Mad Catz Interactive suffers heavy losses

Interactive entertainment products provider Mad Catz Interactive has suffered a 43% year-on-year drop in net sales during the second quarter of the 2014 fiscal year.

The firm recorded net sales of $17.8 million (€13.2 million) for the latest quarter, significantly less than the $31.2 million in the corresponding quarter last year.

Gross profit also fell by 47% to $4.8 million, while Mad Catz also suffered heavy losses in operating income, which fell by 806% to a loss of $3.6 million in the latest quarter.

Earnings before tax, interest, depreciation and amortisation also dropped by 459% from $993,000 last year to a loss of $3.6 million this year.

The disappointing figures meant that net sales for the first nine months of the year were down by 31% to $36.5 million, while EBITDA had fallen by 890%, a loss of $4.9 million.

Darren Richardson, president and chief executive officer of Mad Catz, put the losses down to the ongoing console transition around the upcoming launch of the Xbox One and PlayStation 4 gaming consoles.

Despite the losses, Richardson expects a turnaround in fortunes for Mad Catz.

“The video game industry and Mad Catz are in front of a major milestone as the 2013 holiday season approaches and I am confident that our newest products position us to benefit from this inflection point as the console transition and rapidly growing appeal of mobile gaming gain traction,” he said.

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