AuraSound Announces Quarterly Financial Results
In the news release, AuraSound Announces Quarterly Financial Results, filed on Feb. 22, 2012 by AuraSound Inc. over PR Newswire Asia, we are advised by the company that the first paragraph, last sentence should read "For the six month period ending December 31, 2011 net revenue was US $25.1 million and net profit was US $98,000" rather than "For the six month period ending December 31, 2011 net revenue was US $25.1 and net profit was US $98,000" as originally issued inadvertently. Full, corrected release follows.
AuraSound Announces Quarterly Financial Results
SANTA ANA, Calif., Feb. 22, 2012 AuraSound Inc., a publicly listed company (OTC BB: ARUZE.OB), last week announced financial results for their fiscal 2nd quarter 2012. For the three month period ending December 31, 2011 net revenue was US $9.9 million and net profit was US $122,000. For the six month period ending December 31, 2011 net revenue was US $25.1 million and net profit was US $98,000.
Commenting on the announcement, Mr. Harald Weisshaupt, AuraSound CEO and President, said, "Unfortunately the U.S. retail consumer market, where our business is highly dependably today, was far below estimates in the calendar 4th quarter of 2011. Despite this, due to our continued aggressive cost reduction activities efforts including the ongoing ramp of our new factory in Wuhan, China we were still able to post a net profit which was a commendable achievement. This marks the fourth out of six quarters, since our July, 2010 acquisition of ASI Audiotechnologies where we were able to achieve a net profit. As we continue our focus to launch new products and win new customers in the months ahead, we remain cautiously optimistic in regards to AuraSound's long term future success."
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 25 years of experience specializing in the design and manufacturing of very 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 NRT® 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.
Contact:
Pete Andreyev
Executive Vice President
AuraSound, Inc.
+ 852 6194 8333
+ 86 156 2607 8084
[email protected]
SOURCE AuraSound, Inc.
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