QRSM 1.31/2.50..horrible spread but this is going to be a 5.00 stock IMO when next qtr is released:
B: QRS Music Technologies, Inc. Reports Record Second-Quarter Res
B: QRS Music Technologies, Inc. Reports Record Second-Quarter Results and Record
NAPLES, Fla., Feb 13, 2004 (BUSINESS WIRE) -- QRS Music Technologies, Inc.
(OTCBB:QRSM) today reported record sales and record net income for the three
months ended December 31, 2003, and record sales and record net income for the
six months ended December 31, 2003.
Sales for the three months ended December 31, 2003, were $6,622,014 with a net
income of $1,028,049 (available to common shareholders), or $.11 per share fully
diluted. Comparable amounts for the year-ago period ended December 31, 2002,
were total sales of $5,088,333 with net income of $683,429 (available to common
shareholders), or $.07 per share fully diluted. Total sales increased 30
percent, net income available to common shareholders increased about 48 percent
and per share earnings increased about 57 percent during the current period as
compared to the-year ago period.
Sales for the six months ended December 31, 2003, were $10,099,750 with net
income of $1,119,025 (available to common shareholders), or $.12 per share fully
diluted. Comparable amounts for the year-ago period ended December 31, 2002,
were total sales of $7,750,135 with net income of $761,290 (available to common
shareholders), or $.08 per share fully diluted. Total sales increased 30
percent, net income available to shareholders increased 43 percent and per share
earnings increased 50 percent during the current period as compared to the
year-ago period.
Tom A. Dolan, President, said: "Our year-to-date results were directly related
to increased sales of pianos and technology, which included the Pianomation(R)
player system and Digital Hymnals. We had strong second-quarter holiday-related
sales. The marriage of new unique products in each category -- pianos,
technology, music and supplies -- coupled with a refined focus on national sales
and marketing, is beginning to show positive results. Our selling, general and
administrative ('SG&A') expenses decreased in both periods."
He added: "We attended the NAMM (National Association of Music Merchandisers)
convention in January in Anaheim, California. This is the primary convention for
our business. Dealers attending the NAMM show were particularly interested in
our recently announced NetPiano.com service, our 'Sync-Along' DVDs demonstrated
on large flat screens and several stylish additions to our piano line."
The QRS Pianomation(R) system can turn any piano into a reproducing player
piano. A hardware and software process can store and transport Musical
Instrument Digital Interface ("MIDI") information as an analog signal. This
process gives QRS the ability to store, and wirelessly transmit, MIDI
performance data in an analog format from a controller (CD, video, cassette,
DVD, DAT or Minidisc) to the receiver on the piano. This creates numerous
possibilities. For example, most off-the-shelf audio equipment has a left and
right channel available for use. State-of-the-art technology permits QRS to
store the digital signal in an analog format on the left channel of the software
which operates those players. This leaves the right channel available for live
prerecorded audio music, even vocal recordings. Pianomation(R) blends them
together in perfect harmony and perfect synchronization. The Pianomation(R) MIDI
System is the first product of its kind to "marry" analog and digital
technology.
QRS Music Technologies' World Wide Web site is www.QRSMusic.com. Sample audio
selections are available at the web site. QRS Music Technologies, Inc.'s stock
is traded Over-The-Counter on the OTCBB: QRSM. |
