Rock Band™ accessories for the Xbox® 360 including the Fender™ Precision Bass guitar, Cymbal Expansion Pack, Portable Drum Kit and Premium M.I.C. (Microphone with Integrated Controller) throughout North America and Europe;
o Entered into license agreement with Nintendo to bring the full line of Rock Band peripherals to the popular Wii™ system;
o Introduced to strong critical acclaim a full range of branded controllers and accessories based on the classic Street Fighter® IV game;
o Further established our European presence by launching our GameShark™ online store in the U.K., a comprehensive Internet shopping boutique offering customers a wide variety of interactive entertainment accessories online;
o Began shipping two dual-platform flight sticks, the Saitek™ Aviator Flight Stick for Xbox® 360 and Playstation®3 and the Cyborg™ X Flight Stick for Xbox® 360 and PC;
* Introduced AirDrives FIT Interactive Earphones and AirDrives FIT Interactive Earphones for iPhone™, the latest models in the AirDrives™ range designed for use while cycling, running or playing sports; and,
* Reported net position of bank loan less cash at December 31, 2008 of $19.5 million compared to $8.9 million as of December 31, 2007.

Commenting on the results, Darren Richardson, President and Chief Executive Officer of Mad Catz, stated, “Mad Catz’ organic quarterly revenue growth in this challenging consumer environment reflects solid demand for our products, progress against our initiatives to diversify our offerings and geographical presence, as well as the relative strength of the video game industry. Throughout the 2008 holiday season, Mad Catz further strengthened its presence on the current generation of consoles with net sales for these consoles in the third quarter increasing approximately 57% from prior year levels. These gains reflect the positive consumer response to our full range of Rock Band accessories and portfolio of products for Nintendo’s Wii Fit. In addition to the positive sales momentum of core console videogame accessory offerings, the results reflect a full quarter of revenue contributions related to our November 2007 acquisition of PC peripheral provider Saitek.

“Third quarter net sales in North America rose 23.2% and Mad Catz’ fiscal 2009 third quarter and holiday sales season results also clearly highlight the Company’s expanded geographic diversity as 41.3% of total sales in the quarter occurred outside of North America. In addition to the continued strength of our PC products throughout Europe, Mad Catz expanded the penetration of its core video game console product lines in this market with the November launch of Rock Band accessories to select European territories. Fiscal 2009 third quarter net sales also reflect continued progress with our strategies to address other countries as $1.5 million of net sales came from these markets compared with approximately $0.5 million in the comparable prior year period.

“While Mad Catz generated healthy top line growth, the quarterly gross margin declined to 25.8% from a record level a year ago. The decline was largely related to provisions for increased inventory reserves, higher royalty expenses, increased costs due to added product development staff and higher shipment costs. The inventory reserve provisions were necessary due to the uncertain state of the economy and the retail industry. Going forward, we expect gross profit margins to be no lower than the range of those experienced in our latest three and nine month periods.

“Mad Catz entered calendar 2009 focused on leveraging our robust portfolio of licenses to deliver high-quality accessories to our worldwide customer base while building a foundation for sustained profitability. We launched to critical industry and consumer acclaim several premium Rock Band accessories and during the fiscal fourth quarter we’ll expand these offerings to make these popular products available for the Nintendo Wii in North America and Europe. We recently launched our full line of Street Fighter® IV branded controllers and accessories, which simulate a classic arcade experience and utilize the highest quality components. These limited edition collector’s items were introduced to extraordinary industry reviews and consumer demand, demonstrating Mad Catz’ ability to leverage its portfolio of attractive brand licenses to deliver in-demand, high-performance accessories.”

Mr. Richardson concluded, “Going forward, identifying additional operating cost efficiencies is one of management’s highest priorities, particularly in light of the very difficult worldwide economic environment. While operating expenses excluding the preliminary goodwill impairment charge and amortization expense increased by 16.2%, total operating costs as a percentage of net revenues were in line with the prior year period. We are aggressively pursuing additional efficiencies to effect further reductions in our cost structure while maintaining the necessary infrastructure to support a much larger revenue base as we deliver more entertaining products for gamers with the goal of enhancing shareholder value.”

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1 Comments

  1. Psychotext

    Ouch. Maybe that explains why they haven’t thrown all their money at production of the new sticks. I’d be fairly risk averse if I was in their position too.

    #1 6 years ago

Comments are now closed on this article.

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    The exact dates as well as more information on the Battlefield Hardline open beta will be shared tomorrow. This is according to the latest blog post from developer Visceral Games. “We’ll share the exact dates and info on the Battlefield Hardline open beta tomorrow,” wrote Visceral boss Steve Papoutsis. “Stay tuned, thanks again, and keep […]

  • Upcoming Hearthstone patch to apply balance change to Undertaker

    An upcoming Hearthstone patch will apply a balance change to the Undertaker card, Blizzard has announced. After the release of Goblins vs Gnomes, Blizzard said it kept an “eye on the state of game balance” as more matches were played using the additional cards. Released with The Curse of Naxxramas, Undertaker is considered an overly […]

  • February Games with Gold offers up Brothers: A Tale of Two Sons

    The free games on offer in February via Xbox Live Games with Gold have been announced. Xbox Live Gold members on Xbox One can download #IDARB during February. Xbox 360 users can grab Brothers: A Tale of Two Sons from February 1-15, when it will be replaced by Sniper Elite V2 from February 16 -28. […]

  • Kinguin blames unidentified Russian for deactivated Far Cry 4 keys

    Third-party game key seller Kinguin is issuing refunds to those who found their games deactivated through Ubisoft’s Uplay service. Customers which purchased keys for Assassin’s Creed: Unity, Far Cry 4, The Crew and Watch Dogs are affected. Kinguin said 4,600 customer tickets were submitted over the last 72 hours and 35 out of 3,400 of […]

  • Video Unlimited to be re-branded as PlayStation Video starting in February

    Like Music Unlimited, Sony’s Video Unlimited service is being replaced and re-branded PlayStation Video. PlayStation Video will become part of PlayStation Network to streamline digital services for the over 64 million PSN users. PlayStation Video and PlayStation Music will be added to PSN which is already a destination point for the PlayStation Store, PlayStation Plus, […]

  • Spotify arrives on PlayStation Music this spring, Music Unlimited closing

    Spotify will launch on PlayStation Network this spring as part of a new music destination called PlayStation Music. PlayStation Music is a replacement for Music Unlimited, and those with a PSN account can link to Spotify which can be used just for music, or when playing games on PlayStation 4. Existing playlists from current Spotify […]

  • Closed beta for Alone in the Dark: Illumination starts tomorrow

    The private beta period for Alone in the Dark: Illumination starts on January 29. Those who pre-order the game via Steam, will automatically be included in the beta, enabling them to provide feedback on the first campaign in single-player mode. An additional beta period will be announced in the weeks leading up to launch. The […]

  • Majora’s Mask Special Edition New 3DS XL available once more on UK store

    UK residents who want to get their hands on the shiny Majora’s Mask Special Edition New 3DS XL can once again pre-purchase it through the Nintendo UK Store. If you want one, you better hurry because units will likely go rather fast. Only one per customer is allowed, and once you drop £209.99 on it, […]

  • Nintendo Q3: 1.9M New 3DS models sold, Wii U lifetime sales hit 9.2M

    New 3DS XL has sold 1.3 million units as of December 31, 2014, Nintendo announced in its Q3 financial results today. New 3DS moved 580,000 units by the end of the same period. Lifetime sales of both systems combined total a little under 1.9 million. Combined global sales for current 3DS models available in Europe […]

  • Call of Duty: Advanced Warfare’s exo zombies reanimate a familiar format

    Advanced Warfare’s exo suits manage to bring an undead format back to life. Dave Cook welcomes zombies back to Call of Duty. “The challenges start to spike early so seasoned zombie slayers needn’t worry about being coddled.” Call of Duty: Advanced Warfare’s first DLC went live this week, dropping four very solid maps for multiplayer […]

  • YouTube app and Maps will be removed from PS Vita

    Sony said that it will end support for the YouTube and Maps apps, as well as remove the “near” feature in an upcoming firmware update. Sony has revealed that a system update releasing in March will remove the Maps app and prevent the “near” feature from obtaining location address or display maps, making it redundant. […]

  • There is a Destiny loot cave Easter egg in Dying Light

    Dying Light is the latest game to take a jab at Destiny by having its own loot cave. Destiny’s infamous loot cave has been recreated in Dying Light, sort of. Of course the loot cave in Dying Light is only an Easter egg and doesn’t actually net you any loot. Instead, upon entering it, you […]

  • Resident Evil: Revelations 2 supports co-op in story mode, but only offline

    You can play the campaign of Resident Evil: Revelations 2 in co-op, but not online. 4gamer spoke to producers of Resident Evil: Revelations 2 and made out with a few details concerning story, setting and more. The site confirmed that while you will be able to switch between characters in the single player, and have […]

  • The Witcher 3 may have a permadeath “Insanity” mode

    Although not yet confirmed, The Witcher 3: Wild Hunt developer CD Projekt RED is working on a difficulty mode dubbed “Insanity” that will delete your save if you die. During Monday’s Twitch stream, the developer took a few questions from the chat and we’ve got a bunch of answers. There are many interesting little bits […]

  • Dragon Age: Inquisition is the most successful launch for BioWare, based on sales

    Dragon Age: Inquisition is responsible for the most successful launch in developer BioWare’s history, according to EA. During last night’s EA Q3 2015 earnings call, the publisher said that Dragon Age: Inquisition was the most successful launch for developer BioWare. Today, we get a bit more detail. “In particular, Dragon Age: Inquisition had by far […]

  • Here’s a walkthrough of one mission from Far Cry 4 Hurk Deluxe DLC

    Far Cry 4′s latest DLC pack, Hurk Deluxe, seems like good fun, judging from this video. The Hurk Deluxe Pack was released today on all platforms. It comes with five new missions. The video below takes a look at the “Call of the Wild” mission. In the walkthrough you’ll get to see some of the […]

  • Battlefield Hardline beta date confirmed on Xbox Store

    The beta date for Battlefield Hardline has popped up on the Xbox Store, confirming the rumoured date. The listing for the Battlefield Hardline beta is available for anyone to see right now on the Xbox Store. Granted, it’s for Xbox 360, but unless EA is starting this beta early on Xbox 360, this will pretty […]

  • GTA player flies jets backwards in impressive stunts

    Doing stunts with jets in GTA 5 can be impressive, but it’s nothing like flying them backwards. Making videos of your jet stunts has become too mainstream. Which is why the latest video from YouTube channel GTA5Videos is all about defying that. The video below features some insane stunts mostly done by flying jets backwards, […]

  • CoD: Advanced Warfare balance patch out, System Hack nerfed, HBRa3 buffed

    The latest patch to Call of Duty: Advanced Warfare is here with some major changes to game balance. Making good on the promise to nerf System Hack, developer Sledgehammer Games has released the latest patch to Advanced Warfare to do just that, and much more. The patch is out now on Xbox platforms, with PlayStation […]

  • Grinding three purples in Borderlands: The Pre-Sequel may crash your game [UPDATE]

    Update: Gearbox Software has announced there’s currently a hot-fix in place for Borderlands: The Pre-Sequel as a temporary solution to crashes caused with the DLC update. Until a permanent fix can be made, the hotfix should correct crashing issues. All will be fixed in the next major game update. Original Story A bug that snuck […]

  • Havoc maps up the tempo for Call of Duty: Advanced Warfare

    Dave Cook dons his Exo suit to find the new Havok DLC maps a great change of pace for Call of Duty: Advanced Warfare. Given that Call of Duty: Advanced Warfare places great emphasis on verticality, it’s little wonder that Sledgehammer Games has designed the first of its four DLC map packs with elevation and […]

  • G2A responds to deactivated Far Cry 4 keys debacle

    G2A, one of the third-party sellers that were named in the ongoing episode of deactivated Far Cry 4 keys has decided to release a statement. G2A is a well known third-party key sellers online. Most users know it through its sponsorship deals with many YouTube and Twitch channels. The service sells keys both through its […]

  • Petroglyph’s Victory resurfaces with Korean co-developer

    End of Nations, Mytheon and Grey Goo developer Petroglyph Games seems to have salvaged a stalled project. Victory popped up back in early 2013 after Trion Worlds took End of Nations in-house. Petroglyph’s attempt to crowdfund the unusual strategy title ended in iniquity, but it vowed to do whatever it could to bring the game […]

  • Far Cry 4 Hurk Deluxe DLC now available

    Far Cry 4′s latest DLC pack adds new story missions and a pile of new weapons. Far Cry 4: Hurk Deluxe is now available on PC and Xbox platforms, and is rolling out to the PSN in line with local network updates. The pack bundles five story missions, including Yak Farm, Blood Ruby and Hurk’s […]

  • Yes, Resident Evil: Revelations 2 has microtransactions

    Resident Evil: Revelations 2 has microtransactions, but thankfully they’re not as outrageous as initial reports suggested. The subject of Resident Evil: Revelations 2′s microtransactions arose earlier today with reports filtering out of a European press event that you’ll be able to pay to keep playing after your character dies. The ramifications of this are pretty […]

  • Play mini-games to unlock Magicka 2 content

    Magicka 2 publisher Paradox Interactive has invited fans to earn in-game rewards by playing other games. The Magicka website will host various mini-games in the build up to Magicka 2′s launch later this year on PC and PS4. Playing these games controbutes to a community score total which will eventually unlock in-game content as well […]

  • Deactivated Far Cry 4 keys were purchased through Origin

    Far Cry 4 owners who found their games deactivated without warning may be surprised to learn where they came from. Many copies of Far Cry 4 purchased through third-party re-sellers have been deactivated without notice. Although resellers affected by the deactivations argued that they had made authorised purchases, Ubisoft has denied this. The publisher told […]

  • Will Assassin’s Creed visit Japan in 2016?

    The next Assassin’s Creed game after Victory may finally bring ninja and assassins together. An Assassin’s Creed fan has spotted what certainly looks like a heavy hint that the next game after Victory will be set in Japan. Ubisoft forums member Cornik22 was looking through the Assassin’s Creed 4: Black Flag official art book when […]

  • Resident Evil HD modder aims to restore original, terrible voice acting

    Resident Evil and its early sequels are justifiably famous for their simply dire voice acting. Some Resident Evil fans feel they just can’t enjoy the experience of exploring Umbrella facilities if someone isn’t talking at them with absolutely no regard for pacing, content or tone. As a result, modder Bunny has stepped up to the […]

  • Record iPhone sales drive Apple to revenue spike

    The iPhone is still going strong – in fact, it’s selling better than ever. Apple has announced its financial results for the quarter ending December 27 2014, exceeding expectations with a 29.5% increase in revenues to $74.6 billion. This was a new record for the company. One of the key factors in this spike is […]

  • HoloLens has “mind-blowing” potential for games, says Microsoft CEO

    Microsoft’s VR wearable HoloLens is going to be great for games, according to CEO Satya Nadella. Speaking to investors, Nadella made Microsoft’s entertainment plans for the device explicit. “It’s also getting clearer how the games people love today will evolve to mind-blowing experiences in the future when designed for the mixed reality that Windows 10 […]