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TheStreet Open House

Why Parametric Sound (PAMT) Stock Is Up In Aftermarket Trading

NEW YORK (TheStreet) -- Parametric Sound Corp.  (PAMT) was up 4.8% to $12.50 in aftermarket trading on Thursday, nearly erasing the 6.21%, 79 cent decline to 11.93, it suffered during market trading.

The aftermarket jump comes after the audio solutions company revealed the details of its planned amendment to its SEC Form 8-K in a conference call Thursday afternoon.

The original Form 8-K was filed on January 16, 2014, but did not include audited financial statements from Turtle Beach whose acquisition was finalized on January 15, 2014.

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Turtle Beach -- which makes audio devices for video game consoles -- had a down year in 2013 due to the transition Microsoft's Xbox and Sony's Plastation franchises experienced to their fourth generation consoles. 

"The gaming industry experienced a cyclical event last year as Microsoft and Sony each introduced new consoles for the first time in eight years," said CEO Juergen Stark.

"The consumer response to Xbox One and PlayStation 4 has been overwhelmingly positive creating a rapidly growing installed base which we estimate to be over 10 million units already. As the leader in gaming headsets we are well positioned to benefit from the anticipated growth in the segment as consumers purchase new consoles over the next three years and beyond," he added.

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