Mad Catz Interactive Inc., a manufacturer of video game platform accessories and software, announced a loss for the first quarter of its 2007 fiscal year Aug. 10.
Mad Catz decreased its net loss for the first quarter ended June 30 to $876,000, or a 2-cent per diluted share loss, compared with a net loss of $2.1 million, or a 4-cent per share loss, for the same period last year.
Net sales for the quarter was $18.1 million, an increase of more than $3 million compared with $14.8 million for the same period last year.
Total operating expenses inched up by $90,000 to $4.9 million for the first quarter compared with $4.8 million for the first quarter ended June 30, 2005.
Darren Richardson, Mad Catz’s president and chief executive officer, stated that Mad Catz “achieved record first-quarter net revenues” during a volatile transition period for many game consoles.
“While we presently have limited visibility in terms of products and accessories that we’ll bring to market for the soon-to-be-released Sony Playstation 3 and Nintendo Wii platforms, we plan to increase investment in R & D; in coming quarters for new console development,” said Richardson.
Mad Catz highlighted its launch of a full range of accessories for Nintendo’s DS Lite, a system that, along with the original Nintendo DS, set records by becoming the top-selling video game system of any type in June, according to Nintendo of America.
Mad Catz is traded on the American Stock Exchange under the ticker symbol MCZ. Mad Catz stock was up 5 cents on the Aug. 10 close to 39 cents, compared with 34 cents at the previous close.
, Andy Killion
