Among the factors that could cause actual results to differ materially are the following: the ability to maintain or renew the company's licenses, competitive developments affecting the company's current products, first party price reductions, price protection taken in response to price cuts, the ability to successfully market both new and existing products domestically and internationally, difficulties or delays in manufacturing, delays in the company’s ability to obtain products from its manufacturers in China, and market and general economic conditions. A further list and description of these risks, uncertainties and other matters can be found in the company's reports filed with the appropriate regulatory authorities.
Today's call, August 8, 2012, and webcast includes non-GAAP financial measures within the meaning of the SEC Regulation G. When required, a reconciliation of all non-GAAP financial measures to the most directly comparable financial measure calculated and presented in accordance with GAAP can be found in today's press release.
With that, I would now like to introduce Darren Richardson, President and Chief Executive Officer of Mad Catz. Darren?
Darren RichardsonThank you, Norberto, and good afternoon everyone. Thank you for joining us on your fiscal 2013 first quarter conference call. Three years ago we made a strategic decision to shift our focus towards high value products designed for passionate hardcore consumers. This shift hasn’t happened overnight and is still ongoing. We are now reaching an inflection point where the growth in the targeted product categories is more than offsetting the decline in the sales of legacy products.We are pleased to see strong net sales growth of 33% for our first quarter, historically our weakest quarter of the year. And specially pleased to see all territories return to growth. In the first quarter of fiscal 2013, sales of PC and Mac input device products, predominantly gaming mice and keyboards, grew 83% and accounted for 21% of sales. Sales of Saitek flight simulation products grew 22% and accounted for 10% of sales. The sale of audio products grew 107% and accounted for 44% of sales. On an annualized basis, sales of audio products accounted for 41% of sales, or $50 million in net sales, meeting our previously stated goal of having our line of audio products account for 40% to 50% of net sales.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV