Hauppauge Fiscal 2012 Revenues Rise, Losses Cut
New product launch hit F4Q12
January 3, 2013
HAUPPAUGE, N.Y. -- Hauppauge Digital Inc. reported financial results for the fourth fiscal quarter and year ended Sept. 30, 2012. Net F4Q12 sales were $8.7 million compared to $10.3 million for the previous year’s fourth fiscal quarter. The company incurred a net loss of $1.6 million for F4Q12 compared to a net loss of $2 million the previous year. F4Q12 net loss per share was 16 cents on a basic and diluted basis, compared 21 cents the previous year.
For the full fiscal year, net sales were $44.6 million compared to $42.3 million reported for fiscal year ended Sept. 30, 2011. Net loss was $2.54 million versus $5.85 million for fiscal 2011. Net loss per share was 25 cents versus 58 cents.
Hauppauge CEO Ken Plotkin said the company’s USB-Live and HD PVR and video streaming products pushed worldwide sales up by 8.2 percent before a European decline affected an overall negative 2.8 percent in the region. Net sales increased overall by 5.4 percent.
Hauppauge introduced a gaming recorder designed to allow console and PC gamers to record from the Microsoft Xbox 360 and the Sony Playstation 3 at the Gamescon show in Cologne, Germany in August 2012. The HD PVR 2 was designed to provide new features compared with the original HD PVR high-definition video recorder. HD PVR 2 starting shipping in September 2012.
“In anticipation of the launch of the new HD PVR 2, in fiscal Q4 we reduced prices and limited the sales of the original HD PVR in order to reduce channel inventory. The effect of price reductions and limited shipments of the original HD PVR dampened our fourth fiscal quarter sale,” Plotkin said.
Hauppage specializes in digital and analog receiver peripherals for computer devices. Share (NASDAQ: HAUP) were trading at mid-day today at 89 cents.
~ Deborah D. McAdams