Dallas, Texas (November 23, 2011) – StockGuru Shines its Spotlight on Parametric Sound Corporation (OTCBB: PAMT), a leading innovator of directed audio products and solutions, yesterday announced financial results for its fiscal year ended September 30, 2011.

The Company closed on November 22, 2011, at $0.69, trading in a fifty-two week range of $1.35 to $0.30.

FY 2011 Highlights:

  • Completed first full fiscal year as an independent public company after completion of a spin-off.
  • Introduced and commenced worldwide sales of a new and more economical HSS-3000 series of directed audio solutions delivering enhanced output and improved ease of installation.
  • Began rebuilding customer pipeline with new products — trials ongoing for volume prospects.
  • Converted and retired spin-off related debt and obtained equity investment for working capital to support production and sales.
  • HyperSonic® Sound technology subject to three new patent applications in the U.S. and related foreign applications through an exclusive license arrangement.
  • Identified important new markets for directed audio — commenced discussions with prospective customers.
  • Demonstrated ability of HSS® to deliver a unique 3D audio image.
  • Made significant investment in research — continued directed audio improvements planned for fiscal 2012.

In October 2010, following a spin-off, Parametric Sound commenced trading as an independent public company focusing on its leadership role in the directed audio market. Electing to discontinue inherited legacy products, the Company focused on new products with improved economics both for customers and the Company. In July 2011 the Company commenced sales of its new HSS-3000 series. With a dedicated focus on directed audio, the Company continues to add to its substantial body of intellectual property and develop new product solutions for growing markets.

“During the past year, we made considerable progress improving the economics and utility of our HyperSonic Sound directed audio solutions,” said Elwood G. Norris, CEO of Parametric Sound. “We are now building our customer and application pipeline and expect worldwide sales growth in fiscal 2012. The market for digital signage, including kiosks and point of sale systems, continues to grow along with awareness of the benefits of directed audio. We are developing additional products to be introduced in 2012 targeting new markets.”

The financial results for the fiscal year ended September 30, 2011 represents the first full year of operations for Parametric Sound as an independent company. Results for the prior year include allocations prior to the spin-off and are not considered comparable.

The Company reported a net loss for year ended September 30, 2011 of $1,484,458 (loss of $0.09 per share) on revenues of $79,167 from HSS-3000 product sales during the fourth fiscal quarter only. Product deliveries commenced in July 2011, primarily to legacy customers, as the Company began to rebuild distribution and pursue volume directed audio business. Gross profit was $43,643 or 55%. Historical margins are not necessarily indicative of future margins. Operating expenses during the year of $1,220,319 included $619,378 expended on research and development. The Company reported cash of $491,764 at September 30, 2011 and working capital of $426,663. This compares to a working capital deficit of $151,335 at September 30, 2010. As the Company only became an independent reporting company in late September 2010, comparison of current period results with the prior year is not informative.

“Until introduction of HSS-3000 products in July, the HyperSonic product line was stagnant for over five years,” noted Norris. “We are reawakening and rebuilding market awareness and pursuing volume opportunities. We anticipate notable new product announcements, customer collaborations and growing product sales in fiscal 2012. Our team is focused on our core mission of being the dominant worldwide provider of directed audio solutions.”

About Parametric Sound Corporation
Parametric Sound Corporation’s pioneering HyperSonic® Sound technology employs a tightly focused beam of sound to target specific audiences without the ambient noise of traditional speakers. The Company owns a substantial body of intellectual property. Recent innovations produce a distinctive 3D audio image from just two stereo emitters opening opportunities for 3D sound solutions for computers and entertainment.

Cautionary note on forward-looking statements
This press release includes forward-looking information and statements. Except for historical information contained in this release, statements in this release may constitute forward-looking statements regarding our assumptions, projections, expectations, targets, intentions or beliefs about future events that are based on management’s belief, as well as assumptions made by, and information currently available to, management. While we believe that our expectations are based upon reasonable assumptions, there can be no assurances that our goals and strategy will be realized. Numerous factors, including risks and uncertainties, may affect our actual results and may cause results to differ materially from those expressed in forward-looking statements made by us or on our behalf. Some of these factors include the acceptance of existing and future products, the impact of competitive products and pricing, general business and economic conditions, and other factors detailed in our Annual Report on Form 10-K and other periodic reports filed with the SEC. We specifically disclaim any obligation to update or revise any forward-looking statement whether as a result of new information, future developments or otherwise.

  • See original press release for Condensed Balance Sheet.

 

To get free alerts on this and other similar stocks, please register here:

Get StockGuru Email Alerts

What is the StockGuru Spotlight?

Many companies covered in The StockGuru Spotlight have positive increases in both volume and share price. While this is not true in all cases, StockGuru strives to cover companies in The StockGuru Spotlight that are worth of our readers’ attention.

StockGuru looks for potential break-out candidates in The StockGuru Spotlight. Many of these companies have had recent news and appear to be getting the attention of investors. StockGuru does not typically feature companies in The StockGuru Spotlight that are compensating StockGuru for this coverage. There are times when StockGuru covers a stock in The StockGuru Spotlight that had previously compensated Stockguru. Where that is the case, a proper disclosure is included below. StockGuru and its partners, employees and writers never hold shares, short positions, warrants or any other current position in a stock featured in The StockGuru Spotlight.

To feature a company in The StockGuru Spotlight please contact the Publisher at [email protected]. If our reader is a key person for a publicly traded company, StockGuru can consider that company for either a StockGuru Spotlight or a StockGuru Profile. Please contact the StockGuru Publisher John Pentony at this email address: [email protected].

Stockguru.com (“SG”) provides its members with the latest news, press releases, and trade alerts for all the companies highlighted on the site StockGuru.com. SG utilizes information believed to be reliable herein prepared all material. The information contained herein is not guaranteed by SG to be accurate, and should not be considered to be all-inclusive. The owner, publisher, editor and their associates are not responsible for errors and omissions. SG encourages readers and investors to supplement the information in these reports with independent research and other professional advice. All information on featured companies is provided by the companies profiled, or is available from public sources and SG makes no representations, warranties or guarantees as to the accuracy or completeness of the disclosure by the profiled companies or the information contained herein. The companies that are discussed in this opinion have not approved the statements made in this opinion. This opinion contains forward-looking statements that involve risks and uncertainties. This material is for informational purposes only and should not be construed as an offer or solicitation of an offer to buy or sell securities. SG is not a licensed broker, broker dealer, market maker, investment banker, investment advisor, analyst or underwriter. Please consult a broker before purchasing or selling any securities viewed on http://www.Stockguru.com or mentioned herein.

This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected”, “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and SG undertakes no obligation to update such statements. StockGuru is occasionally compensated for coverage. When this is the case, SG clearly indicates this with a disclosure of all compensation received in the past and present. Additionally SG also discloses any anticipated compensation in the future. Compensation is typically in cash. Sometimes a company pays SG in restricted shares. Pentony Enterprise and its associated companies does not take free trading shares for any reason at anytime. StockGuru is not a registered investment adviser or a broker-dealer. StockGuru makes no recommendation that the purchase of securities of companies profiled in this web site is suitable or advisable for any person, or that an investment in such securities will be profitable. In general, given the nature of the companies profiled and the lack of an active trading market for their securities, investing in such securities is highly speculative and carries a high degree of risk.

John Pentony, Publisher, Stockguru.com

Tel: +1 469 252 3031

e-mail: [email protected]