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Hauppauge Digital Reports Fiscal 2010 Third Quarter And Nine-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.





Three months ended June 30,




Net sales $13,593,518 $13,067,124
Cost of sales 7,653,058   9,845,438
Gross profit 5,940,460 3,221,686
Selling, general and administrative expenses 3,705,827 3,954,536
Research and development expenses 1,083,489   1,122,911
Income (loss) from operations 1,151,144   (1,855,761)
Other income (expense):
Interest income 1,442 1,707
Interest expense - (20,832)
Foreign currency gain 152,142   25,532
Total other income 153,584   6,407
Income (loss) before tax provision 1,304,728 (1,849,354)
Tax provision 389,512   38,028
Net income (loss) $915,216   ($1,887,382)
Net income loss per share:
Basic and diluted $0.09 ($0.19)
Weighted average shares-basic 10,068,765 10,048,771
Weighted average shares-diluted 10,204,092 10,048,771





Nine months ended June 30,




Net sales $45,318,955 $43,089,233
Cost of sales 30,290,307   34,305,007
Gross profit 15,028,648 8,784,226
Selling, general and administrative expenses 11,816,087 11,655,103
Research and development expenses 3,258,661   3,236,401
Loss from operations (46,100)   (6,107,278)
Other income (expense):
Interest income 4,336 11,332
Interest expense (4,340) (49,478)
Foreign currency gain 213,770   669,209
Total other income 213,766   631,063
Income (loss) before tax provision 167,666 (5,476,215)
Tax provision 489,874   115,550
Net loss ($322,208)   ($5,591,765)
Net loss per share:
Basic and diluted ($0.03) ($0.56)
Weighted average shares-basic and diluted 10,064,618 10,042,546




June 30, 2010


  September 30, 2009
Cash and cash equivalents $8,166,507 $8,368,342
Trade receivables, net of various allowances 5,002,355 9,770,584
Other non trade receivables 2,457,288 4,116,392
Inventories 12,189,968 8,616,800
Deferred tax asset-current 966,974 1,297,574
Prepaid expenses and other current assets 1,153,919   928,680
Total current assets 29,937,011 33,098,372
Intangible assets, net 4,129,975 4,696,102
Property, plant and equipment, net 591,531 757,488
Security deposits and other non current assets 122,401 108,088
Deferred tax asset-non current 887,611   887,611
Total assets $35,668,529   $39,547,661
Liabilities and Stockholders’ Equity:
Current Liabilities:
Accounts payable $9,931,085 $12,478,625
Accrued expenses fees 4,669,691 5,753,546
Accrued expenses 9,841,621 8,131,263
Note Payable 0 625,045
Income taxes payable 229,560   224,316
Total current liabilities 24,671,957 27,212,795
Stockholders' Equity:

Common stock, $.01 par value; 25,000,000 shares authorized, 10,829,649 and 10,814,042 issued, respectively

108,297 108,140
Additional paid-in capital 17,615,594 17,276,651
Retained earnings 473,466 795,674
Accumulated other comprehensive loss (4,795,237) (3,441,262)
Treasury Stock, at cost 760,479 and 759,579 shares, respectively (2,405,548)   (2,404,337)
Total stockholders' equity 10,996,572   12,334,866
Total liabilities and stockholders' equity $35,668,529   $39,547,661

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