SRS Labs, Inc. News
SRS Labs Reports Results for First Quarter 2008
(Logo: http://www.newscom.com/cgi-bin/prnh/20070322/LATH036LOGO) Thomas C.K. Yuen, Chairman and CEO of SRS Labs, Inc., commented on the results of the Company's activities: \"As discussed in last quarter's earnings release, SRS is placing significant emphasis on hiring, development and licensing activities in order to provide an even more solid foundation for revenue growth. We are pleased with the initial results of these activities during the first quarter and believe that positive results will be experienced during future quarters. In particular, the response to our two latest technologies, SRS Volume IQ(TM) (volume control) and SRS CS Headphone(TM) (surround sound), has been very promising and we are excited about their potential. We believe that these technologies have excellent applicability to many of our markets, including the television, set top box and mobile markets and we look forward to announcing design win activities in the near future. We are pleased to be working with many of the best global consumer electronics companies and look forward to continuing to provide best in class technologies and services.\"
Conference Call
SRS Labs will host a conference call and webcast at
Investors can listen to the conference call live online by accessing the link on the main page of the Investor sections of the SRS Labs website or by using this link:
http://www.srswowcast.com/about_us/wmptechlog.asp?lnkID=118
Please log on at least 15 minutes early to register and follow the instructions. The webcast will be archived on http://www.srslabs.com for 60 days following the call.
About SRS Labs, Inc.
Founded in 1993, SRS Labs is the industry leader in audio signal processing for consumer electronics. Initially based on audio technologies developed at Hughes Aircraft, SRS Labs now holds over 150 worldwide patents and is recognized by the industry as the foremost authority in research and application of human auditory principles. Through partnerships with leading global consumer electronics companies, semiconductor manufacturers and software partners, SRS audio, surround sound and voice processing technologies have been included in over one billion electronic products sold worldwide including HDTVs, mobile phones, portable media devices, PCs and automotive entertainment. In fact, SRS Labs is the defacto standard of HDTV audio processing with nine of the top ten name brand flat panel TVs featuring SRS technology. Additionally, SRS Labs' surround sound solutions provide the professional broadcast and recording industries with high-performance production, back-haul, storage, and transmission capability. SRS Labs supports manufacturers worldwide with offices in the US,
Except for historical information contained in this release, all statements in this release, including those of Mr. Yuen, are forward-looking statements that are based on management's beliefs, as well as assumptions made by, and information currently available to management. While the Company believes that its expectations are based upon reasonable assumptions, there can be no assurances that the Company's goals and strategy will be realized. Numerous factors, including risks and uncertainties, may affect the Company's actual results and may cause results to differ materially from those expressed in or implied by forward-looking statements made by or on behalf of the Company. These factors include, but are not limited to, the acceptance of new SRS Labs' products and technologies, the impact of competitive products and pricing, the timely development and release of technologies by the Company, general business and economic conditions, especially in
Investor Contact: Ulrich Gottschling Chief Financial Officer (949) 442-5596 ir@srslabs.com SRS LABS, INC. AND SUBSIDIARY CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2008 December 31, 2007 (unaudited) ASSETS Current Assets Cash and cash equivalents $47,687,989 $39,615,291 Accounts receivable, net 384,485 1,138,425 Prepaid expenses and other current assets 1,010,355 893,388 Total Current Assets 49,082,829 41,647,104 Investments available for sale - 5,451,875 Property and equipment, net 351,726 309,727 Intangible assets, net 2,280,932 2,197,616 Deferred income taxes, net 2,239,276 1,776,202 Total Assets $53,954,763 $51,382,524 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable $453,247 $529,063 Accrued liabilities 796,977 689,308 Deferred revenue 2,312,050 1,156,836 Total Current Liabilities 3,562,274 2,375,207 Commitments and Contingencies Stockholders' Equity Preferred stock-$.001 par value; 2,000,000 shares authorized; no shares issued or outstanding - - Common stock-$.001 par value; 56,000,000 shares authorized; 16,946,377 shares issued; and 15,773,715 and 15,778,715 shares outstanding at March 31, 2008 and December 31, 2007, respectively 16,947 16,947 Additional paid-in capital 74,646,916 74,143,772 Accumulated other comprehensive loss - (48,125) Accumulated deficit (18,296,744) (19,155,096) Treasury stock at cost, 1,172,662 and 1,167,662 shares at March 31, 2008 and December 31, 2007, respectively (5,974,630) (5,950,181) Total Stockholders' Equity 50,392,489 49,007,317 Total Liabilities and Stockholders' Equity $53,954,763 $51,382,524 SRS LABS, INC. AND SUBSIDIARY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended March 31, 2008 2007 Revenues $4,940,988 $5,072,403 Cost of sales 25,949 38,540 Gross profit 4,915,039 5,033,863 Operating expenses: Sales and marketing 2,143,622 1,876,293 Research and development 926,762 861,625 General and administrative 1,438,358 1,377,427 Total operating expenses 4,508,742 4,115,345 Operating income 406,297 918,518 Other income, net 449,961 493,796 Income before income taxes 856,258 1,412,314 Income taxes (2,094) - Net income $858,352 $1,412,314 Net income per common share: Basic $0.05 $0.09 Diluted $0.05 $0.08 Weighted average shares used in the per share calculation: Basic 15,778,188 15,992,704 Diluted 16,305,095 17,081,524
SOURCE SRS Labs, Inc.
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