Hauppauge Digital Reports Fiscal 2010 Fourth Quarter And Year End Results
Hauppauge Digital Inc. (NASDAQ: HAUP), a leading developer of digital video TV and data broadcast receiver products for personal computers, today reported financial results for the fourth fiscal quarter and year ended September 30, 2010.
FOURTH QUARTER RESULTS
Net sales were $11.6 million for the fourth quarter of fiscal 2010 compared to $16.3 million reported for the previous year’s fourth fiscal quarter.
The Company incurred a net loss of $1,524,352 for the fourth quarter of fiscal 2010 compared to a net loss of $1,551,256 for the fourth quarter of fiscal 2009. Net loss per share for the fourth quarter of fiscal 2010 and the fourth quarter of fiscal 2009 was $0.15 on a basic and diluted basis.FISCAL YEAR RESULTS Net sales were $56.9 million for the fiscal year ended September 30, 2010 compared to $59.3 million reported for the fiscal year ended September 30, 2009. The Company incurred a net loss of $1,846,560 for the fiscal year ended September 30, 2010 compared to a net loss of $7,143,021 for the fiscal year ended September 30, 2009. Net loss per share for the fiscal year ended September 30, 2010 was $0.18 on a basic and diluted basis, compared to a net loss per share of $0.71 on a basic and diluted basis for the fiscal year ended September 30, 2009. DISCUSSION OF RESULTS Ken Plotkin, Hauppauge’s Chief Executive Officer stated, “On a positive note, in 2010 sales of our TV tuner products in North America were strong, especially considering the weakness in the retail computer products market. In addition, we saw an increase in our gross profit margins due to a more favorable mix of sales to computer product retailers versus sales to personal computer manufacturers. “As the complexity of our TV tuner products increases, the average time it takes us to bring a new product to market is also increasing. At the end of fiscal 2010, we had three new products still under development which we expect will be launched and shipping in fiscal 2011. These products are internally called “Broadway”, “Colossus” and “WinTV-DVR”. In addition, we expect to launch our first U.S. mobile digital TV receiver, which we plan to call “WinTV-Aero-m”. The WinTV-Aero-m allows laptop or netbook users to watch the new ATSC M/H live over-the-air digital TV programs while they travel. ATSC M/H is a broadcast technology being launched in the United States and promoted by major broadcasters such as NBC and Fox.
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