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Hauppauge Digital Reports Fiscal 2010 Second Quarter And Six-Month Results

Hauppauge Digital Inc. (NASDAQ: HAUP), a leading developer of analog and digital TV receiver products for the personal computer market, reported financial results for the second fiscal quarter and six-month period ended March 31, 2010.

SECOND QUARTER RESULTS

Net sales were $13.8 million for the second quarter of fiscal 2010, an increase of approximately 8.75% from the $12.7 million reported for the previous year’s second fiscal quarter.

The Company incurred a net loss of $902,873 for the second quarter of fiscal 2010 compared to a net loss of $1,932,070 for the second quarter of fiscal 2009. Net loss per share for the second quarter of fiscal 2010 was $0.09 on a basic and diluted basis, compared to a net loss per share of $0.19 on a basic and diluted basis for the second quarter of fiscal 2009.

SIX-MONTH RESULTS

Net sales were $31.7 million for the six months ended March 31, 2010, an increase of approximately 5.67% from the $30.0 million reported for the six months ended March 31, 2009.

The Company incurred a net loss of $1,237,424 for the six months ended March 31, 2010 compared to a net loss of $3,704,383 for the six months ended March 31, 2009. Net loss per share for the six months ended March 31, 2010 was $0.12 on a basic and diluted basis, compared to a net loss per share of $0.37 on a basic and diluted basis for the six months ended March 31, 2009.

DISCUSSION OF RESULTS

Ken Plotkin, Hauppauge’s Chief Executive Officer stated “net of changes in our sales reserve, we saw a sales increase of approximately 18% compared with the 2009 second fiscal quarter. Our loss from operations excluding non-cash expenses for the first six months of the fiscal year has narrowed to approximately $206,000.

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