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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