Mad Catz Losses Lessen

Officials from peripheral manufacturer Mad Catz Interactive have announced the company's financial results for the three months ended June 30. Net sales for the quarter were $16.7 million, a 6.1 percent decline from the same quarter the previous year. The company reported a net loss of $0.3 million, or $0.01 per basic and diluted share, compared to a net loss of $1.3 million, or $0.02 per basic and diluted share in the same period a year ago. Gross profit for the quarter, however, increased 34 percent to $4.3 million. Gross profit margin was 25.8 percent, an increase from 18 percent. The drop in net sales has been attributed to slow industry sales in the European market and the shift of sales from the first to second fiscal quarter in the U.S., as consumers delayed hardware purchases in anticipation of the PlayStation 2 console price cut. Source: Business Wire