This won't produce too much excitement. Last quarter was a fluke with the increased revenue; loss is larger this quarter, too. Time to hurry up and wait and see where they go in the next quarter.
Tuesday May 13 9:02 AM EDT
Company Press Release
Sound Source Interactive, Inc. Announces a 15.0% Increase in Net Sales for the Third Quarter of Fiscal 1997
Comparative Year to Date Net Sales Increase 74.2%
CALABASAS, Calif.--(ENTERTAINMENT WIRE)--May 13, 1997--Sound Source Interactive, Inc. (NASDAQ:SSII) today announced its third quarter results for the comparative quarters ended March 31, 1997 and 1996.
Net sales for the quarter ended March 31, 1997 increased 15.0% to $929,271 as compared to $807,958 for the same quarter in the previous year. The Company achieved this increase in net sales without the benefit of any new product launches during the quarter ended March 31, 1997. This continued upturn is primarily attributable to increased distribution by the Company's North American distributor, Simon & Schuster Interactive Distribution Services (SSIDS), sales by the Company to its foreign distributors, and other direct sales in North America.
This positive trend in the Company's performance is further evidenced by the 74.2% increase to $3,359,517 from $1,928,649 in net sales for the comparative nine month period ending March 31, 1997 from the same nine month period last year.
``The increase in net sales demonstrates that we are moving forward with the goals to narrow our losses and strengthen the Company so that it may achieve success in today's competitive market,'' said Vincent J. Bitetti, chairman of the board and chief executive officer. ``This is a very dynamic time for us, with a strong line of products nearing release, the recent signing of various high-profile licensing agreements, the addition of several major customers, and the emergence of many exciting cross-promotional opportunities.''
Sound Source Interactive, Inc., with headquarters in Calabasas, California, develops and publishes educational and entertainment software. The products are based on licensed content of major motion pictures and long-standing television series under agreement with major entertainment studios including: Universal, Viacom (Paramount Pictures Corp.), Lucasfilm Ltd., Warner Bros., CBS Entertainment, Carolco Pictures, Inc., DC Comics and MGM/UA. Notably, The Land Before Time Animated MovieBook was named one of the top 50 software products for 1996 by Newsweek Magazine.
Statement under the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements. Prospective investors are cautioned that such forward- looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual events or results may differ material from those discussed in the above paragraphs. Please consult the risk factors listed from time to time in the Company's reports on Form 10-QSB and 10-KSB and Annual Reports to Stockholders.
SOUND SOURCE INTERACTIVE, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1997
1997 1996
Net Sales $ 929,271 $ 807,958
Cost of sales 470,878 432,595
Gross profit $ 458,393 $ 375,363
Total operating costs and expenses 1,076,584 1,180,109
Operating loss $ (618,191) $ (804,746)
Other income (expense) (12,442) (420,464)
Loss before provision for income
taxes $ (605,749) $(1,225,210)
Provision for income taxes (870) 0
Net loss $ (604,879) $(1,225,210)
Net loss per common share $ (0.14) $ (0.65)
Weighted average number of
common shares outstanding 4,403,040 1,877,108 |
