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| CALGARY, ALBERTA--(BUSINESS
WIRE)--May 8, 2002--QSound Labs, Inc. (NASDAQ: QSND) a leading developer of audio,
e-commerce and multimedia software products, reported revenues for the three months ended
March 31, 2002 of $755,000 as compared to $843,000 for the same period in FY2001. The
operating profit for the quarter was $168,000 or $0.02 per share as compared to $33,000 or
$0.00 per share for the same period last year. Including non-cash items such as
depreciation and amortization of goodwill, net income for the period was $88,000 or $0.01
per share as compared to a loss of $(179,000) or $(0.02) per share for the same period in
FY2001. The Company reported a working capital surplus of $2,383,000 compared to $2,288,000 as at December 31, 2001. Cash and cash equivalents decreased from $2,048,000 to $1,904,000 during the quarter as funds were expended on fixed asset acquisitions and general working capital. "The Company continues to operate in a stable fashion despite the continuing uncertainty in the technology sector," stated David Gallagher, President and CEO of QSound Labs. "We have maintained an effective cost control program while at the same time continuing with our product development plans. Several new product lines will be delivered in the second quarter, one of which will be the first delivery pursuant to the recently announced agreement with Philips." "The revenue mix by customer for each quarter over the past year has been ever changing. In the latest quarter, royalties received from our hearing aid license increased over previous periods as a result of new product releases by Starkey. This was partially offset by reduced iQfx®3 revenues from RealNetworks caused by reduced exposure of the product to consumers on their site. The uncertainty in the PC and CE markets, when added to this mix, provides an unclear picture of trends for later in the year; however in the short term, management expects financial results to be similar to this quarter." This release contains forward-looking statements within the meaning
of the Private Securities Litigation Act of 1995 concerning, among other things, continued
operational stability and development and commercial introduction of new products.
Investors are cautioned that such forward-looking statements involve risk and
uncertainties, which could cause actual results, performance or achievements of the
Company, or industry results to differ materially from those reflected in the
forward-looking statements. Such risks and uncertainties include, but are not limited to,
risks associated with loss of relationships with companies that do business with the
Company, successful product development, introduction and acceptance, dependence on the
performance of third parties that have licensed the Company's technologies, the Company's
ability to carry out its business strategy and marketing plans, including availability of
sufficient resources to do so timely and cost effectively, dependence on intellectual
property, rapid technological change, competition, general economic and business
conditions, continued growth of the Internet and other risks detailed from time to time in
the Company's periodic reports filed with the Securities and Exchange Commission.
Forward-looking statements are based on the current expectations, projections and opinions
of the Company's management, and the Company undertakes no obligation to publicly release
the results of any revisions to such forward-looking statements which may be made, for
example to reflect events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events. QSound Labs, Inc.
Consolidated Balance Sheets
As at March 31, 2002 and December 31, 2001
(Expressed in United States dollars,
prepared using US GAAP)
March 31, December 31,
2002 2001
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 1,904,315 $ 2,047,892
Accounts receivable 581,539 439,245
Inventory 28,195 28,587
Deposits and prepaid expenses 91,936 85,365
----------------------------------------------------------------------
2,605,985 2,601,089
Capital assets 933,268 932,776
Intangible assets 2,424,765 2,432,142
----------------------------------------------------------------------
$ 5,964,018 $ 5,966,007
----------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable and accrued Liabilities $ 187,710 $ 304,726
Deferred Revenue 34,960 8,282
----------------------------------------------------------------------
222,670 313,008
Shareholders' equity:
Share capital (7,085,574 common shares) 43,939,684 43,939,684
Contributed Surplus 1,114,316 1,114,316
Deficit (39,312,652) (39,401,001)
----------------------------------------------------------------------
5,741,348 5,652,999
----------------------------------------------------------------------
$ 5,964,018 $ 5,966,007
----------------------------------------------------------------------
QSound Labs, Inc.
Consolidated Statements of Operations and Deficit
For the 3 month period Ended March 31, 2002 and 2001
(Expressed in United States dollars,
prepared using US GAAP)
For three For three
months ended months ended
March 31, March 31,
2002 2001
(unaudited) (unaudited)
REVENUE
Royalties, license fees and product
sales $ 755,162 $ 842,541
Cost of product sales 9,271 24,426
----------------------------------------------------------------------
745,891 818,115
EXPENSES:
Marketing 194,016 239,915
Operations 81,532 139,161
Product engineering 180,560 251,780
Administration 121,594 154,593
----------------------------------------------------------------------
577,702 785,449
----------------------------------------------------------------------
Operating profit 168,189 32,666
Other items
Depreciation and amortization (80,037) (234,254)
Other 197 22,518
----------------------------------------------------------------------
(79,840) (211,736)
----------------------------------------------------------------------
Net income (loss) for the period 88,349 (179,070)
Deficit beginning of period (39,401,001) (38,668,091)
----------------------------------------------------------------------
Deficit end of period $ (39,312,652) $ (38,847,161)
----------------------------------------------------------------------
Income (loss) per common share $ 0.01 $ (0.02)
----------------------------------------------------------------------
QSound Labs, Inc.
Consolidated Statements of Cash Flows
For the 3 month period Ended March 31, 2002 and 2001
(Expressed in United States dollars,
prepared using US GAAP)
For three For three
months ended months ended
March 31, March 31,
2002 2001
(unaudited) (unaudited)
Cash provided by (used in)
OPERATIONS
Income (loss) for the period $ 88,349 $ (179,070)
Items not requiring (providing) cash:
Depreciation and amortization 80,037 234,254
Changes in working capital balances (238,810) 162,438
----------------------------------------------------------------------
(70,424) 217,622
----------------------------------------------------------------------
FINANCING
Repurchase of common shares, net - (210,917)
Repayment of debt - (275,000)
----------------------------------------------------------------------
- (485,917)
----------------------------------------------------------------------
INVESTMENTS
Purchase of capital assets (68,152) (15,474)
Purchase of intangible assets (5,001) (9,153)
----------------------------------------------------------------------
(73,153) (24,627)
----------------------------------------------------------------------
Increase (decrease) in cash (143,577) (292,922)
Cash and cash equivalents beginning of
period 2,047,892 2,264,639
----------------------------------------------------------------------
Cash and cash equivalents end of period $ 1,904,315 $ 1,971,717
----------------------------------------------------------------------
Contact: QSound Labs, Inc.
Paula Murray, 954/796-8798
Email: paula.murray@qsound.com
Website: www.qsound.com
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