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Mad Catz® Reports Fiscal 2014 First Quarter Financial Results

Mad Catz Interactive, Inc. (“Mad Catz” or “the Company”) (NYSE MKT/TSX: MCZ), today announced financial results for the fiscal 2014 first quarter ended June 30, 2013.

Key Fiscal 2014 First Quarter Highlights:
  • Net sales in the quarter declined 14% to $18.7 million, as a 37% decrease in sales to North America was partially offset by increases in sales of 3% in Europe and 24% in APAC;
  • Gross margin remained stable at 28.7% versus the first quarter last year;
  • Total operating expenses declined 6% year-over-year to $7.5 million, driven primarily by lower acquisition-related items;
  • Diluted loss per share of $0.03 remained flat versus the prior year;
  • Net position of bank loan, less cash, was $8.4 million at June 30, 2013 compared to $6.1 million at March 31, 2013 and $11.9 million at June 30, 2012;
  • Shipped the TRITTON™ Kunai™ Universal Headset for consoles, PC, Mac and smart devices;
  • Shipped the TRITTON F.R.E.Q.7 surround sound gaming headset, Mad Catz M.O.U.S.9 wireless mouse and R.A.T.M gaming mouse for PC, Mac and smart devices;
  • Announced the Mad Catz M.O.J.O. Android™ Micro Console as part of the Company’s GameSmart initiative;
  • Announced the Mad Catz C.T.R.L.R Wireless GamePad for mobile and smart devices;
  • Announced the TRITTON Kunai Stereo Gaming Headset, the TRITTON Pro+ True 5.1 Surround Sound Headset for PC and Mac as well as the TRITTON F.R.E.Q.4D Gaming Headset for PC, Mac and smart devices;
  • Announced the Mad Catz Killer Instinct™ Arcade FightStick™ Tournament Edition 2 and the Mad Catz Arcade FightStick Tournament Edition 2 for Xbox One™; and
  • Announced the appointment of Karen McGinnis as Chief Financial Officer.
                 
Summary of Financials
(in US$ thousands, except margins and per-share data)
 
Three Months
Ended June 30,
  2013     2012   Change
 
Net sales $ 18,684 $ 21,822 -14 %
Gross profit 5,365 6,275 -15 %
Total operating expenses   7,483     7,967   -6 %
Operating loss   (2,118 )   (1,692 ) 25 %
Net loss   (2,065 )   (1,717 ) 20 %
Net loss per share, basic and diluted   ($0.03 )   ($0.03 ) -
 
Gross margin 28.7 % 28.8 % -0.1 %
 
EBITDA (loss) (1) ($1,402 ) ($402 ) 249 %
Adjusted EBITDA (loss) (1) ($1,385 ) ($592 ) 134 %
 

(1) Definitions, disclosures and reconciliations regarding non-GAAP financial information are included on page 8.

Commenting on the results, Darren Richardson, President and Chief Executive Officer of Mad Catz, said, “We entered fiscal 2014 with several key objectives, including furthering the transition of our business toward higher-value products, positioning the Company to take full advantage of the shift towards mobile gaming, and strategically leveraging our resources to best benefit from the launch of the Xbox One and PlayStation 4 gaming consoles during the upcoming holiday season.

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