posted
Made a few bucks on this a while ago but with actual profits this may be worth a look, see..
Spatializer Audio Laboratories, Inc. Reports Continued Profitability in the Second Quarter 2005 PR Newswire - August 10, 2005 08:00 Revenues Increase 83% Over the Prior Year
SAN JOSE, Calif., Aug 10, 2005 /PRNewswire-FirstCall via COMTEX/ -- Spatializer Audio Laboratories, Inc. (OTC Bulletin Board: SPAZ) today announced financial results for the second quarter ended June 30, 2005.
Revenues increased to $429,000 for the quarter ended June 30, 2005 compared to $235,000 for the quarter ended June 30, 2004, an increase of 83%. Revenues in the six months ended June 30, 2005 were $761,000, compared to revenues of $406,000 in the comparable period last year, an increase of 87%.
Net income in the three months ended June 30, 2005 was $58,000, $0.00 basic per share, compared with net loss of ($123,000) ($0.00) basic per share in the comparable period last year. Net income in the six months ended June 30, 2005 was $68,000, $0.00 basic per share, compared with net loss of ($247,000) ($0.01) basic per share in the comparable period last year.
At June 30, 2005, the Company had $729,000 in cash and cash equivalents as compared to $871,000 at December 31, 2004. Working capital was $693,000 at June 30, 2005 as compared with working capital of $603,000 at December 31, 2004
Revenues in the three and six months ended June 30, 2005 increased due to greater usage of the Company's technology in mobile telephones and the continued recognition of deferred revenue on a royalty prepayment received in the third quarter of 2004.
"We continue to make progress in the cell phone market which is having a positive effect on our revenue stream," stated Henry R. Mandell, chairman and chief executive officer. "In addition, our licensing arrangement with Samsung for its mobile music player and DVD decoder chips continues to have a significant impact on our current revenues, as we expected."
Mandell continued, "While we are cautiously optimistic for our business going forward, this is a very competitive environment which poses market risk. Timing of design-ins and licensee product roll-out is beyond our control. For example, revenue from the initial Samsung license pre-payment will be fully recognized in the third quarter of 2005 and future revenue from this license will be based on the sales volume of these chips by Samsung and the timing of such shipments. The timing of product launch in the cell phone market is also in the hands of the OEM and system operator and volume is determined by market acceptance of a particular Spatializer-equipped handset."
"Nevertheless, our stepped-up promotion efforts in Greater China and Korea are well received and the number of chip alliances and resulting increased availability on a wider range of chip platforms is gaining momentum," concluded Mr. Mandell. "Our Asian Development Center in India is providing us with the engineering resources to fuel this momentum. Multimedia mobility lends itself very well, we believe, to the mobile audio enhancement technology that we offer. As more and new product prospects are introduced to the Spatializer advantage, we expect that we will be able to convert this interest to new royalty-bearing licenses in the future."
About Spatializer
Spatializer Audio Laboratories Inc. is a leading developer, licensor and marketer of next-generation technologies for the consumer electronics, computing and mobile handset markets. The company's advanced audio technology is incorporated into products from global brand leaders including Toshiba, Sanyo and Sharp , among others. Spatializer stock is traded on the OTC Bulletin Board under the symbol: SPAZ. The company is headquartered in San Jose, CA, with executive offices in Westlake Village, CA and representative offices throughout the Asia Pacific region. Further information may be obtained from the company's web site, www.spatializer.com, Spatializer SEC filings, and by contacting the company's Investor Relations Department at 408-453-4180 or by writing to investor@spatializer.com.
Safe Harbor Act Statement Under the Private Securities Litigation Reform Act of 1995: Certain information in this news release, including the comments by Mr. Mandell in this press release are forward looking statements that are based on management's belief, as well as assumptions made by, and information currently available to management. While the company believes that its expectations are based upon reasonable assumptions, there can be no assurances that the company's financial goals will be realized. Numerous uncertainties and risk factors may affect the company's actual results and may cause results to differ materially from those expressed in forward-looking statements made by or on behalf of the company. These uncertainties and risk factors include, but are not limited to the continued need for additional capital, dependence on new technology and intellectual property, dependence on the PC and consumer electronics industries, dependence on product shipments of third-party licensees, dependence on third-party technology integrators or chip suppliers, competition and pricing pressures, and other risks detailed from time to time in the company's periodic reports filed with the Securities and Exchange Commission.
NOTE: Desper Products Inc. is a wholly owned subsidiary of Spatializer Audio Laboratories Inc. Spatializer(R) and the circle-in-the-square device are registered trademarks of Desper Products Inc. All other trademarks are the property of their respective owners.
SPATIALIZER AUDIO LABORATORIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
For the Three Month For the Six Month Period Period Ended Ended June 30, June 30, June 30, June 30, 2005 2004 2005 2004 Revenues: License Revenues $-- $-- $-- $-- Royalty Revenues 428,912 234,860 760,863 405,539 Product Revenues -- -- -- -- 428,912 234,860 760,863 405,539
Operating Expenses: General and Administrative 189,723 206,284 340,924 372,913 Research and Development 83,358 106,223 182,649 201,788 Sales and Marketing 56,201 21,859 95,454 35,478 329,282 334,366 619,027 610,179
Interest and Other Income 3,696 948 6,616 1,889 Interest and Other Expense (2,870) (4,168) (4,110) (6,766) 826 (3,220) 2,506 (4,877)
Income (Loss) Before Income Taxes 57,566 (120,859) 67,580 (244,655)
Income Taxes -- (2,400) -- (2,400)
Net Income (Loss) $57,566 $(123,259) $67,580 $(247,055)
Basic and Diluted Earnings Per Share $0.00 $(0.00) $0.00 $(0.01)
Weighted Average Shares Outstanding 46,975,365 46,975,365 46,975,365 46,975,365
See notes to the financial statements
SPATIALIZER AUDIO LABORATORIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS
June 30, December 31, 2005 2004 (unaudited) Current Assets: Cash and Cash Equivalents $729,336 $871,155 Accounts Receivable, net 180,385 325,712 Prepaid Expenses and Deposits 66,721 70,940 Total Current Assets 976,442 1,267,807
Property and Equipment, net 26,381 29,527 Intangible Assets, net 146,730 166,710 Total Assets $1,149,553 $1,464,044
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities: Note Payable 67,090 66,252 Accounts Payable 24,446 71,873 Accrued Wages and Benefits 39,927 50,446 Accrued Professional Fees 10,000 20,000 Accrued Commissions 29,335 32,182 Accrued Expenses 33,979 32,979 Deferred Revenue 78,279 391,395 Total Current Liabilities 283,056 665,127
Commitments and Contingencies
Series B-1, Redeemable Convertible Preferred shares, $.01 par value, 1,000,000 shares authorized, 118,351 shares issued and outstanding at June 30, 2005 and December 31, 2004 1,182 1,182 Shareholders' Equity: Common shares, $.01 par value, 65,000,000 shares authorized, 46,975,365 shares issued and outstanding at June 30, 2005 and December 31, 2004. 469,754 469,754 Additional Paid-In Capital 46,428,866 46,428,866 Accumulated Deficit (46,033,305) (46,100,885) Total Shareholders' Equity 865,315 797,735
$1,149,553 $1,464,044
See notes to the financial statements
SOURCE Spatializer Audio Laboratories, Inc.
Investor Relations, Henry R. Mandell, CEO of Spatializer Audio Laboratories, Inc., +1-408-453-4180, ext. 201, or investor@spatializer.com
Management Effectiveness Return on Assets (ttm): -1.14% Return on Equity (ttm): -2.89%
Income Statement Revenue (ttm): 1.27M Revenue Per Share (ttm): 0.027 Qtrly Revenue Growth (yoy): 94.50% Gross Profit (ttm): 994.53K EBITDA (ttm): 37.72K Net Income Avl to Common (ttm): -23.68K Diluted EPS (ttm): -0.001 Qtrly Earnings Growth (yoy): -108.10%
Balance Sheet Total Cash (mrq): 873.90K Total Cash Per Share (mrq): 0.019 Total Debt (mrq): 40.02K Total Debt/Equity (mrq): 0.049 Current Ratio (mrq): 2.376 Book Value Per Share (mrq): 0.017
Cash Flow Statement From Operations (ttm): 296.76K Free Cashflow (ttm): 238.41K TRADING INFORMATION
Share Statistics Average Volume (3 month)3: 38,753.80 Average Volume (10 day)3: 52,128.60 Shares Outstanding: 46.98M Float: 41.52M % Held by Insiders4: N/A % Held by Institutions4: N/A Shares Short 3: N/A Short Ratio 3: N/A Short % of Float 3: N/A Shares Short (prior month)3: N/A
Dividends & Splits Dividend (ttm)3: N/A Dividend Yield (ttm)3: N/A Dividend Date3: N/A Ex-Dividend Date3: N/A Last Split Factor (new per old)2: N/A Last Split Date3: N/A
-------------------- 5/4ths of Americans do not understand fractions!!
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