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July 11, 2005 Stock Pick: Mad Catz Interactive (MCZ)

Stock Price: $1.11

We released MCZ as a stock pick eleven months ago when it was at $0.55, since then it hit a high of $1.83 on March 14th. MCZ has been trending down since hitting $1.83 and appears to now be undervalued.

Mad Catz Interactive, Inc. designs, develops, manufactures and markets a range of accessories for video game consoles and most recently portables such as the Apple iPod. The company's main brand has been GameShark, a video game enhancement.

The company reported record 2005 results on June 9th with net income up over 300% year-over-year and net sales of $112.1 million. Fourth quarter net income increased to $0.9 million, up 78%, from $0.5 million for the same quarter last year. Right now, the company has a market cap of $59 million with 44.89 million shares in the float.

MCZ currently has a P/E of 14. The stock may be down due to a late filing of its 2005 audited financial statements because of a change in listing criteria. We expect the financials to be released by Thursday, July 14th.

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