BWW Geeks World

Hauppauge Reports $1.6 Million Loss for Q4 of 2012

Related: Hauppauge, Financial

Hauppauge Digital Inc, a 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, 2012.

FOURTH QUARTER RESULTS

Net sales were $8.7 million for the fourth quarter of fiscal 2012 compared to $10.3 million reported for the previous year's fourth fiscal quarter.

The Company incurred a net loss of $1,613,219 for the fourth quarter of fiscal 2012 compared to a net loss of $2,075,730 for the fourth quarter of fiscal 2011. Net loss per share for the fourth quarter of fiscal 2012 was $0.16 on a basic and diluted basis, compared to a net loss per share of $0.21 on a basic and diluted basis for the fourth quarter of fiscal 2011.

FISCAL YEAR RESULTS

Net sales were $44.6 million for the fiscal year ended September 30, 2012 compared to $42.3 million reported for fiscal year endedSeptember 30, 2011.

The Company incurred a net loss of $2,543,450 for the fiscal year ended September 30, 2012 compared to a net loss of $5,849,072 for the fiscal year ended September 30, 2011. Net loss per share for the fiscal year ended September 30, 2012 was $0.25 on a basic and diluted basis, compared to a net loss per share of $0.58 on a basic and diluted basis for the fiscal year ended September 30, 2011.

DISCUSSION OF RESULTS

Ken Plotkin, Hauppauge's Chief Executive Officer stated, "Led by increased sales of our USB-Live and HD PVR video recorder and video streaming products, worldwide sales for fiscal 2012 increased by 8.2% before the negative effect caused by the decline in the Euro. Taking into account the 2.8% decline in the Euro, our net sales increased 5.4% in fiscal 2012 compared with fiscal 2011.

As a result of reduced expenses and headcount, which the company implemented in the fourth quarter of fiscal 2011, our selling, general and administrative expenses declined by 16.8% from fiscal 2011. The combination of increased sales and reduced expenses allowedHauppauge to reduce our loss approximately 56.52% compared to fiscal 2011.

At the Gamescon show in Cologne, Germany in August 2012, Hauppauge introduced a new gaming recorder designed to allow console and PC gaming enthusiasts to record video game play from the Microsoft Xbox 360 and the Sony Playstation 3. Called the HD PVR 2, this new game recorder was designed to provide new features compared with the original HD PVR high definition video recorder. HD PVR 2 was shipped to our customers starting in September 2012.

In anticipation of the launch of the new HD PVR 2, in fiscal Q4 we reduced prices and limited the sales of the original HD PVR in order to reduce channel inventory. The effect of price reductions and limited shipments of the original HD PVR dampened our fourth fiscal quarter sales."

Related Links
Packers Plus Taps Radius to Streamline Its Expansion into AustraliaPackers Plus Taps Radius to Streamline Its Expansion into Australia
December 19, 2014
Lennar Launches Newly Redesigned Website ExperienceLennar Launches Newly Redesigned Website Experience
December 19, 2014
Unvired Garners Top Award at Rice Alliance 12th Annual I.T. and Web Venture ForumUnvired Garners Top Award at Rice Alliance 12th Annual I.T. and Web Venture Forum
December 19, 2014
PowerPlan Successfully Implements Regulatory Management Suite at Energy Transfer PartnersPowerPlan Successfully Implements Regulatory Management Suite at Energy Transfer Partners
December 19, 2014
Morningstar Credit Ratings, LLC Assigns 'MOR RV1' Residential Vendor Ranking for ClearCapital.com, Inc. as a Residential Vendor for Asset ValuationMorningstar Credit Ratings, LLC Assigns 'MOR RV1' Residential Vendor Ranking for ClearCapital.com, Inc. as a Residential Vendor for Asset Valuation
December 19, 2014


About Author

Subscribe to Author Alerts


Become a Fan, Follower & Subscriber

   
Advertisement Advertisement