Mad Catz Interactive Inc (MCZ, Financial) filed Quarterly Report for the period ended 2010-12-31.
Mad Catz Interactive Inc has a market cap of $48.4 million; its shares were traded at around $1.12 with a P/E ratio of 7.3 and P/S ratio of 0.4. Hedge Fund Gurus that owns MCZ: Jim Simons of Renaissance Technologies LLC.
The preliminary working capital adjustment, net of holdback, was adjusted during the three months ended December 31, 2010 to decrease the adjustment from the previous estimate of $947,000 to the revised estimate of $413,000 based on new information obtained during the quarter that existed as of the acquisition date. The working capital adjustment is recorded against the contingent consideration liability, resulting in an increase in the current contingent consideration liability of $534,000 during the three months ended December 31, 2010. The $5.1 million purchase price for Tritton exceeded the value of the acquired tangible and identifiable intangible assets, and therefore the Company allocated $2.9 million to non tax deductible goodwill.
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Mad Catz Interactive Inc has a market cap of $48.4 million; its shares were traded at around $1.12 with a P/E ratio of 7.3 and P/S ratio of 0.4. Hedge Fund Gurus that owns MCZ: Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
On May 28, 2010, the Company acquired all of the outstanding stock of Tritton Technologies Inc. (Tritton), a private corporation incorporated under the laws of Delaware. Tritton designs, develops, manufactures (through third parties in Asia), markets and sells videogame and PC accessories, most notably gaming audio headsets. The Company acquired all of Trittons net tangible and intangible assets, including trade names, customer relationships and product lines. Cash paid for the acquisition was approximately $1.4 million, subject to a working capital adjustment currently estimated to be $413,000. The Company is required to make additional cash payments to former Tritton shareholders of up to an aggregate of $8.7 million based on the achievement of certain specified performance measures over a five year period. As a result of the acquisition, Tritton became a wholly-owned subsidiary of the Company and accordingly, the results of operations of Tritton are included in the Companys consolidated financial statements from the acquisition date. The Company financed the acquisition through borrowings under the Companys working capital facility. The acquisition expanded the Companys product offerings in the high growth gaming audio market and further leveraged the Companys assets, infrastructure and capabilities.The preliminary working capital adjustment, net of holdback, was adjusted during the three months ended December 31, 2010 to decrease the adjustment from the previous estimate of $947,000 to the revised estimate of $413,000 based on new information obtained during the quarter that existed as of the acquisition date. The working capital adjustment is recorded against the contingent consideration liability, resulting in an increase in the current contingent consideration liability of $534,000 during the three months ended December 31, 2010. The $5.1 million purchase price for Tritton exceeded the value of the acquired tangible and identifiable intangible assets, and therefore the Company allocated $2.9 million to non tax deductible goodwill.
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