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Mad Catz Interactive, Inc. (NYSEMKT:MCZ)

Q2 2013 Earnings Conference Call

November 6, 2012 05:00 PM ET

Executives

Darren Richardson - President and CEO

Allyson Evans Vanderford - CFO, PAO and Controller

Norberto Aja - Investor Relations

Analysts

Justin Ruiss - Sidoti & Company, LLC

Edward Woo - Ascendiant Capital Markets

Stanley Trilling - Credit Suisse

Ronald Rotter - RLR Partners

Operator

Ladies and gentlemen thank you for standing by. Welcome to the Mad Catz Fiscal 2013 Second Quarter Results Conference Call. During the presentation, all participants will be in a listen-only mode. Afterwards we will conduct a question-and-answer session. (Operator Instructions) As a reminder, this conference is being recorded, Tuesday, November 06, 2012.

I’d now like to turn the conference over to Norberto Aja, Investor Relations. Please go ahead.

Norberto Aja

Thank you, operator and good afternoon everyone and welcome to Mad Catz’s fiscal 2013 second quarter conference call. With me on the call today are Darren Richardson, Mad Catz’s President and Chief Executive Officer; and Allyson Evans, Mad Catz’s Chief Financial Officer.

Darren will begin the call by providing an overview of the results and the principal drivers behind them. Afterwards, Allyson will review the financial results in greater detail, before returning the call back to Darren for some closing remarks.

However, before we begin, let me just take a few minutes to read the Safe Harbor language. Today’s discussion will contain forward-looking statements about the Company’s financial results, estimates and business prospects that involve substantial risks and uncertainties. The Company assumes no obligation to update the forward-looking statements contained in this conference call as a result of new information or future events or developments.

You can identify these statements by the fact that they’re under the words such as anticipate, estimate, expect, project, intend, plan, believe, and other words and terms of similar meaning in connection with any discussion of future performance or operating performance.

Among the factors that could cause actual results to differ materially are the following: the ability to maintain or renew the Company's licenses, competitive developments affecting the Company’s current products, first party price reductions, price protection taken in response to price cuts, the ability to successfully market both new and existing products domestically and internationally, difficulties or delays in manufacturing, delays in the Company’s ability to obtain products from its manufacturers in China, and market and general economic conditions. A further list and description of these risks, uncertainties and other matters can be found in the Company’s reported filings with the appropriate regulatory authorities.

Today’s call taken place November 6, 2012, and a webcast includes non-GAAP financial measures within the meaning of the SEC Regulation G. When required, a reconciliation of all non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP can be found in today’s press release.

With that, I’d now like to introduce Darren Richardson, President and CEO of Mad Catz. Darren?

Darren Richardson

Thank you, Norberto, and good afternoon everyone. Thank you for joining us on your fiscal 2013 second quarter conference call. Three years ago we made a strategic decision to shift our focus towards building high value products for passionate hardcore consumers and broadening our geographic sales base. While this shift was not expected to happen overnight and it’s still ongoing, we’ve reached an inflection point where the growth in our targeted product categories and geographic regions is now surpassing the decline in the sales of legacy products.

We’re pleased to see strong net sales growth of 21% for our fiscal second quarter, and especially pleased to see growth in all territories for the second straight quarter. Sales of PC and Mac input device products, predominantly gaming mice and keyboards, grew 78% and accounted for 20% of sales. Sales of our audio products grew 23% and accounted for 44% of sales.

On an annualized basis, the sales of audio products accounted for 41% of net sales, or $52 million, meeting our previously stated goal of audio products accounted for 40% to 50% of net sales. We believe these premium products have much longer product lifespan and offer Mad Catz the best path forward as the changing video game industry with many casual gamers moving to tablet and smartphone gaming, leaving hardcore gamers who demand the best. We realize and understand that more sales of these key products are needed and we’re committed to increasing our sales and marketing efforts to expand awareness of these products, while keeping a sharp eye on operating expenses.

In addition to our focus on creating aspirational products, we’ve also expanded our geographic footprint and continue to build a worldwide sales and marketing team. As games increasingly cross geographic borders and the internet allows worldwide online competition, the Company is committed to positioning itself as a leading provider of products that optimize the passionate gamers’ performance on a global basis.

We’re starting to realize the benefits of our investment and additional sales and marketing in the Asia Pacific regions. Sales to other countries accounted for 2% of sales in fiscal 2011, 5% of sales in fiscal 2012, 7% of sales in the first quarter of fiscal 2013 and 8% the in fiscal second quarter.

In summary, our focus and our goal is to bring to market a compelling consumer offering. We believe that Mad Catz can succeed if we build on our strengths and focus on targeted segments within the video game industry, leveraging our expanding distribution footprint to deliver to those consumers products with designs and features that are central to their gaming experience.

With that, I’d like to turn the call over to Allyson to provide some additional color on the results. Allyson?

Allyson Evans

Thanks, Darren. Let me begin with a brief review of the income statement. Net sales for the second quarter of fiscal 2013 increased by 21% to $31.2 million, compared to $25.8 million in the second quarter of fiscal 2012. This was primarily driven by the continued strong performance of our Tritton audio product. In addition, we saw healthy growth in our Mad Catz branded gaming mice and keyboards and had an increase in software sales related to the launch of our flight game, Damage Inc. This growth was partially offset by continued slowdown in Wii and Handheld related products.

Looking at our sales by geography, North American sales increased by approximately 14% to $13.6 million for the second quarter of fiscal 2013 and represented 44% of total net sales, compared to 47% of sales in the prior-year period. European net sales increased 18% to $15 million and represented 48% of total net sales compared to 49% of net sales in the second quarter of fiscal 2012. Net sales to other geographies increased 143% to $2.6 million representing over 8% of total second quarter fiscal 2013 net sales, compared to 4% a year-ago. Overall, sales outside of the United States now account for over 59% of our sales, the highest percentage to-date.

Gross profit increased by 21% to $9 million from $7.4 million in the prior-year period, and gross profit margin of 29% in the second quarter of fiscal 2013 with consistent with the prior-year period. Going forward, we expect gross margin to remain within plus or minus 2.5 percentage points of 30%.

Total operating expenses for the quarter decreased 6% to $8.5 million representing 27% of net sales and leading to an operating profit of $0.5 million in the second quarter of fiscal 2013. This compares to $9 million of operating expenses in the prior fiscal second quarter, or 35% of net sales and an operating loss of $1.6 million. The decrease in operating expenses was primarily driven by the completion of certain research and development activity, which have resulted in our strong current and future product pipeline.

For the quarter, the Company recorded a foreign exchange loss of $0.3 million compared to a gain of $0.2 million a year-ago. The volatility in each period was primarily due to the fluctuation of the British pound and euro against the U.S. dollar and Hong Kong dollar.

In the second quarter of fiscal 2013, the Company recorded a charge related to one liability revaluation of $0.1 million compared to a gain of $1.5 million in the prior-year period. After income tax expense of $0.4 million compared to $0.3 million in the prior-year period, net loss for the second quarter of fiscal 2013 was $0.5 million or a loss of $0.01 per diluted share compared to $0.5 million or a loss of $0.01 per diluted share in the prior-year period.

Adjusted EBITDA, a widely used measure of financial performance, was $1.1 million in the fiscal 2013 period compared to an adjusted EBITDA loss of $0.6 million in the prior-year period. Moving on to our balance sheet, as of September 30, 2012, we reported borrowings under the revolving credit facility of $21.9 million, and an acquisition of bank loan less cash of $19.3 million. This compares to borrowings of $17 million and a net position of bank loan less cash of $14.3 million as of September 30, 2012.

In August, we amended our secured working capital credit facility with Wells Fargo Capital Financial LLC. This amendment reduce the interest rate from U.S. prime plus 200 basis points to U.S. prime plus 50 basis points, with the potential for further reductions subject to the Company’s performance. The credit limit of $30 million remains unchanged.

Inventory of $29.2 million is down from $32.5 at fiscal 2012 year-end and is in line with what we expected at this time of the year. Inventory turns on a trailing four quarter basis were 3.2 times compared to 2.8 times in the prior four quarter period. The inventory reduction is primarily the result of selling the bulk of Tritton headsets that were received during the fourth quarter of fiscal 2012.

Accounts receivable of $23.4 million increased from $15.7 million a year-ago, primarily reflecting increased sales volumes during the fiscal 2013 second quarter. Our gross DSOs were 60 days compared to 56 days a year-ago.

I’d now like to turn the call back to Darren for some closing remarks. Darren?

Darren Richardson

Thanks, Allyson. Clearly we’re facing headwinds on the macro level, but we’re executing on our product development strategy, we’re executing on our geographic expansion strategy, and as a result we have a positive outlook for the holiday quarter.

In the current quarter today, we’re seeing continuing top line sales growth and we’re excited about the potential of our existing products and our pipeline of new products for the holiday season. We’ve recently launched five new Tritton headsets, the Warhead PRO Plus, 720 Plus, Kunai for PlayStation and Kunai for WiiU.

We’ve launched two Halo 4 licensed versions of Tritton headsets with exclusive downloadable content. We now have the strongest and broadest portfolio of Tritton products available in the market for holiday. We’ve launched the S.T.R.I.K.E. 7 and S.T.R.I.K.E. 5 keyboards to critical acclaim, innovative products that have reinvented the keyboard in the same way the R.A.T reinvented the gaming mouse. We’re launching the full range of RAT’s, MMO’s and [Freaks] in multiple colors and we’re launching a product line for this months launch of Nintendo’s WiiU console.

We were pleased to see margins of 29% in the fiscal second quarter. If we can sustain margins in the 30% range and maintain our growth, then we should be well positioned for return to profitability in fiscal 2013. Going forward, we remain committed to driving growth and profitability by expanding our line of innovative products for passionate gamers, expanding our global distribution footprint, increasing our marketing and awareness efforts, investing in targeted software opportunities that pose manageable downside risk by complementing our hardware initiatives and supporting the professional gaming community and developing products that live up to their exacting demands.

That concludes my prepared remarks for today. Before we move into the Q&A session, I also want to take a moment to thank the entire team at Mad Catz for their continued dedication. I’ll now turn the call back to the operator, so that we can answer any questions. Thanks. Operator?

Question-and-Answer Session

Operator

Thank you. (Operator Instructions) One moment please for our first question. And our first question comes from the line of Justin Ruiss with Sidoti. Please go ahead.

Justin Ruiss - Sidoti & Company, LLC

Hi. How are you doing?

Darren Richardson

Hey, Justin. How are you?

Justin Ruiss - Sidoti & Company, LLC

I’m doing well. I’m all hurricaned out, but over here on the East coast. I just had a few questions. Do you have any anticipated number of products that you would be launching in the calendar fourth quarter at this point?

Darren Richardson

In fact most of the products that we’ve got to market now are the products for the calendar fourth quarter. We will have a couple of products that will rollout in the next couple of months, but they’re really targeting the next calendar year.

Justin Ruiss - Sidoti & Company, LLC

Okay. And then I know you had said just on the operating side that, I guess, the R&D spend is down. What’s the cycle like for that? Is there a timeframe where you expect to be ramping-up R&D and then closing it down or is the products like the dev-cycle just kind of random at this point?

Darren Richardson

The dev-cycle is random. It really depends on the nature of the development that’s going on and how that’s classified in terms of actual research and development which is much more open-ended development processes as opposed to work that’s dedicated to a product which would have the cost allocated more up into the cogs area. So, it really is kind of either a flip between R&D or up into cogs. So, generally it’s pretty much an ongoing process though.

Justin Ruiss - Sidoti & Company, LLC

So the line is kind of blurred at that point?

Darren Richardson

Yeah, it’s blurred at that point. We expect it to kind of like trail down a little bit from where it was before, but not meaningfully so, and as we fire into new projects there will be some aspects that drive that up.

Justin Ruiss - Sidoti & Company, LLC

Got you. And then just on the volatility side on the FX, I mean, is there any way to counterbalance that going forward or is that again just kind of a …

Darren Richardson

We get a little bit of movement from quarter-to-quarter, but if you look at it across time it pretty much balances itself out. So, it’s not been a material number over the course of the year.

Justin Ruiss - Sidoti & Company, LLC

Got you. Okay, that’s all I got. Thank you very much.

Darren Richardson

Okay. Thank you.

Operator

Our next question is from the line of Ed Woo with Ascendiant Capital. Please go ahead.

Edward Woo - Ascendiant Capital Markets

Yeah, thanks for taking my question. I had a question on, in terms of if you saw any difference in the retail environment for either in Europe or the U.S. or the rest of the world in terms of some of your new products?

Darren Richardson

Yeah, I don’t think there’s any question. The retail environment is pretty tough at the moment, so there’s – I think this holiday a lot of retailers are playing wait and see which I think is wise. Offsetting that though is the fact that we’ve actually got a very, very strong holiday portfolio. We’ve got products to market early. We’ve got good distribution across most of the product lines. And then we also have a nice amount of growth getting generated out of Asia Pacific which is out of the game.

So, there’s no doubt if we had a healthier, more vibrant, more optimistic retail sector that we’d be looking at much, much stronger results for i.e. the last quarter and then the quarter upcoming. But that said, in-light of what we’re – I think everybody is facing at the macro level, I think it’s a very strong quarter and we’re positive about having good results in Q3 as well.

Edward Woo - Ascendiant Capital Markets

You mentioned that you may invest more in sales and marketing. Do you think that that’s going to require more of operating expense investment or do you think it’s just a better leverage of your existing sales force?

Darren Richardson

If you actually look at what's happening on the sales and marketing line and then the G&A line. We’re winding some things back in terms of OpEx wherever we can, so we’re running the business fairly lean and fairly mean. But at the same time we’re adding sales and marketing personal throughout the Asia Pacific region to support the growth that we’re seeing and just to open a job of getting more product to market in emerging markets and taking the products that we have which are great products that are getting great recognition and putting them into, getting them into markets where there is increasing demand, and its working quite well.

So, if you look at what we’ve got going on there, it really is a reallocation of the OpEx and I think we’re pretty pleased with being able to bring in an OpEx reduction while at the same time growing our presence in multiple markets throughout Asia Pacific and also adding additional people in those markets and Asia Pacific to provide a lot more marketing and sale support.

Edward Woo - Ascendiant Capital Markets

One last question I have is, as you began to expand further in Asia. Is there very much incremental cost to localize your product or is most of the R&D already spend to, to develop the initial product?

Darren Richardson

Yeah, in most cases we have a global pack. In a couple of markets like Japan we actually do a localized pack because we actually run localized inventory and a distribution center in Tokyo. And the way we’re actually developing packaging these days, we’re typically going with a box plus sleeve format so that the outer sleeve becomes the localized part and then the base box, the packages, the product becomes a universal element. So that is very quick and easy and low cost to relocate product if we have to do that. So, generally it’s the same product that’s moving across multiple countries.

Edward Woo - Ascendiant Capital Markets

Great, well thank you and good luck.

Darren Richardson

Okay. Thanks a lot.

Operator

(Operator Instructions) Our next question is coming from the line of Stan Trilling with Credit Suisse. Please go ahead.

Stanley Trilling - Credit Suisse

Hi, good afternoon. Couple of questions; can you comment at all on the sell-through and reorder on the Warhead product?

Darren Richardson

Yeah. The Warhead we basically launched in North America as an exclusive in Best Buy. The Halo version Warhead actually shipped just after the quarter end, so that’s going to be more of an October event and our launch partner for the Halo Warhead was GameStop, and now you’ll actually see the Warhead pretty much go into normal mass distribution once we’re through the launch windows and then the different marketing plans to support the launch windows. I think we’re generally pleased with the performance of the Warhead and we don’t break out the numbers for the Warhead specifically, but the Warhead is doing quite well.

Stanley Trilling - Credit Suisse

The Warhead shipments to the non Best Buy, did they occur in the new quarter?

Darren Richardson

No, that didn’t – not in Q2, but they will be in Q3 so …

Stanley Trilling - Credit Suisse

That’s what I mean in Q3.

Darren Richardson

Yes.

Stanley Trilling - Credit Suisse

Yeah, Q3.

Darren Richardson

Right, yeah.

Stanley Trilling - Credit Suisse

And when does the exclusivity go away from Best Buy?

Darren Richardson

Yeah, we don’t disclose that, but it’s very, very close.

Stanley Trilling - Credit Suisse

Okay. And could you explain the effect of the warrant expense on EPS, I know it has nothing to do – it had nothing to do with cash flow, but can you explain a little bit on how that’ll affect the EPS?

Allyson Evans Vanderford

Yeah, it has nothing to do with cash flow like you said. What happens is, the people who have the warrants, you establish a liability for the warrants at the beginning of time and then you revalue that liability every quarter. And the main driver are some of the Black-Scholes model, but the main driver is stock price. So when stock price goes down you have income, when stock price goes back up you have a charge and it just will run over the course of the warrant.

Darren Richardson

So it has an impact on EPS, and I think if you look at the operating income performance it actually gives a much better barometer in terms of how that fundamental business is functioning and on that level we had $2 million improvement in the quarter and more than $5 million on a year-to-date basis. So, this has been a strong year compared to last year so, we’re on a track to setup for very nice year.

Stanley Trilling - Credit Suisse

Okay, excellent. And any comments at all about the – your new game for combat?

Darren Richardson

Yeah, we had Damage Inc. that launched last quarter that made a nice positive contribution to the quarter. We’ve got Combat Pilot which we think is going to be much more of a low key launch coming up here in the next couple of weeks. And the Combat Pilot is a simulation product that – it basically builds a community of people who want to fly in and around a combat pilot experience. It’s very realistic – ultra realistic and creates a community of people who really enjoy getting into simulation on a deep basis and it’s a really nice complement to our Saitek product line.

Stanley Trilling - Credit Suisse

Yeah, thank you very much.

Darren Richardson

Okay. Thanks, Stan.

Operator

Our next question is from the line of Ronald Rotter with RLR Partners. Please go ahead.

Ronald Rotter - RLR Partners

Hi, guys. You commented about that if you sort of gross (indiscernible) margins maintained at about 29% level and sales growth that you could see profitability for this fiscal year, and on the last conference call you were kind enough to state that at this point in time you saw sales accelerate, but not at the point of the prior quarter. I was wondering if you could give us any comparable guidance at this point in time, I know it’s the holiday period and its rough to do the analysis, the real thrust of the holiday won't be until Black Friday. So, it’s your call.

Darren Richardson

Yeah, we’re actually seeing a – that’s right I know, frankly I mean we’re seeing nice steady growth through October. The real question for the year is going to be what happens if Thanks Giving just the consumer comes out and play or not. We think we’re going to have a growth quarter even in not the greatest retail environment, so we actually feel pretty good about that.

Ronald Rotter - RLR Partners

My last holiday was a disaster. So, I can't imagine you under the worst of conditions not having a growth quarter, and the real question is how much of the growth quarter?

Darren Richardson

Correct, yeah. So, right now it’s going to come down to what happens in terms of the consumer demand in retail, but we’ve definitely got the product lines done. I think we’ve got some awesome products that are coming to market. They’re out in the marketplace now on a timely basis ready for the holiday. I think we’re happy with our retail distribution around the globe on most of the things that are there and it’s – frankly whether this is a great holiday or a lackluster holiday is anyone’s gift.

So, I think most people are pessimistic, so we’re not expecting or banking on anything extremely positive on the retail front, but at the same time even in the current market environment I think we’re demonstrating, we’re comfortably outperforming where the overall market is going. So, and a little bit of that is just – it’s not just because we’ve got new products, just because the products are also focused on a consumer that is very much dedicated to playing games where gaming is an important part of their lifestyle, and when they’re making choices in terms of where to cut back, are less likely to cut back on the kind of products that we’re bringing to market.

Ronald Rotter - RLR Partners

And though the new Wii product, is that going to impact you very much one way or the other?

Darren Richardson

It will help …

Ronald Rotter - RLR Partners

Okay. Actually it would be a game changer for the quarter or not really?

Darren Richardson

We don’t think it’s going to be a game changer for us, I mean we’ve got a lot of other really strong products out there. It certainly helps, it doesn’t hurt and it also gets other people – a lot of people coming back into stores and that helps everybody as well.

Ronald Rotter - RLR Partners

And when will that launch?

Darren Richardson

It’s launching here in the next few weeks.

Ronald Rotter - RLR Partners

Thank you.

Darren Richardson

Okay. Thanks, Ron.

Operator

(Operator Instructions) Our next question is from the line of [Arthur Tesser] with (indiscernible) Investments. Please go ahead.

Unidentified Analyst

Good afternoon.

Darren Richardson

Hi, how are you?

Unidentified Analyst

Good, good. Going forward, it looks like the Tritton line and the audio products are going to be increasing part of your product mix. I was wondering if you could talk in some generalities about the competitive environment. And also specifically about where your product line stacks up with Turtle Beach and on a kind of [modular] research basis, I noticed that Turtle Beach many retailers seems to have four to five times the display space that you have or I’m just wondering if you can talk about that and might this be changing the future.

Darren Richardson

Yeah, Turtle Beach have done a fabulous job of being the first mover in the gaming headset category and have done a great job of executing at retail without any question. So, we’re trying to catch up a little bit on that front, but I think we’re quite comfortably the number two company that’s in the market place. We focus very much on trying to bring a nice quality product to market, our quality build to market with some unique selling features. On the Warhead for example, we utilized the (indiscernible) that is actually it uses the Microsoft voice module so that you can communicate directly with the Microsoft console in the simplest, easiest way possible with overall connectivity, and we’re happy about the progress we’re making, i.e. North America, but also across Europe as well.

Unidentified Analyst

Now talking about display space; do you have specific commitments from the major retailers for increased display space going into Christmas season?

Darren Richardson

Well we definitely just increased our product portfolio within a lot of retailers. In terms of display space in Europe we’ve made a lot of head ground in terms of getting some interactive displays. And in retailers, we’ve got a couple of retailers in North America where we’ve made some progress, but overall I think we’re content with where we are up to a point, but we have ambitions to be doing a lot more.

Unidentified Analyst

On a market share basis, you said that the Turtle Beach would be number one and you’ll b number two. What kind of the percentage market share are you talking about?

Darren Richardson

It’s pretty tough because, frankly the retail data that everybody used to rely on is not in any way accurate any more as they’ve – a lot of retail sales transitioned to the ecommerce and so that you don’t have visibility what’s selling through there. But we’d be comfortable in number two in North America and probably number one in quite a few other different European markets.

Unidentified Analyst

Is the market share you’re taking coming from Turtle Beach or from some of the other players?

Darren Richardson

Taking market share, well – yes some of it would be from Turtle Beach, but we’re seeing new entrance coming as well and so in all it is a more competitive environment than it was, there’s no question about that, but I think we’re doing a pretty good job on market share.

Unidentified Analyst

Okay. Thank you.

Operator

Our next question is a follow-up question from the line of Stan Trilling with Credit Suisse. Please go ahead.

Stanley Trilling - Credit Suisse

Hi, this is a follow-up based on the last call. Having to do with the Turtle Beach having so much shelf space, are you guys doing anything specific to get out to the – like the Best Buy’s to – give some sort of training or information to the people who sell the product on the floor?

Darren Richardson

We have done training programs with a number of retailers, not just Best Buy. And so that is something that we do on an ongoing basis.

Stanley Trilling - Credit Suisse

Well, is there anyway that you can measure your effectiveness in doing that?

Darren Richardson

Well, I guess, the sales increasing or decreasing is one measure and as you can see we do have strong sales increases.

Stanley Trilling - Credit Suisse

Okay. Thank you

Darren Richardson

Thank you.

Operator

That’s all the time for questions we have at this time. I’ll now turn the call back over to you for closing remarks.

Darren Richardson

Thanks everyone for joining us on the call today and look forward to updating our progress for our third quarter results, probably in February of next year. All the best.

Operator

Ladies and gentlemen that does conclude the conference call for today. We thank you for your participation and ask that you please disconnect your lines. Have a great day everyone.

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