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Hauppauge Digital Reports Fiscal 2011 First Quarter Results

At the CES show in January 2011, we announced the launch of new products which are anticipated to start shipping at some point during the next two quarters. These products are called “Broadway”, “Colossus” and the “WinTV-Aero-m”.

"Colossus" is our next generation high definition video recorder. Colossus can record TV programs in HD from a cable TV or satellite set-top box. It can also record video game play in HD from an Xbox 360 and a PlayStation 3.

"Broadway" extends our product family of live TV products for the Apple iPhone and iPad. Broadway will send live TV to an Apple device via either WiFi or via the Internet. Broadway has similar functions to our WinTV Extend software, but does not require a PC to operate.

Also announced at the show was the launch of our first U.S. mobile digital TV receiver, “WinTV-Aero-m”. 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.”

ABOUT HAUPPAUGE DIGITAL

Hauppauge Digital Inc. is a leading developer of analog and digital TV receiver products for the personal computer market. Through its Hauppauge Computer Works, Inc. and Hauppauge Digital Europe SARL subsidiaries, the Company designs and develops analog and digital TV receivers that allow PC users to watch television on their PC screen in a resizable window and enable the recording of TV shows to a hard disk, digital video editing, video conferencing, receiving of digital TV transmissions, and the display of digital media stored on a computer to a TV set via a home network. The Company is headquartered in Hauppauge, New York, with administrative offices in Luxembourg, Ireland and Singapore, sales offices in Germany, London, Paris, The Netherlands, Sweden, Italy, Spain, Singapore, Taiwan and California and research and development centers in Hauppauge, New York, Taipei, Taiwan and Braunschweig, Germany. The Company’s Internet web site can be found at http://www.hauppauge.com.

This news release contains forward-looking statements as that term is defined in the federal securities laws. The events described in forward-looking statements contained in this news release may not occur. Generally these statements relate to business plans or strategies, projected or anticipated benefits or other consequences of our plans or strategies, financing plans, projected or anticipated benefits from acquisitions that we may make, or projections involving anticipated revenues, earnings or other aspects of our operating results or financial position, and the outcome of any contingencies. Any such forward-looking statements are based on current expectations, estimates and projections of management. We intend for these forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements. Words such as “may,” “will,” “expect,” “believe,” “anticipate,” “project,” “plan,” “intend,” “estimate,” and “continue,” and their opposites and similar expressions are intended to identify forward-looking statements. We caution you that these statements are not guarantees of future performance or events and are subject to a number of uncertainties, risks and other influences, many of which are beyond our control, that may influence the accuracy of the statements and the projections upon which the statements are based. Factors that could cause actual results to differ materially from those set forth or implied by any forward-looking statement include, but are not limited to, the mix of products sold and the profit margins thereon, order cancellation or a reduction in orders from customers, competitive product offerings and pricing actions, the availability and pricing of key raw materials, dependence on key members of management, successful integration of acquisitions, economic conditions in the United States and abroad, fluctuation of the value of the Euro versus the U.S. dollar, our history of operating losses, our ability to obtain financing, our ability to maintain our NASDAQ listing, as well as other risks and uncertainties discussed in the Company’s reports filed with the Securities and Exchange Commission, including, but not limited to, the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2010 and the Company’s Form 10-Q for the three months ended December 31, 2010. Any one or more of these uncertainties, risks and other influences could materially affect our results of operations and whether forward-looking statements made by us ultimately prove to be accurate. Our actual results, performance and achievements could differ materially from those expressed or implied in these forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether from new information, future events or otherwise. All cautionary statements made in this news release should be read as being applicable to all related forward-looking statements wherever they appear.

HAUPPAUGE DIGITAL INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

 

   

Three months ended December 31,

2010

   

2009

   
Net sales $12,862,946 $17,878,358
Cost of sales 8,515,708     12,655,961
Gross profit 4,347,238 5,222,397
 
Selling, general and administrative expenses 3,774,704 4,332,523
Research & development expenses 1,096,779     1,170,071
Loss from operations (524,245) (280,197)
Other income (expense):
Interest income 1,559 1,452
Interest expense - (4,340)
Foreign currency 31,523     (240)
Total other income (expense) 33,082     (3,128)
Loss before tax provision (491,163) (283,325)
Deferred tax expense 199,726 -
Current tax expense 47,331     51,226
Net loss ($738,220)     ($334,551)
 
Net loss per share-basic and diluted ($0.07) ($0.03)
       
       
 
Weighted average shares-basic and diluted 10,083,417 10,059,808
 

HAUPPAUGE DIGITAL, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
 
    December 31,     September 30,
2010     2010
Assets:
 
Current Assets:
Cash and cash equivalents $7,286,019 $7,057,904
Accounts receivables, net of various allowances 3,623,630 4,403,194
Other non trade receivables 1,829,872 2,355,834
Inventories 12,214,733 11,450,565
Deferred tax asset current 1,271,988 1,310,204
Prepaid expenses and other current assets 1,070,173     980,087
Total current assets 27,296,415 27,557,788
 
Intangible assets, net 3,752,557 3,941,266
Property, plant and equipment, net 505,835 544,959
Security deposits and other non current assets 106,241 106,241
Deferred tax asset non current 449,224     610,734
$32,110,272     $32,760,988
 
 
Liabilities and Stockholders’ Equity:
 
Current Liabilities:
Accounts payable $7,015,036 $7,306,221
Accrued expenses – fees 4,917,267 4,955,540
Accrued expenses 10,416,263 10,266,495
Income taxes payable 276,717     252,090
Total current liabilities 22,625,283 22,780,346
 
Stockholders' Equity

Common stock, $.01 par value; 25,000,000 shares authorized, 10,845,368 and 10,842,274 issued, respectively

108,454 108,423
Additional paid-in capital 17,843,446 17,739,330
Retained deficit (1,789,106) (1,050,886)
Accumulated other comprehensive loss (4,272,257) (4,410,677)
Treasury Stock at cost, 760,479 shares (2,405,548)     (2,405,548)
Total stockholders' equity 9,484,989     9,980,642
$32,110,272     $32,760,988




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