Looks like HAUP should be added to the list here:
Press Release Source: Hauppauge Digital, Inc.
Hauppauge Digital Reports Fiscal 2003 First Quarter Financial Results
Friday February 7, 9:00 am ET
Reports Sales Increase of 29% and Earnings of $0.07 Per Share
HAUPPAUGE, N.Y.--(BUSINESS WIRE)--Feb. 7, 2003--Hauppauge Digital, Inc. (NASDAQ: HAUP - News), a leading developer and manufacturer of digital video TV and data broadcast receiver products for personal computers, today reported financial results for the fiscal first quarter ended December 31, 2002.
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First Quarter Results
Net sales for the quarter increased 29% over the previous year's first fiscal quarter. Sales were $15.5 million, compared to $12.1 million for the prior year's first quarter. Both the Company's Domestic and European operations contributed to the sales growth.
Gross profit margins were 25.3% for the first quarter, compared with gross profit margins of 24.3% for the prior years first fiscal quarter. The gross margin increase over the first quarter of fiscal 2002 was due to product mix and better labor cost yields. Selling, General and Administrative expenses increased by 24.9%, or $539,543, the result of increases in revenue sensitive expenses such as advertising, promotional costs and sales commissions, plus higher compensation costs due to the addition of our new President. Spending for research and development increased about 38%, reflecting the Company's commitment to product development and enhancement.
Net income for the quarter increased 231% over the previous years first quarter. Income was $656,472 or $0.07 per share on a basic and diluted basis, compared to net income of $283,982, or $0.03 per share on a basic and diluted basis, for the prior year's first quarter.
Share Repurchase
Under its stock repurchase program, the Company continued to repurchase shares on the open market during the quarter. The Company has, as of December 31, 2002, repurchased approximately 542,000 shares pursuant to such program. The stock repurchase program, as amended, authorizes the Company to purchase up to an aggregate of 850,000 shares.
Discussion of Results
Ken Plotkin, Hauppauge's Chief Executive Officer, stated, "This is the third consecutive quarter of sales increases over the previous fiscal year. Though this trend is positive, we are uncertain if this trend will continue throughout the rest of the fiscal year. In spite of this uncertainty, we believe that we are beginning to reap the benefits of new products introduced during fiscal 2002.
"During this quarter, the Company shipped our new Personal Video Recorder product, the WinTV-PVR-250, to a PC OEM for use in their Windows XP Media Center system. We also experienced sales growth in Europe of our digital entertainment center products, called the DEC series, during this quarter".
SEC Certifications
Both Chief Executive Officer Ken Plotkin and Chief Financial Officer Gerald Tucciarone has furnished to the U.S. Securities and Exchange Commission (SEC) the certification required by Section 906 of the Sarbanes-Oxley Act of 2002. This certification accompanied the Company's Form 10-Q for the three months ended December 31, 2002. In addition, such Officers have provided the certifications required by Section 302 of such act.
About Hauppauge Digital
Hauppauge Digital, Inc. is a leading developer and manufacturer of digital TV and data broadcast receiver products for personal computers. Through its Hauppauge Computer Works, Inc. and Hauppauge Digital Europe subsidiaries, the Company designs and develops digital video boards for TV-in-a-window, digital video editing and video conferencing. The Company is headquartered in Hauppauge, New York, with administrative offices in New York, Singapore, Ireland and Luxembourg and sales offices in Germany, London, Paris, The Netherlands, Sweden, Italy, Spain, Singapore and California. The Company's Internet web site can be found at hauppauge.com. |
