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| CALGARY, Alberta--(BUSINESS
WIRE)--May 18, 2000--QSound Labs, Inc. (NASDAQ:QSND) reported revenues for the three
months ended March 31, 2000 of $835,351 as compared $799,406 for the same period in 1999. The operating loss for the quarter was $(270,791) or $(0.01) as compared to an operating profit of $23,313 or $0.00 for the same period last year. Including depreciation and amortization of goodwill, the net loss for the period was $(554,375) or $(0.02) per share as compared to net income of $3,809 or $0.00 for the same period in 1999. Overall, product margins increased from 81% to 93% over the same period last year and the Company has working capital of $4.2 million, with no long-term debt. ``The financial results are reflective of a transitional period for the Company as it focuses on developing new opportunities for its technology base on the Internet,'' said David Gallagher, President and CEO, QSound Labs. ``Our distribution relationships with RealNetworks and LookSmart are key to the Company's plan to maximize return on our principal product categories for the rest of this year. Downloadable software sales are already a large component of our total revenue base and we plan to grow this category through new soft-audio products and increased distribution. Similarly, our QCommerce revenue base will grow as we gain wider distribution for our innovative product offerings.'' During the first quarter, the Company continued to pursue
opportunities for leveraging its technologies and core competencies by finding suitable
acquisition and/or merger opportunities that would provide synergistic technologies and
increased revenue potential for QSound. - In March, the Company announced its intent to acquire StreamMagic, Inc. After careful review the Company is advising its shareholders that StreamMagic and QSound have mutually agreed that they will no longer pursue the acquisition because of current market conditions. - Negotiations with Choicemall.com were ongoing throughout the first quarter and the purchase of Choicemall.com from LookSmart Ltd. (NASDAQ: LOOK ) was finalized during the second quarter. As well, during the first quarter the Company signed agreements in the following areas: PC/Multimedia - The Company was very pleased to announce Boston Acoustics as the first licensee of its soft audio technology. Boston Acoustics (NASDAQ: BOSA) introduced their new BA735 USB speaker to OEMs in January, 2000. Internet Audio - RealNetworks (NASDAQ: RNWK) continues to be a major marketing force for the Company's Internet software audio products and in January QSound announced that its iQ(TM) software would be available to RealJukebox(TM) and RealJukeBox Plus(TM) users. - QSound licensed its new High Definition Audio for the Internet, QHD(TM) to Earjam.com in March. The technology will be included in Earjam's deluxe version of its Internet Music Player (IMP(TM)). This release contains forward-looking statements within the meaning of the Private Securities Litigation Act of 1995 concerning, among other things, future financial results. Investors are cautioned that such forward-looking statements involve risk and uncertainties, which could cause actual results, performance or achievements of the Company, or industry results to differ materially from those reflected in the forward-looking statements. Such risks and uncertainties include, but are not limited to, risks associated with the Company's ability to carry out its business strategy and marketing plans, including availability of sufficient resources for the Company to do so timely and cost effectively, commercialization of the Company's technologies, consumer acceptance of the Company's products and services, dependence on the performance of third parties who have licensed the Company's technologies, dependence on intellectual property, uncertainties relating to product development and commercial introduction, rapid technological change and competition, manufacturing uncertainties and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission. Forward-looking statements are based on the current expectations, projections and opinions of the Company's management, and the Company undertakes no obligation to publicly release the results of any revisions to such forward-looking statements which may be made, for example to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
QSound Labs, Inc.
Consolidated Balance Sheet
As at March 31, 2000
Unaudited
(Expressed in United States Dollars under United States GAAP)
March 31, 2000 March 31, 1999
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ASSETS
Current assets:
Cash and cash equivalents $ 3,769,280 $ 1,762,976
Accounts receivable 1,012,082 1,515,600
Short term investments - 100,000
Inventory 164,564 140,253
Deposits and prepaid expenses 396,244 245,474
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5,342,170 3,764,303
INVESTMENTS 1,374,800 -
CAPITAL ASSETS 992,234 888,927
INTANGIBLE ASSETS 4,321,571 284,221
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$ 12,030,775 $ 4,937,451
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued
liabilities $ 304,430 $ 146,311
Deferred revenue 885,167 -
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1,189,597 146,311
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Shareholders' equity:
Common shares (27,794,449) 42,592,723 33,143,518
Deficit (31,380,645) (28,352,378)
Accumulated other comprehensive
income (370,900) -
---------------------------------------------------------------------
10,841,178 4,791,140
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$ 12,030,775 $ 4,937,451
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QSound Labs Inc.
Consolidated Statements of Operations and Deficit
For the Three Month Period Ended March 31, 2000
Unaudited
(Expressed in United States Dollars under United States GAAP)
March 31, 2000 March 31, 1999
---------------------------------------------------------------------
REVENUE
Royalties, license fees and
product sales $ 835,351 $ 799,406
Cost of product sales 52,748 147,593
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782,603 651,813
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EXPENSES:
Marketing 342,791 259,702
Product engineering 505,028 304,277
Administration 205,575 64,521
---------------------------------------------------------------------
1,053,394 628,500
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OPERATING PROFIT (LOSS) (270,791) 23,313
OTHER ITEMS
Depreciation and amortization (268,443) (59,201)
Interest and other income 19,528 24,697
Gain on sale of capital assets 120 15,000
---------------------------------------------------------------------
NET INCOME (LOSS) FOR PERIOD (519,586) 3,809
DEFICIT BEGINNING OF PERIOD (30,861,059) (28,356,187)
---------------------------------------------------------------------
DEFICIT END OF PERIOD $ (31,380,645) $ (28,352,378)
---------------------------------------------------------------------
---------------------------------------------------------------------
INCOME (LOSS) PER COMMON SHARE UNDER
UNITED STATES GAPP (0.02) 0.00
---------------------------------------------------------------------
---------------------------------------------------------------------
NET INCOME (LOSS) UNDER CANADIAN GAAP (554,375) 3,809
---------------------------------------------------------------------
---------------------------------------------------------------------
INCOME (LOSS) PER COMMON SHARE UNDER
CANADIAN GAAP (0.02) 0.00
---------------------------------------------------------------------
---------------------------------------------------------------------
QSound Labs Inc.
Consolidated Statement of Cash Flows
For the Three Month Period Ended March 31, 2000
Unaudited
(Expressed in United States Dollars under United States GAAP)
March 31, 2000 March 31, 1999
---------------------------------------------------------------------
Cash provided by (used in)
Operations
Income (loss) for the period $ (519,586) $ 3,809
Items not requiring (providing) cash:
Depreciation and amortization 268,443 59,201
Gain on sale of capital assets (120) (15,000)
Changes in working capital balances (237,879) (331,636)
---------------------------------------------------------------------
(489,142) (283,626)
---------------------------------------------------------------------
Financing
Issuance of shares, net 2,755,202 203,886
---------------------------------------------------------------------
2,755,202 203,886
---------------------------------------------------------------------
Investments
Purchase of capital assets (16,300) (32,897)
Purchase of intangible assets (4,963) -
Purchase of other assets - (265,000)
Proceeds from sale of capital assets 120 15,000
---------------------------------------------------------------------
(21,143) (282,897)
---------------------------------------------------------------------
Increase (decrease) in cash 2,244,917 (362,637)
Cash and cash equivalents beginning
of period 1,524,363 2,125,613
---------------------------------------------------------------------
$ 3,769,280 $ 1,762,976
---------------------------------------------------------------------
---------------------------------------------------------------------
Contact: QSound Labs, Inc.
Paula Murray, 954/796-8798
Email: paula.murray@qsound.com
Website: www.qsound.com
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