Mad Catz Reports Second Quarter Income and Plans to Purchase Saitek

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Peripheral manufacturer Mad Catz has not only reported its financial results for its second quarter ended September 30, 2007, the company also announced that it has entered into a definitive agreement to acquire peripheral manufacturer Saitek.
First, the financial results: For the quarter, Mad Catz reported net income of $872,000, compared to net income in the same quarter the previous year of $196,000. Primarily, the company is proud that it has reduced its expenses to the lowest level in 10 quarters.

The company already acquired Take-Two Interactive's Joytech peripheral business for just under $3 million. Now, Mad Catz has signed an agreement to acquire PC peripheral manufacturer Saitek. Mad Catz will pay $15.5 million in cash and issue $14.5 million of convertible notes to make up the rest of the purchase price. The notes bear interest at 7.5% and are convertible into Mad Catz common stock at $1.42 per share. Saitek is best known for its keyboards and flight sticks, although its business began as automated stand-alone chess games.

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This page contains a single entry by Editor published on November 14, 2007 5:44 AM.

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