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Company Increases Licensing Revenue by 69.8 Percent Over 2000; Annual Gross Margin Increases to 56.6 Percent |
| SANTA ANA, Calif., Feb. 19
/PRNewswire-FirstCall/ -- SRS Labs, Inc. (Nasdaq: SRSL), the leading provider of
innovative audio and voice technology solutions, today reported improved operating results
for the year ended December 31, 2001. The company increased licensing revenue in 2001 by
69.8 percent over 2000, from $2.9 million to $5.0 million and improved its bottom line
results by over 66 percent. SRS Labs also improved 2001 gross profit margin to 56.6
percent in 2001, as compared to 40.6 percent for the year ended December 31, 2000. For the year ended December 31, 2001, the company reported revenue of $15.4 million with a net loss of $3.9 million, or a loss of $0.31 per share compared to year end 2000 revenue of $28.0 million and a net loss of $11.5 million or a loss of $0.93 per share. SRS Labs' balance sheet remains strong at December 31, 2001 with no external debt and cash, cash equivalents and investments totaling $19.6 million. On January 3, 2002, the company announced that commencing with
fiscal year 2001 it would report financial information for its three operating units in
the following five business segments: SRS Labs - Licensing, Products; ValenceTech -
Semiconductors, Component distribution; SRSWOWcast Technologies - Internet and broadcast.
The company believes that reporting information in this way will assist investors in
understanding SRS Labs' various business operations and will enable the investment
community to more clearly monitor the progress of each operating unit. 2001 Highlights Include: Thomas C.K. Yuen, chairman, CEO and president of SRS Labs, Inc. said: ``In 2001, we built a solid foundation by cutting costs and maintaining our strong cash position, while focusing our sales efforts on high margin business and high volume markets such as DVD players, TVs, set top boxes, portable audio and wireless products. We introduced new audio technologies that address these high growth markets and created momentum for 2002 through the expansion of the availability of our technologies on a wide range of semiconductor platforms. This platform strategy clearly paid off -- with increased licensing revenue and improved margins. Our strategically located sales offices around the globe enable us to strengthen our customer relationships and better serve these partners in high volume consumer electronics markets.'' 2002 Outlook: Yuen continued, ``This positive momentum is further evidenced by the number of new customers interested in our technology, increased usage of our technologies by existing licensees, a strong pipeline of projects for our Valence subsidiary, and the number of sizeable design-ins that are currently in progress. This increased activity provides us with the basis for our expectations that we will grow 2002 annual revenue by 20-25 percent, increase margins and achieve profitability. ``Coinciding with this strong business activity and momentum, we are implementing proactive communications, marketing and investor relations programs that are designed to promote the SRS brand name and increase visibility for the company. Through the successful execution of these programs, we expect to achieve our financial goals for 2002, which will set the stage for success in years to come.'' In conjunction with SRS Labs' (Nasdaq: SRSL) year end results, you are invited to listen to its conference call that will be broadcast live over the Internet today, February 19, 2002 at 4pm EST at http://www.videonewswire.com/event.asp?id=3488 or link to the conference from SRS Labs' website at www.srslabs.com . About SRS Labs, Inc. SRS Labs, Inc. ( www.srslabs.com ) and its subsidiaries provide advanced sound solutions for high growth consumer markets, including home theater, DVD, portable audio, wireless devices, game consoles, automotive, broadcast, Internet and personal computer software. SRS Labs, the parent company, develops the core technologies and licenses these patented technologies to over 200 well-known manufacturers and semiconductor companies, including Sony, RCA, Philips, Kenwood, Mitsubishi, Hitachi, Microsoft, and Pioneer. ValenceTech, Ltd., ( www.valencetech.com ) SRS Labs' Hong Kong-based subsidiary, is a leading fabless ASIC design and manufacturing company providing analog and digital ASIC solutions to the world's leading manufacturers of consumer electronics, gaming, telecommunications and computer products. SRS Labs' subsidiary, SRSWOWcast Technologies, ( www.srstechnologies.com ) focuses on the Internet and broadcast markets by developing and licensing customized hardware and software products incorporating SRS Labs' patented technologies. Except for historical information contained in this release, statements in this release, including those of Mr. Yuen are forward-looking statements and projections (which include statements concerning plans and objectives of management for future operations) that are based on management's belief, as well as assumptions made by, and information currently available to, management. While the Company believes that its expectations are based upon reasonable assumptions, there can be no assurances that the Company's goals and strategy will be realized. Numerous factors (including risks and uncertainties) may affect the Company's actual results and may cause results to differ materially from those expressed in forward-looking statements made by or on behalf of the Company. Some of these factors include the general market conditions concerning semiconductor business, the acceptance of new SRS Labs' products and technologies, the impact of competitive products and pricing, the timely development and release of technologies by the Company, general business and economic conditions, especially in Asia, and other factors detailed in the Company's Form 10-K and other periodic reports filed with the SEC. SRS Labs specifically disclaims any obligation to update or revise any forward-looking statement whether as a result of new information, future developments or otherwise. SRS, and the SRS symbol are registered trademarks of SRS Labs, Inc. For further information, please contact: investors, Tami Yanito, +1-949-442-1070, ext. 3093, tami@srslabs.com; or media, Jennifer Drescher, +1-949-442-1070, ext. 5110, jenniferd@srslabs.com, both of SRS Labs, Inc. SRS LABS, INC
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Fiscal Year Ended
Dec. 31
2001 2000
Revenues:
Semiconductor revenue $5,646,724 $10,168,525
Licensing revenue 4,973,584 2,929,717
Component distribution revenue 4,602,819 14,718,440
Product revenue 189,820 101,148
Internet and broadcast revenue 17,983 54,864
Total revenues 15,430,930 27,972,694
Cost of sales 6,703,550 16,611,290
Gross margin 8,727,380 11,361,404
Expenses:
Sales & marketing 4,474,575 6,355,742
Research & development 3,576,170 4,151,064
General & administrative 5,167,396 10,357,001
Non-cash stock issuance cost 0 3,111,859
Loss from operations (4,490,761) (12,614,262)
Other income, net 796,504 1,180,352
Minority interest 193,005 249,577
Loss before income tax expense (3,501,252) (11,184,333)
Income tax expense 377,519 324,981
Net loss ($3,878,771) ($11,509,314)
Net loss per common share:
Basic and Diluted ($0.31) ($0.93)
Weighted average number of shares used
in the calculation of net loss
per common share
Basic and Diluted 12,630,199 12,379,281
SRS LABS, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)
December 31, December 31,
2001 2000
ASSETS
Current Assets
Cash and cash equivalents $19,011,167 $24,128,480
Investments available for sale 582,556 5,713,881
Accounts receivable, net 870,016 787,908
Inventories, net 1,624,067 3,068,478
Prepaid expenses and other
current assets 631,844 847,953
Deferred income taxes 219,429 38,116
Total Current Assets 22,939,079 34,584,816
Investments available for sale 0 582,849
Furniture, fixtures & equipment,
net 1,672,801 1,808,624
Intangible assets, net 2,852,009 3,692,218
Deferred income taxes 799,499 900,839
Total Assets $28,263,388 $41,569,346
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable $822,698 $1,603,401
Accrued liabilities 1,357,105 1,974,357
Line of credit 0 8,000,000
Income taxes payable 1,144,493 1,093,107
Total Current Liabilities 3,324,296 12,670,865
Commitments and contingencies
Minority interest 403,079 595,428
Stockholders' Equity
Preferred stock - $.001 par value
2,000,000 shares authorized; no shares
issued and outstanding
Common stock - $.001 par value
56,000,000 shares authorized;
12,789,644 and 12,652,844 shares
issued; and 12,664,744 and
12,581,744 outstanding for 2001
and 2000, respectively 12,790 12,653
Additional paid-in capital 55,745,867 55,436,455
Cumulative other comprehensive loss (74,055) (64,950)
Accumulated deficit (30,696,595) (26,817,824)
Less treasury stock at cost,
124,900 and 71,100 shares at
December 31, 2001 and 2000, respectively (451,994) (263,281)
Total Stockholders' Equity 24,536,013 28,303,053
Total Liabilities and
Stockholders' Equity $28,263,388 $41,569,346
SOURCE: SRS Labs, Inc. |
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