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| CALGARY, Alberta--(BUSINESS
WIRE)--Aug. 12, 2003--QSound Labs, Inc. (NASDAQ:QSND), a leading developer of audio,
e-commerce and multimedia software products, reported revenues for the three months ended
June 30, 2003 of $383,000 as compared to $870,000 for the same period in FY2002. The
operating loss for the quarter was $(401,000) or $(0.06) per share as compared to an
operating profit of $188,000 or $0.03 per share for the same period last year. After
allowing for non-cash items such as depreciation, and foreign exchange gains, the net loss
for the period was $(327,000) or $(0.05) per share as compared to net income of $84,000 or
$0.01 per share for the same period in FY2002. Revenues for the six months ended June 30, 2003 were $1,214,000 compared to $1,625,000 in FY2002. The operating loss was $(223,000) or $(0.03) per share in FY2003 and the operating profit was $356,000 or $0.05 per share in FY2002. Net loss for FY2003 was $(239,000) or $(0.03) per share as compared to net income of $173,000 or $0.02 per share in FY2002. The Company reported a working capital surplus of $3,214,000 at June 30, 2003 of which cash comprised $3,082,000. Cash flow from operations totaled $480,000 for the six month period, most of which was retained, resulting in a cash increase of $461,000 for the period. "This was an important quarter for the Company as we made significant progress with the initiatives announced at our shareholder meeting in June," stated David Gallagher, President and CEO of QSound Labs. "As anticipated, the financial performance for this quarter was weak. However as planned, the combination of new revenue streams and our strong balance sheet will ensure an improved performance in the coming periods." "Specifically our microQ product suite for the mobile and handheld market has been well received and we will have designs wins in the near future. Royalty revenue from these design wins would start in FY2004. Also, we are now ready to ship our first VoIP products under the QTelNet brand and this will contribute financially during the third quarter and is expected to grow moving forward." This release contains forward-looking statements within the meaning of the Private Securities Litigation Act of 1995 concerning, among other things, expectation of revenues from customers for new products for the cellular, handheld device, and IP telephony markets. Investors are cautioned that such forward-looking statements involve risk and uncertainties, which could cause actual results, performance or achievements of QSound, 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 QSound, successful product development, introduction and acceptance, QSound's ability to carry out its business strategy and marketing plans, 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 QSound's periodic reports filed with the Securities and Exchange Commission. Forward-looking statements are based on the current expectations, projections and opinions of QSound's management, and QSound 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 June 30, 2003 and December 31, 2002
(Expressed in United States
dollars, prepared using US GAAP)
June 30, 2003 December 31, 2002
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 3,082,237 $ 2,621,205
Accounts receivable 248,773 929,519
Inventory 127,309 16,455
Deposits and prepaid expenses 74,083 58,674
---------------------------------------------------------------------
3,532,402 3,625,853
Note receivable - 500,000
Capital assets 1,218,965 747,553
Goodwill 2,184,589 2,184,589
Intangible assets 198,606 213,771
---------------------------------------------------------------------
$ 7,134,562 $ 7,271,766
---------------------------------------------------------------------
---------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS'
EQUITY
Current Liabilities:
Accounts payable and accrued
liabilities $ 219,180 $ 220,894
Deferred revenue 99,478 120,511
---------------------------------------------------------------------
318,658 341,405
---------------------------------------------------------------------
Shareholders' equity:
Share capital (7,177,344 common
shares) 44,212,679 44,088,094
Contributed surplus 1,114,316 1,114,316
Deficit (38,511,091) (38,272,049)
---------------------------------------------------------------------
6,815,904 6,930,361
---------------------------------------------------------------------
$ 7,134,562 $ 7,271,766
---------------------------------------------------------------------
---------------------------------------------------------------------
QSound Labs, Inc.
Consolidated Statements of Operations and Deficit
For the periods ended June 30, 2003 and 2002
(Expressed in United States dollars, prepared using US GAAP)
For three For three For six For six
months ended months ended months ended months ended
June 30, June 30, June 30, June 30,
2003 2002 2003 2002
(unaudited) (unaudited) (unaudited) (unaudited)
REVENUE
Royalties
and license
fees $ 95,753 $ 571,418 $ 576,408 $ 991,934
Product sales 287,555 298,747 637,750 633,393
--------------------------------------------------------------------
383,308 870,165 1,214,158 1,625,327
Cost of product
sales 64,276 49,365 147,013 58,636
--------------------------------------------------------------------
319,032 820,800 1,067,145 1,566,691
EXPENSES:
Marketing 322,449 259,116 579,247 453,132
Operations 40,185 62,102 76,254 143,634
Product
engineering 202,296 160,157 353,950 340,717
Administration 155,255 147,384 280,467 267,779
--------------------------------------------------------------------
720,185 628,759 1,289,918 1,205,262
--------------------------------------------------------------------
OPERATING (LOSS)
PROFIT (401,153) 192,041 (222,773) 361,429
OTHER ITEMS
Depreciation and
amortization (82,459) (91,010) (162,724) (171,047)
Interest and
other income 17,191 6,806 23,122 13,292
Gain (loss) on
sale of capital
assets (1,908) 29 (1,908) 29
Other 140,846 (23,577) 125,241 (31,065)
--------------------------------------------------------------------
73,670 (107,752) (16,269) (188,791)
--------------------------------------------------------------------
NET (LOSS)
INCOME FOR
PERIOD (327,483) 84,289 (239,042) 172,638
DEFICIT
BEGINNING OF
PERIOD (38,183,608) (39,312,652) (38,272,049) (39,401,001)
--------------------------------------------------------------------
DEFICIT END OF
PERIOD $(38,511,091) $(39,228,363) $(38,511,091) $(39,228,363)
--------------------------------------------------------------------
--------------------------------------------------------------------
INCOME PER
COMMON SHARE $ (0.05) $ 0.01 $ (0.03) $ 0.02
--------------------------------------------------------------------
--------------------------------------------------------------------
QSound Labs, Inc.
Consolidated Statements of Cash Flows
For the periods ended June 30, 2003 and 2002
(Expressed in United States dollars, prepared using US GAAP)
For three For three For six For six
months ended months ended months ended months ended
June 30, June 30, June 30, June 30,
2003 2002 2003 2002
(unaudited) (unaudited) (unaudited) (unaudited)
Cash provided by
(used in)
OPERATIONS
(Loss) Income
for the
period $ (327,483) $ 84,289 $ (239,042) $ 172,638
Items not
requiring
(providing)
cash:
Depreciation
and
amortization 82,459 91,010 162,724 171,047
Compensation
cost of
options
issued to
non-employees - - 5,864 -
Loss (gain)
on sale of
capital
assets 1,908 (29) 1,908 (29)
Changes in
working
capital
balances 463,552 (80,174) 548,645 (318,985)
--------------------------------------------------------------------
220,436 95,096 480,099 24,671
--------------------------------------------------------------------
FINANCING
Issuance of
common shares,
net 8,587 - 9,997 -
--------------------------------------------------------------------
- 8,587 9,997 -
--------------------------------------------------------------------
INVESTMENTS
Purchase of
capital assets (9,565) (29,336) (10,409) (97,487)
Purchase of
intangible
assets (12,797) (11,155) (24,277) (16,156)
Change in
working capital
for investment
purposes - (350,000) - (350,000)
Proceeds from
sale of capital
assets 5,622 29 5,622 29
--------------------------------------------------------------------
(16,740) (390,462) (29,064) (463,614)
--------------------------------------------------------------------
Increase
(decrease) in
cash 212,283 (295,366) 461,032 (438,943)
Cash and cash
equivalents
beginning of
period 2,869,954 1,904,315 2,621,205 2,047,892
--------------------------------------------------------------------
Cash and cash
equivalents end
of period $ 3,082,237 $ 1,608,949 $ 3,082,237 $ 1,608,949
--------------------------------------------------------------------
--------------------------------------------------------------------
Contact: QSound Labs Inc.
Paula Murray, 954-796-8798
paula.murray@qsound.com
www.qsound.com
Source: QSound Labs Inc. |
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