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.

HAUPPAUGE DIGITAL INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
		Three months ended June 30,
		2010		2009
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

HAUPPAUGE DIGITAL INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
		Nine months ended June 30,
		2010		2009
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

HAUPPAUGE DIGITAL INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
		June 30, 2010 (unaudited)		September 30, 2009
Assets:
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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