MAD CATZ FISCAL 2004 SECOND QUARTER NET SALES INCREASE 23%;

GROSS MARGINS GROW TO 25%

San Diego, California and Toronto, Ontario, November 6, 2003 — Mad Catz Interactive, Inc. (AMEX/TSE: MCZ), a leading manufacturer of video game accessories, announced today record financial results for the second quarter and six months ended September 30, 2003.

Net sales for the second quarter ended September 30, 2003 increased 23% to $21.3 million from $17.3 million in the same period a year ago. Gross profit for the quarter increased 40% to $5.3 million, compared to $3.8 million in the same period a year ago. Selling, general and administrative expenses in the fiscal 2004 second quarter increased 37% to $4.3 million from $3.2 million in the same period a year ago. Selling expenses as a percentage of net sales increased to 10.4% compared to 9.2% for the same period a year ago. Administrative expenses in the second quarter were $2.1 million compared to $1.6 million in the same period a year ago and were flat compared to the fiscal 2004 first quarter. EBITDA (defined as earnings before interest, taxes, depreciation and amortization) increased approximately 107% to $1.1 million in the quarter ended September 30, 2003 from $0.5 million in the 2002 quarter. A reconciliation of EBITDA included herein, to the Company’s net income on a GAAP basis, is included in the financial tables accompanying this release. Income before taxes for the quarter ended September 30, 2003 was $0.4 million, compared to a loss before taxes of $0.3 million in the same period in the prior fiscal year. Net income for the quarter was $0.2 million or break even per share on a basic and diluted basis, compared to $0.1 million or break even per share on a basic and diluted basis for the same period in the prior fiscal year.

Net sales for the six months ended September 30, 2003 increased 30% to $39.1 million from $30.0 million in the year ago period, with gross profit increasing 56% to $8.6 million from $5.5 million, in the first six months of fiscal 2003. Selling, general and administrative expenses for the first half of fiscal 2004 were $8.8 million compared to $6.2 million in the year ago period. Selling expenses as a percentage of net sales increased to 11.9% for the first half of fiscal 2004 from 10.6% in the first half of fiscal 2003. Administrative expenses as a percentage of net sales were 10.7% for the six months ended September 30, 2003, compared to 10.1% in the prior fiscal year. For the six months ended September 30, 2003, Mad Catz’ EBITDA was negative $0.4 million compared to an EBITDA of negative $0.5 million in the prior fiscal year. The net loss before taxes for the first

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six months of fiscal 2004 was $1.7 million versus a $1.9 million loss before taxes in the prior fiscal year. The Company reported a net loss for the first six months of fiscal 2004 of $1.0 million, or $0.02 per basic and diluted share, compared to a loss of $1.5 million or $0.03 per basic and diluted share for the first half of fiscal 2003.

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