QSound Labs has posted a 41-per-cent growth in third-quarter, year-over-year revenues for the three months ended Sept. 30.
Revenue grew to $1,201,000 compared to $855,000 in the same quarter in 1999. Quarterly operating profit was $100,000 or $0.01 per share as compared to a loss of $239,000 in 1999.
Net loss for the quarter, after deducting acquisition-related and other non-operating costs, was $818,000 or -3 cents per share as compared to $1,902,000 or -8 cents per share in 1999.
In 1999, the company incurred a one-time charge of $1,489,000 for purchased, in-process research and development.
Revenue for the nine months ending Sept. 30 increased by 32 per cent to $3,236,000 as compared to $2,446,000 for the same period in 1999. The operating loss was $68,000 as compared to $454,000 in 1999. Net loss for the nine-month period, which includes one-time charges of $897,000, was $2,436,000 or -9 cents per share as compared to a net loss of $2,200,000 or -9 cents per share, which included one-time charges of $1,489,000 for the comparable period in 1999.
“We are satisfied with the progress made in the third quarter,” said David Gallagher, president and CEO of QSound.
“The audio business segment continues to be profitable. With respect to our e-commerce business segment, we made significant progress in building the marketing team . . . and integrating and rationalizing the operations of our Web properties.”
QSound Labs, Inc., founded in 1988, provides audio technology, multimedia software, Internet audio and e-commerce solutions.
