SANTA ANA, Calif., Oct. 14, 2011 /PRNewswire-Asia-FirstCall/ -- AuraSound Inc., a publicly listed company (OTC BB: ARUZ), yesterday announced financial results for their fiscal year 2011. For the twelve month period ending June 30, 2011 net revenue was a record $76.2 million versus $7.5 million the same period the prior year, an increase of 915%. After tax net profit for the twelve month period was $954 thousand, versus a net loss of $2.24 million for the same period the prior year.
Commenting on the announcement, Mr. Harald Weisshaupt, AuraSound CEO and President, said, "We are very pleased with our strong performance in our first fiscal year following our merger with ASI Audio Technologies and our numerous restructuring actions. We achieved solid top line and bottom line results we were profitable for the fiscal year – a first for AuraSound. We achieved strong growth across all three of our major product segments, and have become better balanced overall from both a product segment and customer standpoint. In addition to our revenue and net profit performance, we made significant improvements in our gross profit margins and in reducing our overhead expenses. Our products received many very positive independent reviews over the course of the year, and we continue to develop new products that we believe will fill the void of what consumers are missing in today's audio products. Despite what continues to be a challenging worldwide economic situation, we remain cautiously optimistic regarding the future of the new 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 high-quality drivers for TV's, 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 2010 acquisition of ASI Audiotechnologies, they 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 web site at www.aurasound.com.
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SOURCE AuraSound, Inc.