Mad Catz Interactive (AMEX: MCZ), a leading third-party interactive entertainment accessory provider, today announced record second quarter financial results for its fiscal 2011 second quarter ended September 30, 2010. For the period ended September 30, 2010, the Company generated record second quarter net sales of $37.4 million, a 73.2% increase from $21.6 million in the prior year quarter. Gross profit increased 55.5% to a fiscal second quarter record $10.5 million from $6.8 million in the September 2009 quarter, while gross profit margin was 28.1% compared to 31.3% a year ago. Total operating expenses in the fiscal 2011 second quarter were $8.6 million, up 23.7% from $6.9 million in the prior year quarter. Total operating expenses as a percentage of net sales were 22.9% compared to 32.1% of net sales in the prior year period and the Company recorded a record second quarter operating profit of $1.9 million compared to a loss of $0.2 million in the prior year quarter. Reflecting income tax expense of $1.1 million in the second quarter of fiscal 2011 and $0.2 million in the prior year quarter, the Company reported record second quarter net income of $1.1 million, or $0.02 per diluted share, compared with a net loss of $1.0 million, or a loss of $0.02 per diluted share, in the comparable prior year period.
Commenting on the results, Darren Richardson, President and Chief Executive Officer of Mad Catz, said, “Record fiscal second quarter net sales, gross profit, net income, EBITDA and earnings per share reflect continued execution on our strategy to leverage our manufacturing and distribution platforms by increasing the flow of premium products across our major brands. By launching high-value products that enhance the consumer gaming experience, we’re driving significant net sales and profitability growth.
“While second quarter net sales benefited from initial shipments of Rock Band products and our recently acquired TRITTON™ gaming audio line, it’s important to note that, thanks to our strong portfolio of new products across all our brands, we would still report growth for the quarter if both those product lines were excluded from our sales. As we continue to roll-out what we believe to be the strongest portfolio of new products in Mad Catz history, we are confident in our positioning for the fiscal third quarter and holiday selling season and are on pace to exceed our previously stated goal of high-single digit revenue growth in fiscal 2011 relative to the record $119 million of net sales in fiscal 2010.”
The Company will host a conference call and simultaneous webcast on November 4, 2010, at 5:00 p.m. EDT, which can be accessed by dialing (212) 231-2901. Following its completion, a replay of the call can be accessed for 30 days at the Company's Web site (www.madcatz.com, select “Investors”) or for 7 days via telephone at (800) 633-8284 (reservation #21486021) or, for International callers, at (402) 977-9140.
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