New book by Larry Connors Click here Improve your trading - See how
In a release dated June 24, the company stated:
- Mad Catz reported net sales for the fiscal year ended March 31, of $112.6 million, a 28.3 percent increase from $87.7 million in fiscal 2008. Gross profit for the fiscal year increased 10.8 percent to $32.0 million from $28.9 million in the prior fiscal year. Gross profit margin for fiscal 2009 was 28.4 percent compared to 32.9 percent in fiscal 2008. Selling, general and administrative expenses totaled $28.2 million, or 25.0 percent of net sales in fiscal 2009, compared with $21.3 million, or 24.3 percent of net sales in the prior fiscal year. Reflecting the $27.9 million pre-tax non-cash goodwill impairment charge, as well as a tax expense of $4.0 million in the fiscal fourth quarter for a valuation allowance relating to the deferred tax asset at the company's US subsidiary, Mad Catz incurred a net loss for the year ended March 31, of $32.6 million, or a loss of $0.59 per diluted share.
- In the fiscal year ended March 31, 2008, Mad Catz recorded net income of $3.2 million, or $0.06 per diluted share and adjusted net income of $4.2 million or $0.08 per share. In fiscal 2009, Mad Catz incurred a net foreign exchange loss of approximately $0.5 million compared with a net foreign exchange gain of approximately $1.7 million in fiscal 2008. Adjusted EBITDA, a non-GAAP measure (defined as earnings before interest, taxes, depreciation, amortization and goodwill impairment), was $4.5 million in fiscal 2009, compared to adjusted EBITDA of $10.0 million in fiscal 2008.
- Net sales for the fiscal fourth quarter ended March 31, were $22.8 million, an increase of 3.9 percent from $21.9 million in the fiscal 2008 fourth quarter. Gross profit for the quarter declined 15.9 percent to $5.4 million from $6.5 million in the same quarter of the prior year. Gross profit margin for the fiscal 2009 fourth quarter was 24.0 percent compared with 29.6 percent in the same quarter of the prior fiscal year. Excluding a $0.6 million benefit from the reversal of the pre-tax non-cash goodwill impairment charge, total operating expenses in the fiscal 2009 fourth quarter were reduced by 32.0 percent to $5.5 million. Including the reversal, the company recorded operating income of $0.1 million compared to an operating loss of $1.6 million in the comparable prior year period. Foreign exchange losses for the fiscal 2009 fourth quarter totaled $1.3 million compared to a gain of $1.1 million for the prior fiscal fourth quarter. The fiscal fourth quarter results also include the afore-mentioned valuation allowance, resulting a net loss for the quarter ended March 31, of $3.7 million, or a loss of $0.07 per diluted share, compared to a net loss of $0.8 million, or $0.02 per diluted share, in the fourth quarter of the prior fiscal year.
Darren Richardson, President and Chief Executive Officer of Mad Catz, said, "Record fiscal 2009 net sales reflect the ongoing execution of our strategy to diversify across consoles, products and geographic regions as well as a full year's benefit from PC peripheral provider, Saitek. Throughout the year, we delivered products for all current generation consoles, handhelds and PCs, addressed major upcoming game releases, and aligned ourselves with the most popular games, entertainment and sports franchises through our growing license portfolio while making significant progress in expanding our geographic footprint.
"During Q4, we also began the important process of extending our credit facility with Wachovia and restructuring our Saitek note. I am happy to report that both matters have been resolved on what we believe to be favorable terms for Mad Catz and its shareholders as together, these actions provide the company with the working capital and financial flexibility to continue pursuing our strategies for growth and expansion."
((Comments on this story may be sent to newsdesk@closeupmedia.com))
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
