(COMTEX) B: Spatializer Audio Laboratories, Inc. Announces Significan
B: Spatializer Audio Laboratories, Inc. Announces Significantly Improved First
Quarter 2000 Results Revenues Increase 41%, Running Royalties Increase 299% and
Net Income Increases to $171,000 as Compared to $2,000 in the Comparable Period
Last Year
WOODLAND HILLS, Calif., May 9, 2000 /PRNewswire via COMTEX/ -- Spatializer
Audio Laboratories, Inc. (OTC Bulletin Board: SPAZ) today announced
significantly improved financial results for the first quarter ended March 31,
2000.
The company reported net income for the quarter of $171,000, ($0.00) basic and
diluted per share, compared with net income of $2,000 ($0.00) basic and fully
diluted per share in the comparable period last year, an increase of 8,450%.
Revenues for the first quarter of fiscal 2000 were $506,000, compared to
revenues of $358,000 in the first quarter of fiscal 1999, an increase of 41%.
The growth in net income was driven by increased revenues and a reduction in
operating expenses to $285,000 (56% of revenue) in the quarter ended March 31,
2000, from $335,000 (93% of revenue) in the comparable period last year, a
decrease of 15%. This reduction resulted from reduced corporate office expense
and headcount attrition.
During the first quarter of 2000, running royalty revenues increased to $431,000
compared to $108,000 in the same period last year, an increase of 299%. The
increase in such revenues result primarily from increased unit royalty volume
from Spatializer N-2-2(TM) and royalties from a license agreement for which
there were no running royalties from this account in the prior year comparable
period. Revenue in the quarter ended March 31, 1999 included non-recurring
engineering fees, for which there were no such fees in the current period.
"I am pleased to report a fifth consecutive quarter of profitability," stated
Henry R. Mandell, Chairman of the Board and CEO of Spatializer Audio
Laboratories, Inc. "With the first quarter typically being a moderate period of
activity coming off the busy fourth quarter selling season and a significant
non-recurring engineering fee earned in the comparable first quarter period last
year, we are particularly satisfied with these results. Last year at this time,
I spoke of our objective of achieving a larger, more predictable and diversified
revenue base. Today's announcement of a 41% increase in revenues, including a |
