Mad Catz claws away at losses

First-quarter earnings trimmed to $900k loss, down from loss of $2.1 million last year; revenues of $18.1 million set company record for Q1.

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Mad Catz Interactive, a manufacturer of gaming peripherals, today released its financial earnings for the quarter ended June 30, 2006. While the overall numbers were still negative, sales for the quarter were up from the same period last year.

The $18.1 million in sales set a record for the company in its first fiscal quarter, beating last year's mark of $14.8 million. The improved sales helped lessen narrow losses, which totaled $900,000 for the quarter. Despite the red ink, the figure was a positive as the company's earnings for Q1 of 2005 was $2.1 million.

Speaking about the company's results, Mad Catz CEO and president Darren Richardson emphasized the record setting quarter in a time of console transition.

"Mad Catz achieved record first quarter net revenues despite the industry challenges presented by the ongoing console transition and the fact that the fiscal first quarter is historically our slowest period of the year," Richardson said. The CEO singled out Real World Golf, a game with a customized golf club controller, as an example of his company's efforts to "diversify [its] revenue sources."

As of press time, shares of Mad Catz Interactive (MCZ) were up $.05 on the day to $.39, a rise of 14.7 percent.

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