Mad Catz Interactive Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2015; Provides Earnings Guidance for the Fourth Quarter of Fiscal 2016
February 09, 2016 at 04:23 pm EST
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Mad Catz Interactive Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended December 31, 2015. For the quarter, the company reported net sales of $65,038,000 against $30,451,000 a year ago. Operating income was $2,821,000 against $2,207,000 a year ago. Income before income taxes was $2,725,000 against $1,900,000 a year ago. Net income was $1,219,000 against net loss of $1,358,000 a year ago. Basic and diluted net income per share was $0.02 against basic and diluted per share of $0.02 a year ago. Adjusted EBITDA was $2,950,000 against $2,713,000 a year ago.
For the nine months, the company reported net sales of $116,930,000 against $69,665,000 a year ago. Operating loss was $82,000 against operating income of $652,000 a year ago. Loss before income taxes was $1,787,000 against $263,000 a year ago. Net loss was $4,357,000 against $809,000 a year ago. Basic and diluted net loss per share was $0.06 against $0.01 a year ago. Net cash used in operating activities was $11,839,000 against $4,231,000 a year ago. Purchases of intangible assets were $125,000. Purchases of property and equipment were $1,600,000 against $1,604,000 a year ago. Adjusted EBITDA was $1,276,000 against $2,156,000 a year ago. Net cash used in operating activities year-to-date was $11.8 million.
The company expects to record cash restructuring charges during the fourth quarter of fiscal 2016, comprising primarily of severance and benefits afforded to terminated employees, of approximately $3.0 million. The Company anticipates that the actions associated with the reductions will be substantially completed by the end of the fiscal fourth quarter of 2016 and the company expects to record a pre-tax cash restructuring charge of approximately $3.0 million during the fourth quarter of fiscal 2016, comprised primarily of severance and benefits afforded to terminated employees and executive officers.
Mad Catz Interactive, Inc. is engaged in providing gaming hardware, designed, and engineered in-house for the gamers. The Company designs products for gaming across multiple platforms, including Windows, PC and Mac computers in home gaming consoles, handheld gaming consoles, smart phones, tablets, and other mobile devices. Its DAKOTA Technology utilizes signal-detection techniques to eliminate the bouncing and debouncing effect of the sensor pin. This technology registers each signal and allows the sensor pin to perform accurate clicks. The Company provides a range of product line, including mice, mouse pads, keyboards, audio and controllers. The mice products include B.A.T 6+, M.O.J.O M1, R.A.T. M1, R.A.T. PRO X3, R.A.T., PRO X3 Supreme, and R.A.T.AIR. Its mouse pads products include G.L.I.D.E.38, G.L.I.D.E. 21, G.L.I.D.E.19 and G.L.I.D.E.16. Its keyboards product includes S.T.R.I.K.E. 13, S.T.R.I.K.E. 4, and S.T.R.I.K.E. 2. Its audio products include F.R.E.Q.4 and F.R.E.Q.2.
Mad Catz Interactive Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2015; Provides Earnings Guidance for the Fourth Quarter of Fiscal 2016