SANTE FE SPRINGS, Calif., Dec. 7, 2010 /PRNewswire-Asia-FirstCall/ -- AuraSound Inc., a publicly listed company (OTC Bulletin Board: ARUZE), today announced financial results for their fiscal 1st quarter 2011. For the three month period ending September 30, 2010 net revenue was US $10.7 million versus $1.3 million the same period a year ago, an increase of 738% or $9.4 million. After tax net profit for the three month period was US$ 413K, versus a net loss of US$ 532K for the same period year ago.
On a sequential basis, revenue increased $8.0 million or 298% versus $2.7 million in the prior quarter and after tax-net profit of $413K versus a loss of $707K in the prior quarter.
Commenting on the announcement, Mr. Harald Weisshaupt, AuraSound CEO and President, said, "We are extremely pleased with our outstanding sales growth and our ability in improving our gross margins, both of which are reflected in our last quarter's numbers. We successfully completed the integration of ASI ahead of schedule and improved our expense ratio with several restructuring actions. We have launched new products that have generated a very positive customer reaction and continue to develop new products that we believe will fill the void of what the consumer is missing in today's audio products."
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 over 20 years 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 high-quality drivers for TV's and laptops, state-of-the art subwoofers and tactile transducers. AuraSound's products are based on patented and proprietary NRT® Drivers, BassShakers, Line Source tweeters and more. With their recent acquisition of ASI Audiotechnologies, they have added an industry leading TV soundbar business, additional proprietary transducer technology, application specific amplifier designs, and award winning ID designs. For more information visit the company website at www.aurasound.com.
Executive VP, Sales & Marketing
SOURCE AuraSound, Inc.