Mad Catz Reports Fiscal 2007 First Quarter Results
Thursday August 10, 7:00 am ET
Net Sales Rise 22.6% and Gross Margin Improves to 20.7%
SAN DIEGO--(BUSINESS WIRE)--Aug. 10, 2006--Mad Catz Interactive, Inc. (AMEX/TSX: MCZ):
Conference Call: Today, August 10, 2006 at 11:00 a.m. EDT
Dial-in numbers: 888/214-7562 (US and CAN) or
415/537-1905 (International)
Webcast: www.madcatz.com (Select "Investors")
Replay Information: See release text
Mad Catz Interactive, Inc. ("Mad Catz") (AMEX/TSX: MCZ), a leading worldwide third party video game accessory provider, today announced financial results for the three-month period ended June 30, 2006, the Company's fiscal 2007 first quarter.
Net sales for the quarter ended June 30, 2006 were $18.1 million, a 22.6% increase from $14.8 million in the prior year first quarter. Gross profit for the quarter increased 61.7% to $3.7 million from $2.3 million in the first quarter of fiscal year 2006. Gross profit margin for the fiscal 2007 first quarter was 20.7% compared with 15.7% in the first quarter of fiscal 2006. Net loss for the quarter ended June 30, 2006 was $0.9 million or $0.02 per basic and diluted share compared to a net loss of $2.1 million or $0.04 per basic and diluted share for the first quarter of fiscal 2006. EBITDA, a non-GAAP measure (defined as earnings before interest, taxes, depreciation and amortization), was negative $0.4 million in the fiscal 2007 first quarter compared to negative EBITDA of $2.3 million in the first quarter of fiscal 2006. A reconciliation of EBITDA to the Company's net loss on a U.S. GAAP basis is included in the financial tables accompanying this release.
Sales and marketing expenses in the fiscal 2007 first quarter were $2.5 million, or 14% of net sales, compared with $2.5 million, or 17% of net sales, in the prior year. For the quarter ended June 30, 2006, general and administrative expenses were $1.9 million, a 16% increase from $1.7 million in the prior year period. Research and development expenses decreased to $0.2 million during the first quarter of fiscal 2007 compared with $0.5 million in the same quarter of fiscal 2006. The loss before income taxes for the quarter ended June 30, 2006 was $1.2 million, as compared to the loss before income taxes of $3.1 million in the prior year first quarter. |
