AuraSound Announces Financial Results -- Revenue Increases 819%

AuraSound Inc.

2011-05-09 12:44 1371

SANTA ANA, Calif., May 9, 2011 /PRNewswire-Asia/ -- AuraSound Inc.(OTC BB: ARUZ) today announced financial results for its third fiscal quarter ended March 31, 2011. For the three month period ending March 31, 2011net revenue wasUS$16.0 million versus US $1.7 million the same prior year period, an increase of 819%. After tax net profit for the three month period ending March 31, 2011 was US$563K, versus a net loss of US$481K for the same prior year period. For the nine month period ending March 31, 2011net revenue was a record US$54.2 million versus US$4.8 million the same period the prior year, an increase of 1,027%. After tax net profit for the nine month period was US$1.6M, versus a net loss of US$1.5M for the same prior year period.

"We delivered very strong performance for our third consecutive quarter, with balanced growth across all of our major product segments," said Mr. Harald Weisshaupt, CEO and President of AuraSound. "We exceeded both our sales revenue and net profit targets in what is typically a slow calendar quarter for our business. In addition, we continued to make progress improving our gross margins and also in reducing expenses as a percent of sales revenue. In addition, our products received several very positive independent reviews during the quarter, and 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 over 20 years experience specializing in the design and manufacturing of high-end speakers, consistently providing people with an optimal audio experience. AuraSound's broad range of products include 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 NRT® Drivers, BassShakers, Line Source tweeters and more. With their 2010 acquisition of ASI Audio technologies, they added an industry leading TV sound bar 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.