Spatializer Audio Labs.
MARKET GUIDE INC
Copyright (c) 1999, Market Guide Inc., All rights reserved
TABLE OF CONTENTS
OUS;SPAZ[MG]/2 L<<< Company Description
OUS;SPAZ[MG]/3 L<<< Quarterly Summary
OUS;SPAZ[MG]/4 L<<< Company To Industry Ratio Comparison
OUS;SPAZ[MG]/5 L<<< Share Ownership & Price Performance
OUS;SPAZ[MG]/6 L<<< Capitalization, Officers & Address
OUS;SPAZ[MG]/7 L<<< Annual Income Statements
OUS;SPAZ[MG]/8 L<<< Annual Income Statements - Continued
OUS;SPAZ[MG]/9 L<<< Quarterly & Year To Date Income Statements
OUS;SPAZ[MG]/10 L<<< Annual & Quarterly Balance Sheets
OUS;SPAZ[MG]/11 L<<< Annual & Year To Date Statement of Cash Flows
Complete Financials: G March 1999 OExchange G OTC
G OFY END G DEC
ISSUE DATA (07/30/99) PER SHARE DATA RATIOS
Price $ G 0.67 OEPS (TTM) $ G -0.08 OP/E (TTM) G NM
52W High $ G 0.91 ODiv. Rate $ G 0.00 OYield G 0.00 %
52W Low $ G 0.06 OBook Value $ G -0.06 OPrice/Book G NM
Shrs Out G 27.41 Mil OCash $ G 0.00 OROE (TTM) G -955.83 %
Float G 19.70 Mil ORev (TTM) $ G 0.06 OROA (TTM) G -55.37 %
Mon. Vol G 18.56 Mil O G OCurr. Ratio G 0.11
Beta G 0.76 O G OLT Dbt/Eqty G NM
BRIEF: G SPAZ develops and licenses proprietary advanced
audio signal processing technologies and products for use
in consumer electronics and professional recording and film
production, television broadcast, and PC game development.
For the 3 months ended 3/31/99, revenues fell 32% to $358K.
Net income totalled $2K, vs. a loss of $920K. Results
reflect a license agreement being converted into a flat
fee, offset by the impact of the discontinuation of MDT.
L HISTORICAL QUARTERLY RESULTS ($000)
LREVENUE 1996 1997 1998 1999
O1st Qtr MAR G 429 519 523 358
O2nd Qtr JUN G 508 577 675
O3rd Qtr SEP G 472 833 390
O4th Qtr DEC G 615 853 92
LEPS (U.S. Dollars per share)
O1st Qtr MAR G -0.060 -0.050 -0.040 0.000
O2nd Qtr JUN G -0.140 -0.060 -0.070
O3rd Qtr SEP G -0.080 -0.030 -0.050
O4th Qtr DEC G -1.630 -0.062 0.040
12/94, FY end change from AUG to DEC. FY'94 annual = 4 mos.
FY'95 annual & FY'95 - '96 Qs reclassified. FY'96 Co. issd.
28,865 shs. as payment for finders' fees for the placements.
DIVIDENDS EMPLOYEES
Last Dividend Decl. G $ NA O # Employees G 15
Last Div Ex-Date G NA O Sales/Employee (TTM) G 101,000
Last Div Pay Date G NA O Net. Income/Empl.(TTM G) NM
COMPANY COMPARISON TO THE ELECTRICAL & ELECTRONIC COMPONENTS AND S&P 500 AGGREGA
VALUATION RATIOS: COMPANY INDUSTRY S&P 500
P/E Ratio G NM 54.56 34.40
ODividend Yield G 0.00 0.36 1.25
OPrice to Tangible Book G -10.34 7.34 11.49
OPrice to Book G NM 6.06 8.32
OPrice to Free Cash Flow G -5.84 50.26 42.93
LGROWTH STATISTICS:
O3 Yr Rev Growth G 10.92 7.80 14.77
O3 Yr EPS Growth G NM -7.71 16.91
O3 Yr Div Growth G NM 3.57 10.69
OReinvestment Rate G 100.00 83.33 70.87
LPROFITABILITY RATIOS:
ONet Profit Margin G -77.10 6.48 11.35
OReturn on Equity G -955.83 10.28 22.77
OInterest Coverage G -10.78 10.30 8.40
LFINANCIAL STRENGTH RATIOS:
OCurrent Ratio G 0.11 2.72 1.48
OLT Debt to Equity G NM 0.29 0.85
OTotal Debt to Equity G NM 0.37 1.03
L INSTITUTIONAL OWNERSHIP INSIDER TRADING (Prev. 6 months)
G O % Shares Out. Owned G 0.68 % ONet Insider Trades G 0
O # of Institutions G 3 O# Buy Transactions G 0
O Total Shs Held G 0.186 Mil O# Sell Transactions G 0
O 3 Mo. Net Purch. G -0.159 Mil ONet Shares Bought G 0.000 Mil
O 3 Mo. Shs Purch. G 0.136 Mil O# Shares Bought G 0.000 Mil
O 3 Mo. Shs Sold G 0.295 Mil O# Shares Sold G 0.000 Mil
G
O 4 Week Price % Change G 168.8% O 4 Week Rel. Price % Change G 181.5%
O 13 Week Price % Change G 330.8% O 13 Week Rel. Price % Change G 332.9%
O 26 Week Price % Change G 168.8% O 26 Week Rel. Price % Change G 158.9%
O 52 Week Price % Change G 53.4% O 52 Week Rel. Price % Change G 29.4%
OYTD Week Price % Change G 614.9% OYTD Week Rel. Price % Change G 561.4%
G
G
LMARKET MAKERS: G ERNS FRAN HRZG JEFF MASH MHMY NAWE NFSC NITE
G
G
G
G
OEQUITY: GCommon Stock $.01 Par, 4/99, 50M auth., 27,414,176 issd.
GInsiders own 28%. IPO: NA. Priv. Place.: 5/96, 280K Units
G(1 Comm. + .25 Warr.) @ $4.25. 8/95, 1.2M Units (1 Common +
G.25 Warr.) @ $2.40. (As of 12/98) STD: $15K @ 11.5% -
G22%, $858K @ 10%. Prfd. Stock Ser. A $.01 Par, 100K auth.,
G52,900 issd. 1/99, Delisted from NASDAQ.
G
OOFFICERS: G Steven D. Gershick, Chmn./Pres.CEO, Stephen W.
GDesper, Vice-Chmn., Henry R. Mandell, Sr. VP-Fin./CFO.
GTRANSFER AGENT: Montreal Trust Company. Company
Gincorporated in DE. Direct inquiries to: Henry R. Mandell,
GSr. VP-Fin./CFO.
O ADDRESS & PHONE NUMBERS
GSpatializer Audio Labs.
G20700 Ventura Boulevard
GSuite 140
GWoodland Hills, CA 91364
GPHONE: (818) 227-3370
G FAX: (818) 227-9750
G
LANNUAL INCOME STATEMENT ($000)
L 12M 12/31/95 12M 12/31/96 12M 12/31/97 12M 12/31/98
OProduct Revenues G 64 337 337 39
OLicensing G 1,167 0 880 664
ORoyalty G 0 1,687 1,565 977
O Total Revenue G 1,231 2,024 2,782 1,680
OCost of Revenue G 79 186 230 134
OGeneral/Admin. G 2,380 2,329 2,174 1,732
OResearch/Development G 622 1,860 3,708 756
OSales/Marketing G 1,401 1,955 1,356 1,002
OCompensation Expense G 0 20,218 0 0
OIn-Process R&D G 0 680 0 0
O Total Expenses G 4,482 27,228 7,468 3,624
O Operating Income G -3,251 -25,204 -4,686 -1,944
LANNUAL INCOME STATEMENT ($000) (Contd.)
L 12M 12/31/95 12M 12/31/96 12M 12/31/97 12M 12/31/98
O Operating Income G -3,251 -25,204 -4,686 -1,944
OInterest Expense G -40 -14 -21 -85
OOther, Net G 114 134 48 -23
O Income Before Taxes G -3,177 -25,084 -4,659 -2,052
OIncome Taxes G 63 310 61 38
O Income After Taxes G -3,240 -25,394 -4,720 -2,090
OPreferred Dividends G 0 0 0 -520
O Pri/Bas EPS Ex. XOrd G -0.319 -2.008 -0.229 -0.118
ODiscontinued Ops. G 0 0 0 -3,702
O Pri/Bas EPS In. XOrd G -0.319 -2.008 -0.229 -0.285
OPrimary/Basic Avg Sh G 10,156.82 12,644.75 20,604.10 22,180.18
OCommon Dividends/Shr G 0.0000 0.0000 0.0000 0.0000
LSELECTED INCOME STATEMENT ITEMS ($000)
L QUARTERS YEAR TO DATE
L 3M 03/31/98 3M 03/31/99 3M 03/31/98 3M 03/31/99
ORevenue G 523 358 523 358
OOperating Expenses G 1,421 336 1,421 336
O Operating Income G -898 22 -898 22
ONon-Operating Income G 1 3 1 3
ONon-Operating Expenses G -12 -22 -12 -22
O Income Before Taxes G -909 3 -909 3
OIncome Taxes G 11 1 11 1
OAdjustments to Income G 0 0 0 0
O Inc. for Primary EPS G -920 2 -920 2
O Pri/Bas EPS Ex. XOrd G -0.043 0.000 -0.043 0.000
ODisc Opns + Xord Items G 0 0 0 0
O Pri/Bas EPS In. XOrd G -0.043 0.000 -0.043 0.000
OPrimary/Basic Avg Sh G 21,418.16 27,414.15 21,418.16 27,414.15
O Dilutd EPS Excl XOrd G -0.043 0.000 -0.043 0.000
O Dilutd EPS Incl XOrd G -0.043 0.000 -0.043 0.000
OCommon Dividends/Shr G 0.000 0.000 0.000 0.000
LSELECTED BALANCE SHEET ITEMS ($000)
L YEAR ENDING QUARTER ENDING
L 12/31/97 12/31/98 03/31/98 03/31/99
OCash & ST Investments G 577 264 151 44
OReceivables G 912 135 673 106
O Total Current Assets G 1,924 473 1,345 245
OLT Investments G 0 0 0 0
OFixed Assets G 586 185 551 186
O Total Assets G 3,165 895 2,615 653
OAccounts Payable G 651 336 747 391
OST Debt & Curr LTD G 577 873 822 948
O Total Current Liab. G 1,640 2,447 1,964 2,205
OLT Debt & Cap Leases G 0 0 0 0
O Total Liabilities G 1,640 2,447 1,964 2,205
OPreferred Stock G 0 0 0 0
OCommon/Paid In Capital G 41,696 44,410 41,743 44,409
ORetained Earnings G -40,171 -45,963 -41,091 -45,961
O Total Equity G 1,525 -1,553 652 -1,552
OShares Outstanding G 21,410 25,842 21,423 27,414
LSELECTED STMT OF CASH FLOWS - INDIRECT METHOD ($000)
L ANNUAL YEAR TO DATE
L 12M 12/31/97 12M 12/31/98 3M 03/31/98 3M 03/31/99
ONet Income G -4,720 -5,792 -920 2
ODepreciation & Amort. G 407 126 58 10
ONon Cash Items G 214 1,215 34 -3
O Total Operating CF G -3,698 -2,997 -596 -299
OCapital Expenditures G -424 -77 -13 -2
O Total Investing CF G -571 -295 -87 3
ODividends Paid G 0 0 0 0
OSale (Purch.) of Stock G 2,877 2,657 13 0
ONet Borrowings G 381 342 244 75
O Total Financing CF G 3,258 2,978 257 75
OExchange Rate Effect G 0 0 0 0
ONet Change In Cash G -1,010 -313 -426 -220
OOper CF-Cap Exp-Div Pd G -4,122 -3,074 -609 -301
KCopyright (c) 1999, Market Guide Inc., All rights reserved
G
Aug-04-1999 06:31 GMT
Symbols:
US;SPAZ
Source [B] Market Guide |
