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Mad Catz Reports $26 Million USD Loss > |
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2009/02/16 11:09:56: Posted by DM |
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Mad Catz, the maker of cheaper console accessories (except the recent Street Fighter IV peripherals, those are quality), has reported its financial results for the fiscal third quarter 2009. Ending December 31, 2008, the quarter showed a loss of $26.9 million USD. Even though the company had net sales of $40.8 million USD, the cost of development, shipping, and royalties put the company in the red."The decline was largely related to provisions for increased inventory reserves, higher royalty expenses, increased costs due to added product development staff and higher shipment costs. The inventory reserve provisions were necessary due to the uncertain state of the economy and the retail industry."
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