Hauppauge Digital Inc., a developer of digital video TV and data broadcast receiver products for personal computers, reported financial results for the second fiscal quarter and six month period ended March 31.
In a release on May 17, the company noted earnings details:
SECOND QUARTER RESULTS
Net sales were $10.3 million for the second quarter of fiscal 2011 compared to $13.8 million reported for the previous year's second fiscal quarter.
The Company incurred a net loss of $1,443,367 for the second quarter of fiscal 2011 compared to a net loss of $902,873 for the second quarter of fiscal 2010. Basic and diluted net loss per share was $0.14 for the second quarter of fiscal 2011 and $0.09 for the second quarter of fiscal 2010.
SIX MONTH RESULTS
Net sales were $23.2 million for the six months ended March 31, compared to $31.7 million reported for the six months ended March 31, 2010.
The Company incurred a net loss of $2,181,587 for the six months ended March 31, compared to a net loss of $1,237,424 for the six months ended March 31, 2010. Basic and diluted net loss per share was $0.22 for the six months ended March 31, and $0.12 for the six months ended March 31, 2010.
DISCUSSION OF RESULTS
Ken Plotkin, Hauppauge's CEO stated "Our sales to computer products retailers have slowed in Europe, primarily due to the decline in the sales of new laptop computers which have been our target market for the past several years. In order to refocus our sales strategy, we restructured our sales organization in January to place more focus on areas in Europe where we expect faster growth later on this year.
Our gross profit margins continued to expand due to increased sales of our newer, more profitable products plus the decline in the low margin sales to PC manufacturers. Colossus, which is our next generation high definition video recorder, began shipping during our second fiscal quarter. 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.
In addition to Colossus, we started to ship our newest product, Broadway, into the European market in mid April. Broadway was developed by our PCTV Systems group in Europe, and sends live TV from a cable TV box or from a TV antenna to an Apple iPad and iPhone. Broadway can also send live TV in the home via Wi-Fi or via the Internet anywhere in the world. Broadway has a retail price of 199 Euros and has similar functions to our WinTV Extend software, but is a small stand-alone box and does not require a PC to operate.
We are very excited about Broadway, and plan to start North America shipments within the next quarter."
Hauppauge Digital Inc. is a 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.
More Information:
hauppauge.com
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