Mad Catz reports record sales

Mad Catz Interactive has today announced its financial results for the third quarter and nine months ended December 31, 2003. The video game accessories manufacturer enjoyed record sales in its fiscal third quarter despite achieving only what it described as "mixed results" for the holiday season.

Net sales for the third quarter ended December 31 were $42 million, up from $40.1 million for the same period a year earlier. Gross profit for the quarter rose to $9.7 million from $9.6 million 12 months ago.

Net sales for the nine months ended December 31 increased 15.8 percent from $70 million a year ago to $81.1 million. Gross profit for the nine-month period increased 21.1 percent to $18.2 million from $15.1 million.

"When I joined Mad Catz, it was a company with tremendous potential yet faced several specific challenges including a highly competitive industry and retail environment, distribution that was concentrated among too few retailers, and a product line limited in breadth and differentiation from first-party offerings," said Morris Perlis, Mad Catz president and CEO. "We addressed each of these challenges head-on, leveraging our core competencies and ascended to our current position as the world's leading third-party accessory provider."