2 hours ago Content preferences Done SAN DIEGO, June 02, 2016 (GLOBE NEWSWIRE) -- Mad Catz Interactive, Inc. (Mad Catz or the Company) (NYSE MKT:MCZ), today announced financial results for the fiscal 2016 fourth quarter and full year ended March 31, 2016. Key Highlights of Fiscal 2016 Fourth Quarter and Subsequent: Fiscal 2016 fourth quarter net sales increased 4% over the prior year fourth quarter to $17.1 million, driven by a 57% increase in net sales to the Americas and a 7% increase in net sales to APAC, partially offset by a 30% decrease in net sales to EMEA; Gross margin declined to (5.1%) from 23.4% in the prior year quarter, driven by $6.8 million of charges related to Rock Band 4 for inventory write-downs, material authorizations and price reductions with retailers; Total operating expenses increased 36% from the prior year period to $8.4 million, including $3.0 million for severance and restructuring costs; Operating loss was ($9.3 million), compared to ($2.3 million) in the prior year; Diluted net loss per share was ($0.10), compared to diluted net income per share of $0.09 in the prior year; Net position of bank loans, less cash and restricted cash, was $13.0 million at March 31, 2016, compared to $17.7 million at December 31, 2015 and $2.8 million at March 31, 2015; Sold no shares under the At-the-Market (ATM) equity offering program; Announced Designed for Samsung versions of the Micro C.T.R.L.R Mobile Gamepad and S.U.R.F.R Wireless Media and Game Controller; Voluntarily delisted common shares from the Toronto Stock Exchange as part of ongoing measures aimed at lowering operating costs; Shipped new range of Street Fighter V licensed controllers, including fightsticks, Tournament Edition fightsticks and fightpad controllers; Announced the X-56 Rhino H.O.T.A.S. Advanced Flight Control System, the Companys newest addition to its Saitek Pro Flight Range of PC-based simulation accessories; Completed restructuring plan focused on lowering operating costs, increasing efficiencies and better aligning the Companys resources with its needs and goals, with the expectation of generating annualized net savings of $6 million to $7 million starting in the first quarter of Fiscal 2017; and, Agreement with Harmonix for Rock Band 4 was terminated resulting in a 120-day wind-down period, ending September 6, 2016, to sell remaining $8.3 million of Rock Band 4 inventory. Key Financial Highlights of Fiscal 2016: Fiscal 2016 net sales increased 55% over the prior year to $134.1 million, driven by a 215% increase in net sales to the Americas, partially offset by a 17% decrease in net sales to EMEA and 35% decrease in net sales in APAC; Gross margin was 16.7%, compared to 27.7% in Fiscal 2015; Total operating expenses in Fiscal 2016 increased 25% year-over-year to $31.8 million; Operating loss for Fiscal 2016 was ($9.4 million), compared to an operating loss of ($1.6 million) for the prior year; and, Diluted net loss per share in Fiscal 2016 was ($0.16), compared to diluted net income per share of $0.07 in the prior year. (1) Definitions, disclosures and reconciliations regarding non-GAAP financial information are included on page 8.
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