Mad Catz Interactive has today announced its financial results for the three- and 12-month periods ended March 31, 2004. The game accessory company has achieved record annual sales during fiscal 2004 and has also enjoyed a profitable fourth fiscal quarter.

　　Mad Catz' record-breaking net sales for the year ended March 31, 2004, totaled $102.1 million--an increase of 11.4 percent over the previous year's figure of $91.7 million. The company's gross profit for fiscal year 2004 was $23.1 million, which compares favorably to the previous year's $21 million.

　　The fiscal fourth quarter ended March 31, 2004, although profitable for Mad Catz, actually saw the company achieving sales and profits down from those for the previous year. The decrease in sales, according to Mad Catz, can primarily be attributed to the absence of international PS2 memory card sales--which accounted for around 17 percent of net sales during the fiscal 2003 fourth quarter. Net sales for the quarter ended March 31, 2004, were down from $21.6 million to $21.1 million, while gross profit was down from $5.9 million to $4.8 million.

　　"Exceeding $100 million in net sales marks an important milestone and sets a new benchmark," said Darren Richardson, president and CEO of Mad Catz Interactive. "Our annual net sales growth of 11.4 percent is impressive when viewed against the backdrop of softer-than-expected industry sales in the critical holiday season and the lack of anticipated price cuts on PS2 and Xbox consoles."