AuraSound Announces Financial Results — Revenue Increases 38%
SANTA ANA, Calif., Nov. 23, 2011 /PRNewswire-Asia-FirstCall/ — AuraSound Inc., a publicly listed company (OTC BB: ARUZ.OB), last week announced financial results for their fiscal 1st quarter 2012. For the three months period ending September 30, 2011 net revenue was US $15.1 million versus US $11.0 million the same period the prior year, an increase of 38%. After tax net loss for the three months period was US$ 24K, versus a net profit of US $35K for the same period a year ago.
Commenting on the announcement, Mr. Harald Weisshaupt, AuraSound CEO and President, said, “We are happy to have achieved significant year over year revenue growth for the fifth consecutive quarter, with improved sales balance across our product segments and customers. Although we were not able to post a net profit for the quarter, I believe our year over year performance is impressive. We incurred certain one time costs and significant expenses in the ramp of our new factory in Wuhan China, which is an investment we are making that will significantly improve our cost structure long term. Our products continued to receive several very positive independent reviews during the quarter, and we continue to develop exciting new products for launch in early 2012. Despite what continues to be a challenging worldwide economic situation, we remain cautiously optimistic regarding the future of AuraSound.”
Detailed financials can be found on AuraSound’s website at www.aurasound.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Reliance should not be placed on forward-looking statements because they involve both known and unknown risks, uncertainties and other factors, which are, in some cases, beyond the control of AuraSound. Any statements in this press release that are not statements of historical fact are forward-looking statements, including, but not limited to, those relating to the AuraSound’s long-term strategic objectives. Actual events, performance or results could differ materially from the anticipated events, performance or results expressed or implied by such forward-looking statements. BEFORE MAKING ANY INVESTMENT DECISIONS REGARDING OUR COMPANY, WE STRONGLY ADVISE YOU TO READ THE SECTION ENTITLED “RISK FACTORS” IN OUR MOST RECENT ANNUAL REPORT ON FORM 10-K, WHICH CAN BE ACCESSED AT WWW.SEC.GOV. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
About AuraSound, Inc.
AuraSound has almost 25 years of experience specializing in the design and manufacturing of high-end speakers, consistently providing people with an optimal audio experience. AuraSound’s broad range of products include TV soundbars, high-quality drivers for TV’s and state-of-the art subwoofers and tactile transducers for the professional and specialty audio markets. AuraSound’s products are based on patented and proprietary NRTÃ‚® Drivers, Bass Shakers, Line Source tweeters and more. With their 2010 acquisition of ASI Audiotechnologies, they added new customers, additional proprietary transducer technology, application specific amplifier designs and award winning ID designs. For more information visit the company website at www.aurasound.com.
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SOURCE AuraSound, Inc.