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Hauppauge Digital Reports Fiscal 2010 Third Quarter And Nine-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 third fiscal quarter and nine-month period ended June 30, 2010.

THIRD QUARTER RESULTS

Net sales were $13.6 million for the third quarter of fiscal 2010, an increase of approximately 4.03% from the $13.1 million reported for the previous year’s third fiscal quarter.

The Company recorded net income of $915,216 for the third quarter of fiscal 2010 compared to a net loss of $1,887,382 for the third quarter of fiscal 2009. The results for the third quarter of fiscal 2010 reflect a reduction in accrued expenses fees of about $2.2 million for settlements and changes in estimates. Net income per share for the third 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 third quarter of fiscal 2009.

NINE-MONTH RESULTS

Net sales were $45.3 million for the nine months ended June 30, 2010, an increase of approximately 5.17% from the $43.1 million reported for the nine months ended June 30, 2009.

The Company incurred a net loss of $322,208 for the nine months ended June 30, 2010 compared to a net loss of $5,591,765 for the nine months ended June 30, 2009. The results for the nine months ended June 30, 2010 reflect a reduction in accrued expenses fees of about $2.2 million for settlements and changes in estimates. Net loss per share for the nine months ended June 30, 2010 was $0.03 on a basic and diluted basis, compared to a net loss per share of $0.56 on a basic and diluted basis for the nine months ended June 30, 2009.

DISCUSSION OF RESULTS

Ken Plotkin, Hauppauge’s Chief Executive Officer stated, “While TV tuner sales to the PC OEM market continue to be soft, we continue to see sales growth in the PC retail market both in the U.S. and in Europe. Our PCTV product line, acquired in 2009 from Avid Technology, Inc., has established itself as our premium TV tuner product line and has helped drive an improvement in gross profit margins. Excluding the change in estimates, our gross profit margins have increased from 20.4% for the first nine months of fiscal 2009 to 28.3% for the first nine months of our 2010 fiscal year.

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