SANTA ANA, Calif., March 4, 2011 /PRNewswire-Asia-FirstCall/ --
AuraSound Inc., a publicly listed company (OTC Bulletin Board: ARUZE), today announced financial results for their fiscal 2nd quarter 2011. For the three month period ending December 31, 2010 net revenue was a record US$27.2 million versus US$1.8 million the same period the prior year, an increase of 1,423%. After tax net profit for the three month period was US$1.0M, versus a net loss of US$519K for the same period year ago. For the six month period ending December 31, 2010 net revenue was a record US$38.2 million versus US$3.1 million the same period the prior year, an increase of 1,145%. After tax net profit for the six month period was approximately US$1.0M, versus a net loss of US$1.1M for the same period the prior year.
"We are very excited and proud of our outstanding sales growth for the second consecutive quarter, with well balanced growth across all of our four major product segments," commented, Mr. Harald Weisshaupt, CEO and President of AuraSound. "Our net profit exceeded our target, and we continue to make progress improving our gross margins and reducing expenses as a percent of sales revenue. We have launched new products in all of our product segments that have generated very positive customer reaction, especially our revolutionary Sound Station universal media player. We continue to develop new products that we believe will fill the void of what consumers are 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 almost 25 years experience specializing in the design and manufacturing of high-end speaker drivers and complete audio solutions, consistently providing consumers with an optimal audio experience. AuraSound's broad range of products include TV soundbars, an innovative Sound Station, 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 technology, including NRT® Drivers, BassShakers, Line Source tweeters and more. In August of 2010 the company acquired ASI Audio technologies, adding 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.
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SOURCE AuraSound, Inc.