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Mad Catz Interactive, Inc. is an interactive entertainment company that produces a variety of interactive video game control devices and accessories of all types, such as control pads, game enhancement software, steering wheels, joysticks, memory cards, video cables, light guns, dance pads and microphones. The Company's products have been designed, developed, manufactured (through third parties) and marketed for all major console-based video game platforms, such as Microsoft Xbox; Nintendo GameCube, Game Boy Advance, Game Boy Advance SP and Nintendo 64, and Sony PlayStation and PlayStation 2, across all 16-, 32-, 64- and 128-bit technology platforms. The Company has two primary operating subsidiaries, one of which is Mad Catz, Inc., which owns FX Unlimited, Inc., an inactive company, and the other of which is 1328158 Ontario Inc., which distributes the Mad Catz line of video game accessories in Canada under the name Mad Catz Canada. Net sales for the second quarter ended September 30, 2003 increased 23% to $21.3 million from $17.3 million in the same period a year ago. Gross profit for the quarter increased 40% to $5.3 million, compared to $3.8 million in the same period a year ago. Selling, general and administrative expenses in the fiscal 2004 second quarter increased 37% to $4.3 million from $3.2 million in the same period a year ago. Selling expenses as a percentage of net sales increased to 10.4% compared to 9.2% for the same period a year ago. Administrative expenses in the second quarter were $2.1 million compared to $1.6 million in the same period a year ago and were flat compared to the fiscal 2004 first quarter. EBITDA (defined as earnings before interest, taxes, depreciation and amortization) increased approximately 107% to $1.1 million in the quarter ended September 30, 2003 from $0.5 million in the 2002 quarter. A reconciliation of EBITDA included herein, to the Company's net income on a GAAP basis, is included in the financial tables accompanying this release. Income before taxes for the quarter ended September 30, 2003 was $0.4 million, compared to a loss before taxes of $0.3 million in the same period in the prior fiscal year. Net income for the quarter was $0.2 million or break even per share on a basic and diluted basis, compared to $0.1 million or break even per share on a basic and diluted basis for the same period in the prior fiscal year Fiscal 2004 Second Quarter Highlights: Continued Growth Across Sales Regions: U.S. sales up 39% to $15.9 million from $11.4 million Canadian sales up 114% to $1.6 million from $0.8 million International sales were $3.8 million compared to $5.1 million (approximately 94% of the second quarter fiscal 2003 gross sales to international customers were from sales of the PlayStation® 2 Memory Card) Gross sales excluding PS2 memory card sales a year ago, were up 68% Gross profit margin of 25.1%, up from 22.1% in the year ago period and 18% in the fiscal first quarter Distinguished again for industry leading customer service Named "Best Supplier Under GBP 10m Sales" by Dixons Group Awarded "Highest Retail Sales Increase for the Year" by Electronics Boutique Canada Growing significance of GameShark brand, representing approximately 14% of gross sales: GameShark GameSaves for Xbox® GameShark GameSaves for PlayStation 2 GameShark 16MB Mega Memory for PlayStation 2 GameShark Media Player for PlayStation 2 GameShark for Game Boy® Advance SP Shipped first OEM product with microphone for Microsoft®'s Xbox Music Mixer New product introductions: RetroCON controller for Sony PlayStation 2, PSone®, PlayStation® LumiCON(TM) LED Controller for PlayStation 2, PSone, PlayStation and Xbox Only third party accessory manufacturer to ship complete line of fully licensed accessories for Nokia's N-Gage(TM) Signed European distribution agreement with Fire International for its Xploder line of game enhancement software. Shares Outstanding: 53.21M Float: 40.40M Web Site: madcatz.com Mad Catz' products are sold and distributed globally under the Mad Catz brand. The company maintains a 95,000 square foot distribution facility in Mira Loma, California and supplies its products to over 12,000 domestic and international retail locations including, AAFES, Babbages, Best Buy, Blockbuster, CompUSA, Electronics Boutique, FuncoLand, Future Shop, GameStop, KB Toys, K-Mart, Musicland, Sam's Club, Target, and Wal-Mart. In early 2002, Mad Catz opened a London office and warehouse to help service the quickly growing European market while also developing additional retail distribution. The Company's UK operations supply retailers including ASDA, Currys, Dixons, Game, HMV, PC World, and Toys-R-Us. Mad Catz has distributors in every other significant market in the world, including South America, Mexico, Australia, New Zealand, the Middle East, and Japan. | ||||||||||||||
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