Parametric Sound Announces Second Quarter Results
POWAY, CA, May 08, 2012 (MARKETWIRE via COMTEX) -- Parametric Sound Corporation
(PAMT), a leading innovator of audio products and solutions, today announced
financial results for its second fiscal 2012 quarter ended March 31, 2012.
"We are making excellent progress increasing visibility of our technology with
companies we are targeting as future IP licensing partners," said Kenneth F.
Potashner, Executive Chairman. "Our recently completed public offering has
provided net proceeds of $8.0 million allowing us to aggressively pursue
strategic opportunities for the Company."
Q2 2012 Financial Summary:
As a result of the completed public offering, the Company improved its financial
position and ended the second quarter of fiscal 2012 with $7.1 million of cash
and working capital of $6.95 million. The May 2012 underwriter overallotment
exercise provided $660,000 of additional proceeds.
Revenues were $59,694 for the second quarter ended March 31, 2012 with no
comparable revenues in the year-ago quarter as the Company's HSS-3000 products
were under development at that time. Revenues for the six months ended March 31,
2012 were $124,475 with no comparable prior period revenues.
Gross profit margin was 55 percent for the second quarter ended March 31, 2012,
and 58 percent for the six months ended March 31, 2012, and was positively
impacted by the usage of parts that had inventory obsolescence and allowances
recorded in prior periods.
Selling, general and administrative expenses for the second quarter were
$725,639, compared to $147,991 during the year-ago quarter. The increase included
a $260,693 increase in non-cash share based compensation expense and a $245,000
increase in personnel and consultant costs resulting from increased staffing
added to pursue the Company's strategic initiatives. Selling, general and
administrative expenses for the six months ended March 31, 2012 were $1,064,598
compared to $277,335 for the prior comparable period. The increase resulted from
a $393,390 increase in non-cash share based compensation expense and a $250,000
increase in personnel and consultant costs.
Research and development expenses for the second quarter were $267,503, compared
to $152,381 during the year-ago quarter. The increase included a $51,516 increase
in non-cash share based compensation expense. For the six months ended March 31,
2012, research and development expenses were $498,208 compared to $278,778 for
the prior year's comparable period. The increase included a $76,146 increase in
non-cash share based compensation expense and an $82,000 increase in staffing
costs due to increased personnel.
The net loss for the second quarter ended March 31, 2012 was $961,297, or $(0.22)
per share, compared to $375,313, or $(0.12) per share, during the prior year. The
net loss for the six months ended March 31, 2012 was $1,492,314, or $(0.36) per
share, compared to $701,253, or $(0.22) per share. The net loss for each
six-month period included $559,851 and $90,315, respectively, of non-cash share
based compensation expenses.
Q2 2012 Highlights:
--The Company completed a secondary public offering of 1,888,888 shares
of common stock for gross proceeds of $8.5 million and net proceeds of
approximately $7.3 million. In May 2012 the underwriter exercised its
over-allotment option purchasing an additional 164,512 shares for
gross proceeds of $740,304 increasing the total gross proceeds to
$9.24 million. The Company is using the proceeds to launch its
licensing and product-based strategies and to further strengthen its
industry-leading IP portfolio.
--At the market opening on March 22, 2012, the Company's Common Stock
began trading on the NASDAQ Capital Market on a split-adjusted basis.
The Company's Common Stock trades under the symbol PAMT.
--The Company appointed Kenneth F. Potashner as its Executive Chairman
to execute the Company's strategic growth initiatives in a diverse
range of consumer and business markets. Mr. Potashner has extensive
executive and director level experience leading high-growth,
advanced-technology organizations with global footprints. The Company
also added to its executive and technical personnel staff to better
equip the Company to create and support licensing and product
strategies.
--The Company expanded its Board of Directors by appointing James L.
Honore and Dr. Andrew Wolfe as new independent members. Mr. Honore
retired as Executive Vice President at Sony Pictures Entertainment in
December 2011. He brings substantial entertainment industry executive
experience and will work to gain exposure of the Company's technology
to key industry participants. Dr. Wolfe is a well-recognized
consultant on IP matters with substantial licensing and IP protection
experience.
--The Company introduced new versions of its technology during the
quarter employing new DSP and software enhancements to produce a
crisp, clean and unique sound image compared to traditional audio
systems. Recent updates have enhanced the volume achievable from a
given emitter size, an important factor to customers with challenging
installation configurations.
About Parametric Sound Corporation Parametric Sound Corporation is a pioneering
innovator of directed audio solutions. With a substantial body of intellectual
property, Parametric Sound is the foremost authority in the application of
acoustic technology to beam sound to target a specific listening area without the
ambient noise of traditional speakers. The Company recently introduced improved
HSS-3000 product models targeting digital signage, kiosk and related
applications. Recent innovations produce a distinctive 3D audio image from just
two speakers opening opportunities for 3D sound solutions for computers and
entertainment. For more information, visit parametricsound.com.
Cautionary note on forward-looking statements This press release includes
forward-looking information and statements. Except for historical information
contained in this release, statements in this release may constitute
forward-looking statements regarding our assumptions, projections, expectations,
targets, intentions or beliefs about future events that are based on management's
belief, as well as assumptions made by, and information currently available to,
management. While we believe that our expectations are based upon reasonable
assumptions, there can be no assurances that our goals and strategy will be
realized. Numerous factors, including risks and uncertainties, may affect our
actual results and may cause results to differ materially from those expressed in
forward-looking statements made by us or on our behalf. Some of these factors
include the acceptance of existing and future products, the impact of competitive
products and pricing, general business and economic conditions, and other factors
detailed in our Annual Report on Form 10-K and other periodic reports filed with
the SEC. We specifically disclaim any obligation to update or revise any
forward-looking statement whether as a result of new information, future
developments or otherwise.
CONTACT:
Jim Barnes
CFO
888-HSS-2150 Ext 3
Email Contact
or
INVESTOR RELATIONS CONTACT:
Dave Mossberg
Three Part Advisors, LLC
817 310-0051 |
