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

Any one or more of these uncertainties, risks and other influences could materially affect the Company’s results of operations and whether forward-looking statements made by the Company ultimately prove to be accurate. The Company’s actual results, performance and achievements could differ materially from those expressed or implied in these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether from new information, future events or otherwise.

   
HAUPPAUGE DIGITAL INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

Three months ended March 31,

2010

2009
 
Net sales $13,847,079 $12,733,429
Cost of sales 9,981,288   9,769,150
Gross profit 3,865,791 2,964,279
 
Selling, general and administrative expenses 3,777,737 3,861,671
Research and development expenses 1,005,101   1,267,848
Loss from operations (917,047)   (2,165,240)
     
Other income (expense):
Interest income 1,435 5,156
Interest expense - (28,646)
Foreign currency gain 61,875   296,675
Total other income 63,310   273,185
Loss before tax provision (853,737) (1,892,055)
Tax provision 49,136   40,015
Net loss ($902,873)   ($1,932,070)
 
 
Net loss per share:
Basic and diluted ($0.09) ($0.19)
 
Weighted average shares-basic and diluted 10,065,344 10,043,876
   
HAUPPAUGE DIGITAL INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)
 

 

Six months ended March 31,

2010

2009
 
Net sales $ 31,725,437 $ 30,022,109
Cost of sales   22,637,249       24,459,569  
Gross profit 9,088,188 5,562,540
 
Selling, general and administrative expenses 8,110,260 7,700,567
Research and development expenses   2,175,172       2,113,490  
Loss from operations   (1,197,244 )     (4,251,517 )
     
Other income (expense):
Interest income 2,894 9,625
Interest expense (4,347 ) (28,646 )
Foreign currency gain   61,635       643,677  
Total other income   60,182       624,656  
Loss before tax provision (1,137,062 ) (3,626,861 )
Tax provision   100,362       77,522  
Net loss $ (1,237,424 )   $ (3,704,383 )
 
 
Net loss per share:
Basic and diluted ($0.12 ) ($0.37 )
 
 
Weighted average shares-basic and diluted 10,062,545 10,039,474
   
HAUPPAUGE DIGITAL INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
 
March 31, 2010 September 30, 2009
(unaudited)    
Assets:
Cash and cash equivalents $8,712,496 $8,368,342
Trade receivables, net of various allowances 7,335,968 9,770,584
Other non trade receivables 4,263,465 4,116,392
Inventories 9,961,418 8,616,800
Deferred tax asset-current 1,297,574 1,297,574
Prepaid expenses and other current assets 1,145,158   928,680
Total current assets 32,716,079 33,098,372
 
Intangible assets, net 4,318,684 4,696,102
Property, plant and equipment, net 641,754 757,488
Security deposits and other non current assets 108,070 108,088
Deferred tax asset-non current 887,611   887,611
Total assets $38,672,198   $39,547,661
     
 
Liabilities and Stockholders’ Equity:
 
Current Liabilities:
Accounts payable $12,392,648 $12,478,625
Accrued expenses fees 5,681,983 5,753,546
Accrued expenses 9,716,484 8,131,263
Note Payable 0 625,045
Income taxes payable 209,332   224,316
Total current liabilities 28,000,447 27,212,795
 
Stockholders' Equity:
Common stock, $.01 par value; 25,000,000 shares authorized,
10,825,296 and 10,814,042 issued, respectively 108,253 108,140
Additional paid-in capital 17,498,372 17,276,651
Retained earnings (deficit) (441,750) 795,674
Accumulated other comprehensive loss (4,088,787) (3,441,262)
Treasury Stock, at cost, 759,579 shares (2,404,337)   (2,404,337)
Total stockholders' equity 10,671,751   12,334,866
Total liabilities and stockholders' equity $38,672,198   $39,547,661

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