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Hauppauge Digital Reports Fiscal 2012 Fourth Quarter And Year End Results

HAUPPAUGE, N.Y., Jan. 2, 2013 /PRNewswire/ -- Hauppauge Digital Inc. (NASDAQ: HAUP), a leading developer of digital video TV and data broadcast receiver products for personal computers, today reported financial results for the fourth fiscal quarter and year ended September 30, 2012.

FOURTH QUARTER RESULTS

Net sales were $8.7 million for the fourth quarter of fiscal 2012 compared to $10.3 million reported for the previous year's fourth fiscal quarter.

The Company incurred a net loss of $1,613,219 for the fourth quarter of fiscal 2012 compared to a net loss of $2,075,730 for the fourth quarter of fiscal 2011.  Net loss per share for the fourth quarter of fiscal 2012 was $0.16 on a basic and diluted basis, compared to a net loss per share of $0.21 on a basic and diluted basis for the fourth quarter of fiscal 2011. 

FISCAL YEAR RESULTS

Net sales were $44.6 million for the fiscal year ended September 30, 2012 compared to $42.3 million reported for fiscal year ended September 30, 2011.

The Company incurred a net loss of $2,543,450 for the fiscal year ended September 30, 2012 compared to a net loss of $5,849,072 for the fiscal year ended September 30, 2011.  Net loss per share for the fiscal year ended September 30, 2012 was $0.25 on a basic and diluted basis, compared to a net loss per share of $0.58 on a basic and diluted basis for the fiscal year ended September 30, 2011. 

DISCUSSION OF RESULTS

Ken Plotkin, Hauppauge's Chief Executive Officer stated, "Led by increased sales of our USB-Live and HD PVR video recorder and video streaming products, worldwide sales for fiscal 2012 increased by 8.2% before the negative effect caused by the decline in the Euro. Taking into account the 2.8% decline in the Euro, our net sales increased 5.4% in fiscal 2012 compared with fiscal 2011.

As a result of reduced expenses and headcount, which the company implemented in the fourth quarter of fiscal 2011, our selling, general and administrative expenses declined by 16.8% from fiscal 2011.  The combination of increased sales and reduced expenses allowed Hauppauge to reduce our loss approximately 56.52% compared to fiscal 2011.

At the Gamescon show in Cologne, Germany in August 2012, Hauppauge introduced a new gaming recorder designed to allow console and PC gaming enthusiasts to record video game play from the Microsoft Xbox 360 and the Sony Playstation 3. Called the HD PVR 2, this new game recorder was designed to provide new features compared with the original HD PVR high definition video recorder. HD PVR 2 was shipped to our customers starting in September 2012.

In anticipation of the launch of the new HD PVR 2, in fiscal Q4 we reduced prices and limited the sales of the original HD PVR in order to reduce channel inventory.  The effect of price reductions and limited shipments of the original HD PVR dampened our fourth fiscal quarter sales."

ABOUT HAUPPAUGE DIGITAL

Hauppauge Digital, Inc. is a leading developer of analog and digital TV receiver products for the personal computer market. Through its Hauppauge Computer Works, Inc. and Hauppauge Digital Europe SARL subsidiaries, the Company designs and develops analog and digital TV receivers that allow PC users to watch television on their PC screen in a resizable window and enable the recording of TV shows to a hard disk, digital video editing, video conferencing, receiving of digital TV transmissions, and the display of digital media stored on a computer to a TV set via a home network. The Company is headquartered in Hauppauge, New York, with administrative offices in Luxembourg, Ireland and Singapore, sales offices in Germany, London, Paris, The Netherlands, Sweden, Italy, Spain, Singapore, Taiwan, and California and research and development centers in Hauppauge, New York, Taipei, Taiwan and Braunschweig, Germany.  The Company's Internet web site can be found at http://www.hauppauge.com.

This news release contains forward-looking statements as that term is defined in the federal securities laws.  The events described in forward-looking statements contained in this may not occur.  Generally these statements relate to business plans or strategies, projected or anticipated benefits or other consequences of our plans or strategies, financing plans, projected or anticipated benefits from acquisitions that we may make, or projections involving anticipated revenues, earnings or other aspects of our operating results or financial position, and the outcome of any contingencies.  Any such forward-looking statements are based on current expectations, estimates and projections of management.  We intend for these forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements.  Words such as "may," "will," "expect," "believe," "anticipate," "project," "plan," "intend," "estimate," and "continue," and their opposites and similar expressions are intended to identify forward-looking statements.  We caution you that these statements are not guarantees of future performance or events and are subject to a number of uncertainties, risks and other influences (including, but not limited to, those set forth in "Item 1A–Risk Factors" on our Form 10-K), many of which are beyond our control, that may influence the accuracy of the statements and the projections upon which the statements are based.  Any one or more of these uncertainties, risks and other influences could materially affect our results of operations and whether forward-looking statements made by us ultimately prove to be accurate.  Our actual results, performance and achievements could differ materially from those expressed or implied in these forward-looking statements.  We undertake no obligation to publicly update or revise any forward-looking statements, whether from new information, future events or otherwise.  All cautionary statements made in this news release should be read as being applicable to all related forward-looking statements wherever they appear.

[Financial Table Follows]

HAUPPAUGE DIGITAL INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS



Three months ended September 30,


2012

2011




Net  sales

$8,676,442

$10,276,534

Cost  of  sales

6,441,000

7,434,039

 Gross profit

2,235,442

2,842,495




Selling, general and  administrative expenses

2,961,839

3,924,729

Research & development expenses

959,205

1,040,844

Loss  from operations

(1,685,602)

(2,123,078)

Other  income (expense):



  Interest income

698

1,881

  Foreign currency

(3,008)

8,723

Total  other  income (expense)

(2,310)

10,604

Loss before tax provision 

(1,687,912)

(2,112,474)

Current  tax provision

42,340

58,964

Deferred tax benefit

(117,033)

(95,708)

Net loss

($1,613,219)

($2,075,730)







Net loss per share-basic and diluted

($0.16)

($0.21)













Weighted average shares-basic and diluted

10,122,344

10,122,344





 

HAUPPAUGE DIGITAL INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS




Twelve months ended September 30,


2012

2011




Net sales

$44,640,360

$42,343,059

Cost  of  sales

31,144,077

29,262,521

Gross  profit

13,496,283

13,080,538




Selling, general and  administrative expenses

12,187,542

14,486,996

Research & development expenses

3,399,212

4,258,023

Loss  from operations

(2,090,471)

(5,664,481)

Other  income:



  Interest income

4,500

10,450

  Foreign currency

9,903

6,268

Total other  income

14,403

16,718

Loss before tax provision 

(2,076,068)

(5,647,763)

Current income tax expense

150,204

197,309

Deferred tax expense

317,178

4,000

      Net loss

($2,543,450)

($5,849,072)







Net loss per share-basic and diluted

($0.25)

($0.58)










Weighted average shares-basic and diluted

10,122,344

10,108,670








 

HAUPPAUGE DIGITAL INC. AND SUBSIDIARIES





CONSOLIDATED BALANCE SHEETS













September 30,

September 30,






2012

2011





 Assets:














 Current Assets:







     Cash and cash  equivalents 

$5,095,853

$4,080,537





     Accounts receivables, net of various allowances  

2,618,081

3,708,696





     Other non trade receivables

1,995,654

2,408,326





     Inventories 

9,497,856

10,092,224





     Deferred tax asset current

977,488

1,127,641





     Prepaid expenses and other current assets  

1,088,085

992,258





                Total current assets

21,273,017

22,409,682












     Intangible assets, net

2,431,594

3,186,430





     Property, plant and equipment, net

235,978

368,703





     Security deposits and other non current assets 

109,218

112,813





     Deferred tax asset non current

622,272

789,297






$24,672,079

$26,866,925



















 Liabilities and  Stockholders'  Equity :














 Current Liabilities:







    Accounts payable

$5,865,085

$6,674,900





    Accrued expenses –fees

4,002,754

4,082,719





    Accrued expenses

12,608,759

11,417,895





    Income taxes payable

230,123

242,201





              Total current liabilities

22,706,721

22,417,715












 Stockholders' Equity  







Common stock $.01 par value; 25,000,000 shares authorized,            







10,882,823 issued

108,828

108,828





Additional paid-in capital

18,316,085

18,187,595





Retained deficit

(9,443,408)

(6,899,958)





Accumulated other comprehensive  loss

(4,610,599)

(4,541,707)





Treasury Stock  at cost, 760,479 shares 

(2,405,548)

(2,405,548)





             Total stockholders' equity

1,965,358

4,449,210






$24,672,079

$26,866,925



















 

SOURCE Hauppauge Digital Inc.

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