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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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    Goat Simulator players can download DayZ-inspired DLC this week called GoatZ. According to Coffee Stain Studios, GoatZ is “the only survival game on Steam that isn’t in Early Access.” Jokingly of course. The DLC features: Mandatory crafting system because everyone else is doing it. Zombies that bug out. There’s a pun here about actual living […]

  • No, Far Cry 4 is not currently free on PSN

    You may have seen a few Tweets from people saying that the PS4 version of Far Cry 4 is available to download from PSN for free. This is not true. A few readers have tipped us off to what looked like a glitch on PSN that allowed players to download the full version of Far […]

  • Metal Gear Solid: The 1984 Collection confirmed to be a clothing line

    Konami is teasing a Metal Gear Solid thing called “The 1984 Collection.” The Metal Gear Solid Facebook page posted this image about an hour ago: The caption reads, “Step back into the 80′s with our new MGS collection coming very soon! Stay tuned!” This is supposedly in reference to the clothing line that was announced […]

  • Portal, The Simpsons, Jurassic World & Scooby Doo packs listed for Lego Dimensions

    Lego Dimensions is likely getting a few unannounced content packs. One of which is themed around Valve’s Portal. A set of unannounced content packs for the upcoming Lego Dimensions have been revealed by US retailer Walmart. The listings include packs for The Simpsons, Scooby Doo and Jurassic World, and most interestingly, Portal. The listings have […]

  • This is the most authentic recreation of GTA 2 in real life ever

    Affordable drones have many uses. Most of them are not nearly as exciting as recreating GTA 2 in real life. I am surprised it took us this long, but someone has finally captured footage using a drone that resembles the protagonist’s experience in the classic GTA 2. These aren’t just shots of cars from a […]

  • PlayStation 4 sales reach 2m in the UK

    Sony has sold 2 million PlayStation 4 consoles in the UK, faster than it did with the PlayStation 2 – the company’s best-selling machine in the country. MCVUK is reporting that as of last weekend, 2 million PlayStation 4s have been sold in the UK. The data is based on GfK Chart-Track estimates. This makes […]

  • H1Z1 gets female characters, skin colour options planned

    In an effort to improve diversity in the game, H1Z1 developer has added female characters. Female survivors can now be found throughout the world of H1Z1. Developer Daybreak added the new feature in a patch released last Friday. You will be able to choose a female avatar in the main game and in Battle Royale. […]

  • Possible teaser site for Castlevania creator Koji “IGA” Igarashi’s new game opens

    Either Castlevania creator Koji “IGA” Igarashi is working on a soon-to-be-launched Kickstarter for his new game, or someone is pulling an elaborate prank. At PAX Prime last year, during Keiji Inafune’s Mighty No. 9 panel, a flyer was handed out to attendees that showed what appeared to be a 2D game of some sort with […]

  • Destiny weekly reset for May 5: Heroic and Nightfall strikes detailed

    Tuesday is here and Destiny’s weekly reset is also here. Bungie announced that your weekly Destiny grind has now begun. The Nightfall and Heroic strikes are now live too. This week’s strike is Winter’s Run. Rainbow burn is back for the Nightfall, which means you do more damage with all elemental weapons, but also receive […]

  • PC version of Project Cars delayed in Australia due to severe weather

    Recent weather conditions in Sydney, Australia are responsible for a slight delay of the PC version of Project Cars in the country. Sydney recently suffered from storms that caused flooding in some areas. One of those is the place where publisher Namco Bandai was storing PC copies of Project Cars. The stock was “severely damaged,” […]

  • Twitch’s new process makes it easier for streamers to appeal flagged content

    Twitch has updated its appeals process concerning videos that have been flagged by the audio ID system. Towards the end of last year, Twitch introduced a new audio recognition system that scans archived streams and automatically mutes the audio whenever copyright music is identified. The system has been in-use ever since and Twitch has today […]

  • The Witcher 3: Wild Hunt has a day one patch, but it’s not a major one

    The Witcher 3: Wild Hunt will indeed have a day one patch, to make the first-time experience as smooth as possible. Like many modern games, The Witcher 3: Wild Hunt will have its day one patch. According to the developer however, it wasn’t born out of necessity. Miles Tost, level designer at developer CD Projekt […]

  • CoD: Advanced Warfare owners get free pistol today

    Advanced Warfare developer Sledgehammer Games is adding a new pistol to the game, free to all players. The M1 Irons is a new pistol that comes to Advanced Warfare starting today. The weapon is offered as a thank you gift from the developer. Sledgehammer says the Irons is good at range and packs a punch. […]

  • Fall down the Skullgirls Big Band music video rabbit hole with me

    Skullgirls is a pretty amazing fighting game, but did you know it’s also a passable music creation suite? Earlier today I was idly perusing an episode of PlayStation Underground showing off Skullgirls 2nd Encore, a re-release of the indie fighter packing in loads of new features and coming to PS4 – with full cross-play! – […]

  • The many uses of Wolfenstein: The Old Blood’s pipe weapon

    Wolfenstein: The Old Blood adds a sick new weapon to BJ’s arsenal: a pipe. In Wolfenstein: The Old Blood, a pipe is not just a pipe. Not only can you bash nazis with it, you can use it to climb walls, reach hatches, and even break through some walls. Plus? You can dual wield it. […]

  • Mortal Kombat X teaser gives first look at Predator

    Mortal Kombat X’s next celebrity guest was teased during the latest Kast. Today’s Mortal Kombat X Kast was mostly about all about Jason, but also included a very brief nod to Predator. You can watch the full livestream to see the tease in situ if you’re really keen, but IGN shared this convenient edit: There’s […]

  • Rock Band 4 has count-ins, drum fills and vocal harmonies

    Rock Band 4 will more closely emulate the feeling of being a real musician with some neat personalisation touches. For Rock Band 4, Harmonix elected to double down on player ownership of their experience rather than technical precision. To this end, it has implemented a number of cool new features. I am wildly envious of […]

  • Yaiba: Ninja Gaiden Z, Lost Planet 3 developer shuttered

    Spark Unlimited has gone down with all hands. The Yaiba: Ninja Gaiden Z and Lost Planet 3 developer has been shuttered and all staff laid off. Chief technical officer John Butrovich confirmed the news in a statement issued to IGN. “Spark Unlimited is closing as a video game developer. The ongoing opportunities for smaller mobile […]

  • PS Now subscription available on PlayStation 3 this month, Vita coming soon

    PlayStation Now’s all you can eat service has finally been dated for PS3. Subscriptions to PS Now, Sony’s cloud-based gaming service, will be available on PS3 from May 12 in the US. The all you can eat package will also be made available on select Bravia TVs and Sony Blu-ray players on the same date. […]

  • GTA 5 is even better with a gravity gun

    GTA 5 modders have made a dream come true, adding a gravity gun to your arsenal of mayhem-causing weaponry. GTA 5 isn’t ready for this. It looks like a heck of a lot of fun, but the poor old Los Santos po po can’t deal with the resulting carnage at all. If Rockstar were ever […]

  • “Mod makers should be able to make money from their creations,” says DOOM creator

    DOOM co-creator John Romero has weighed in on the paid mods debate. Paid mods are a hot issue right now. For years, Valve has been enabling content creators to make money from their work on Counter-strike: Global offensive, Dota 2 and Team Fortress 2, but when it partnered with Bethesda to offer the same for […]

  • Watch WRC driver Kevin Abbring smash through a DIRT Rally challenge

    WRC driver Kevin Abbring has been participating in Dirt Rally’s daily events – and kicking ass. Dirt Rally seems to have ticked one of the most difficult to attain boxes of racing development – creating something professional drivers like to play, and which rewards their years of experience. Codemasters published the video below showing Hyundai […]

  • Mortal Kombat X patch to bring PC version up to console standard

    Mortal Kombat X PC will be fixed tomorrow, NetherRealm has promised. The PC version of Mortal Kombat X has come under fire for poor performance, including stuttering frame rate and bugs as plenty. About 45 minutes into a recent Twitch stream, NetherRealm boss Ed Boon said an update will drop tomorrow to address many of […]

  • Destiny House of Wolves: all new Crucible maps detailed

    Destiny’s House of Wolves DLC will add four new maps to the Crucible, the game’s competitive multiplayer mode. Let’s take a look at all of them. Alex brings you new footage showing all of the four maps that will drop with House of Wolves. He goes over the layout, landmarks, gameplay styles, and other important […]

  • Custom Xbox One Star Wars controllers look very tempting

    Microsoft is celebrating May 4 by showing off concept designs for Star Wars-themed Xbox One controllers. May 4 is of course Star Wars Day and the controller concepts you’re about to see are just that, concepts. Or at least that’s what they said they are. There are four designs and they don’t look very practical. […]

  • Project Cars launch trailer is an anthology of race cars, set to the beats of Deadmau5

    Project Cars comes out this week and there’s just enough time for one last trailer. Project Cars, Slightly Mad Studios’ ambitious racer that has been in development for ages, is finally coming out this week. The racer received plenty of changes throughout its development based on community feedback and the final product will be in […]

  • Star Wars Battlefront dev reveals planet Sullust

    Sullust, a planet that has not been previously shown, will be featured in one of Star Wars Battlefront’s maps. Star Wars Battlefront developer DICE revealed today that planet Sullust will be one of the game’s locations. The planet was mentioned in the films and other Star Wars works, but was only shown today. DICE posted […]

  • Destiny House of Wolves: Tower vendor changes

    House of Wolves will change the inventory of some of Destiny’s vendors and add new roles to others. Here’s everything that has been announced so far. You know that House of Wolves will bring a new social space to the game in the form of The Reef. But did you also know that the good […]