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Press Release Source: Spatializer Audio Laboratories, Inc. Spatializer Audio Laboratories, Inc. Reports Profitable Fiscal 2002 Operating Results with 16% Revenue Growth Monday March 24, 6:30 am ET Fiscal 2002 Marked by Diversification of Licensee Base and New Product Launches # SANTA CLARA, Calif., March 24 /PRNewswire-FirstCall/ -- Spatializer Audio Laboratories, Inc. (OTC Bulletin Board: SPAZ - News) today reported revenues for the twelve months ended December 31, 2002 of $1,856,000, compared to $1,604,000 in the prior year, an increase of 16%. Net Income for the year ended December 31, 2002 was $18,000, or $0.00 per share, compared to net loss of ($240,000), or ($0.01) per share in the prior year. The income in the current fiscal year included $106,000 of depreciation and amortization, compared with $139,000 in the prior fiscal year.(Photo: http://www.newscom.com/cgi-bin/prnh/20010525/LAF026LOGO ) Revenues for the fourth quarter ended December 31, 2002 were $464,000, compared to $389,000 in the prior year, an increase of 19%. Spatializer reported a net loss of $17,000, $0.00 per share, for the three months ended December 31, 2002, compared to net income of $27,000, $0.00 per share, in the prior year. Spatializer`s working capital at December 31, 2002 was $1,125,000 compared with working capital of $1,124,000 at December 31, 2001. At December 31, 2002, Spatializer had $859,000 in cash and cash equivalents, compared to $869,000 at December 31, 2001. "We have successfully moved the company forward in fiscal 2002 in a difficult economic environment," stated Henry R. Mandell, Chairman and CEO of Spatializer Audio Laboratories, Inc. "We restored profitability and generated revenue growth of 16%, the first year of revenue growth since 2000. Moreover, we were able to expand the diversification of our licensee base and introduced several new products in 2002 that will serve as a platform for product diversification going forward." Mandell continued, "We added or expanded our relationships with JVC, Sanyo, Orion and Mediatech this past year. We anticipate that there will be a wind down of our licensing program in early 2003 with a large computer account as that entity completes its migration to its latest operating system. However, we believe that growth from these and other licensing arrangements including some that are pending but not announced or in negotiation, will substantially offset any revenue shortfalls from the computer account by the third quarter of fiscal 2003. Mediatech, in particular, has been successful in penetrating the DVD market and our relationship with them positions us well as the audio solutions provider of choice in these new accounts for 2003 and 2004. Further, by the second half of 2003, we expect to begin generating revenues from the Company`s new products that were introduced in 2002." Mandell concluded, "Some stockholders contact us expressing concern over our stock price, assuming that fluctuations in share price signals business changes for the company on a daily basis. In fact, equity markets in general are in turmoil, pressed by economic and political uncertainty. Stocks traded on the OTC Bulletin Board are particularly volatile and subject to various stock trading tactics. In these uncertain times, our management team is focused on what we can better control ... our business. There were many positive achievements in 2002. We are pursuing a more aggressive and value proposition oriented sales approach under the direction of Michael Wood who joined us in the second half of 2002. Our customers and prospects give us strong positive feedback on our products, especially in head to head comparison with the competition. We grew revenue 16%, had a profitable 2002 and we are doing new deals. Our working capital has remained stable at over $1.1 million. While one of our non-operating directors is selling small quantities of shares on a regular basis to fund his personal needs, none of our other insiders or management team has sold any shares since 2001. Markets today are at the mercy of forces often beyond our control or conventional analysis. While we cannot control those forces, we can and are continuing to focus on our business, working hard at aggressively seeking new opportunities to unleash value and to generate accelerated growth." About Spatializer Spatializer Audio Laboratories, Inc. is a leading developer, licensor and marketer of next-generation technologies for the consumer electronics, computing and entertainment industries. The company`s advanced audio technology is incorporated into consumer electronics audio and video products from global brand leaders including Toshiba, JVC, Panasonic, Samsung, Sharp and Sanyo, among others. Spatializer stock is traded on the OTC Bulletin Board under the symbol: SPAZ. The company is headquartered in Santa Clara, CA, with executive offices in Westlake Village, CA and marketing offices in Tokyo, Japan. Further information may be obtained from the company`s web site, www.spatializer.com, Spatializer`s SEC filings, and by contacting the company`s Investor Relations Department at 408-296-0600 or by writing to investor@spatializer.com. SPATIALIZER AUDIO LABORATORIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS ASSETS December 31, December 31, 2002 2001 Current Assets: Cash and Cash Equivalents $858,725 $869,478 Accounts Receivable 499,023 442,555 Prepaid Expenses and Deposits 82,920 133,251 Total Current Assets 1,440,668 1,445,284 Property and Equipment, Net 70,842 50,586 Intangible Assets, Net 225,859 255,726 Other Assets 8,471 1,510 $1,745,840 $1,753,106 LIABILITIES AND STOCKHOLDERS` EQUITY Current Liabilities: Notes Payable to Related Party 112,500 112,500 Accounts Payable 39,027 14,872 Accrued Wages and Benefits 108,771 72,969 Accrued Expenses 55,682 41,197 Net Liabilities of Discontinued Operation -- 100,000 Total Current Liabilities 315,980 341,538 Commitments and Contingencies Stockholders` Equity (Deficit): Series B-1 Convertible Preferred shares, $0.01 par value; 1,000,000 shares authorized; 87,967 and 87,967 shares issued and outstanding at December 31, 2002 and 2001, respectively 880 880 Common shares, $0.01 par value; 65,000,000 shares authorized; 47,406,939 and 47,406,939 shares issued and outstanding at December 31, 2002 and 2001, respectively 474,070 474,070 Additional Paid-In Capital 46,402,852 46,402,852 Accumulated Deficit (45,447,942) (45,466,234) Total Shareholders` Equity 1,429,860 1,411,568 $1,745,840 $1,753,106 SPATIALIZER AUDIO LABORATORIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS Year Ended December 31, 2002 2001 2000 Revenues: Product Revenues, Net Licensing Revenues Royalty Revenues $1,855,934 $1,603,782 $2,201,812 1,855,934 1,603,782 2,201,812 Cost of Revenues 130,516 96,783 248,217 1,725,418 1,506,999 1,953,595 Operating Expenses: General and Administrative 765,637 707,115 599,291 Research and Development 432,826 639,223 540,269 Sales and Marketing 512,727 476,432 455,901 1,711,190 1,822,770 1,595,461 Operating Income (Loss) 14,228 (315,771) 358,134 Interest Income 12,432 41,358 64,857 Interest Expense (14,493) (11,250) (34,112) Other Income (Expense), Net 25 42,691 3,140 2,036 72,799 33,885 Income (Loss) Before Income Taxes 12,192 (242,972) 392,019 Income Taxes (6,100) 2,865 (10,000) Net Income (Loss) $18,292 $(240,107) $382,019 Basic and Diluted Income (Loss) per Share: $.00 $(.01) $.01 Weighted-Average Shares Outstanding 47,406,939 47,247,455 46,736,224 Safe Harbor Act Statement Under the Private Securities Litigation Reform Act of 1995: Certain information in this background news release, including the comments by Mr. Mandell in this press release are forward-looking statements 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 financial goals will be realized. Numerous uncertainties and risk factors 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. These uncertainties and risk factors include, but are not limited to the continued need for additional capital, dependence on new technology and intellectual property, dependence on the PC and consumer electronics industries, dependence on product shipments of third-party licensees, competition and pricing pressures, and other risks detailed from time to time in the company`s periodic reports filed with the Securities and Exchange Commission. NOTE: Desper Products Inc. is a wholly owned subsidiary of Spatializer Audio Laboratories, Inc. Spatializer® is a registered trademark of Desper Products Inc. All other trademarks are the property of their respective owners. Source: Spatializer Audio Laboratories, Inc. |
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