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News | 09/20/2006 4:00 am EDT

Mad Catz makes first quarter a good one
Videogaming accessory maker Mad Catz Interactive Inc. released financial results for its first quarter of the 2007 fiscal year, which ended on June 30. The Toronto-based firm recorded more than $18 million worth of sales during the three-month period, up 22.6% on the total sales figure for the same quarter in the 2006 fiscal year. Gross profit, meanwhile, was up more than 60%, from $2.3 million last year to $3.7 million at the end of Q1 2007. According to a media release announcing the results, the figures were even more impressive considering that major console game manufacturers are transitioning to new platforms, such as Sony Corp.’s Playstation 3 and the Wii from Nintendo Co. Ltd., making the task of manufacturing and marketing accessories somewhat more challenging. Mad Catz also publishes Real World Golf, a live-action console-based golf game that the company says is driving strong North American results – overall sales have gained 29% in the US and 89% in Canada thanks in part to the game. Cost-cutting has also been a focus, said Mad Catz president and CEO Darren Richardson in the release: "In addition to generating revenue growth and diversification through our strategy of offering select game software, we also succeeded in reducing operating expense as a percentage of net sales from year-ago levels."

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