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Radica Games Reports Record Quarterly Sales

Officials from video game 'TV game' and standalone handheld game maker Radica Games have released details of the company’s third quarter financial results for the three m...
Officials from video game 'TV game' and standalone handheld game maker Radica Games have released details of the company’s third quarter financial results for the three months ended September 30th. During this period the company reported its best ever quarterly sales revenue of $63.4 million, an increase of 30 percent on the same period last year. Net profit for the company was $10.0 million, compared to $6.0 million in the third quarter of 2004. The increase in sales was attributed to continued strength in the company’s electronic games category, which includes the 20Q product line, a set of electronic games which use AI for the classic game of '20 Questions'. Also selling well were the Skannerz handheld games and the Play TV line of sports games and retro TV consoles, which include Outrun 2019, Tetris, SSX and Space Invaders 'TV games'. The Girl Tech line of electronic products was also noted as generating double digit growth during the quarter. Broken down by territory, sales in North America for the quarter rose by 29 percent, sales in Europe by 35 percent and other international sales by 47 percent. Sales for the full nine months of this financial year increased by 46 percent to $117.0 million. Radica CEO, Pat Feely commented, "This was a strong quarter for Radica particularly when taken in the context of weak industry conditions. Additionally, it was the highest level of sales in any quarter ever at Radica, and our earnings were strong as well with an operating margin over 18%. It demonstrates that our strategy of focusing on electronic entertainment for casual gamers is the right strategy for today's tech-savvy consumers." "We now enter into the most critical time of year immediately prior to the holiday season. As in every year the fourth quarter is largely in the hands of the consumer and how our retail customers respond to consumer demand. In past years this quarter has been hard to predict and the current retail environment has continued to be soft as well, so we urge caution in estimates for the end of the year. Even so, we believe we have the right kinds of products for the current marketplace and look forward to the upcoming season," added Feely.

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