Accessories specialist Mad Catz has announced a $1.24 million loss for the second quarter of its fiscal year – compared to a $872,000 profit from the previous year.
However, company revenues grew year-on-year by 52.8 per cent to $25.8 million - up on the $16.9 million posted in Q2 2007.
‘Selling, general and administrative expenses' hit $7.5 million in quarter, or 29 per cent of net sales - over double the $3.4 million paid out in Q2 2007.
Research and development expenses reached $500,000 this year – up from $300,000 in 2007
Darren Richardson, president and CEO of Mad Catz, said:
During the fiscal second quarter we generated further momentum on the current generation of consoles, as sales for these consoles surpassed those of the prior generation for the second quarter in a row and represented over 42% of total sales.”
"While there is still progress to be made to improve our SG&A cost structure, and undoubtedly the overall outlook for consumer spending is concerning, we remain firmly committed to leverage our strong product portfolio and global distribution network to continue to grow revenue, earnings, cash flow and shareholder value."