BUY AGGRESSIVELY Qsound Labs Inc.Q3 PROFITABL ++$.01 /share vs. --.$01 - 500 Beiträge pro Seite

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QSOUND LABS INC FIRST TIME EVER PROFITABL
Q3 PROFITABL ++$.01 /share vs. --$.01

BUY AGGRESSIVELY Qsound Labs Inc.Q3 PROFITABL ++$.01 /share vs. --.$01

CALGARY, Alberta--(BUSINESS WIRE)--Nov. 9, 2000--QSound Labs, Inc.
(NASDAQ:QSND.O) reported third quarter revenues of $1,201,000, up 41%
compared to $855,000 in the same quarter in 1999.
For the third quarter, operating profit was $100,000 or $0.01 per
share as compared to a loss of $239,000 or $0.01 in 1999.
Net loss for the quarter, after deducting acquisition-related
costs of $760,000 and other non-operating costs in accordance with
generally accepted accounting principles, was $818,000 or $(0.03) per
share as compared to $1,902,000 or $(0.08) per share in 1999. In 1999,
the Company incurred a one-time charge of $1,489,000 for purchased,
in-process research and development.
Revenues for the nine months ended September 30, 2000 increased by
32% 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 $(0.09) per share as compared to a net
loss of $2,200,000 or $(0.09), 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,"
stated David Gallagher, President and CEO, QSound Labs, "the audio
business segment continues to be profitable and has now earned
$760,000 in net income over the past year. With respect to our
e-commerce business segment, we made significant progress in building
the marketing team, implementing our plans and integrating and
rationalizing the operations of our web properties."

BUSINESS OUTLOOK

The following statements are based on current expectations. These
statements are forward-looking and actual results may differ
materially.

As stated in the previous quarter, management is forecasting
revenue growth for the audio business segment in the second half of
FY2000 based on the existing strategic relationships with Real
Networks, Philips, Starkey and Mitsubishi and the establishment of
more distribution channels and partnerships for our software products.
For FY2001, management expects additional growth contributions from
new initiatives targeted at the exploding digital music revolution and
the increasing use and adoption of soft audio solutions for PC`s and
Internet appliances.
For the e-commerce business segment, marketing programs have been
put in place to increase the merchant base and management continues to
develop further relationships in order to acquire merchants. The
planned launch of ChoiceWorld.com, an online shopping mall, in the
fourth quarter, will broaden the revenue base for QCommerce, from only
ASP ("Application Service Provider") service income to also include
listing, directory and advertising fee income, while maintaining the
existing cost structure.

About QSound Labs, Inc.

QSound Labs, Inc., founded in 1988, is a leader in audio
technology, multimedia software, Internet audio and e-commerce
solutions. Utilizing its proprietary patented technology, the Company
has developed audio solutions for virtual surround sound, positional
audio, stereo enhancement and the Company`s area of specialty - 3D
audio. QSound`s cutting-edge 3D audio technology allows consumers to
enjoy high quality, realistic three-dimensional stereo surround sound
in a number of applications with just two speakers. In recent years,
QSound has leveraged its extensive Internet marketing expertise by
also providing e-commerce solutions, through its wholly-owned
subsidiary, QCommerce, Inc., and complimentary multimedia software
applications. The Company`s various technologies are incorporated into
many products in the consumer electronics, multimedia PC, Internet,
entertainment and healthcare markets. Visit the QSound Labs web site
at www.qsound.com for more information.

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, manufacturing uncertainties,
uncertainties relating to product development and commercial
introduction, dependence on intellectual property, rapid technological
change and competition, continued growth of the Internet and other
risks that may be detailed from time to time in the Company`s filings
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.

*T

QSOUND LABS, INC.
Consolidated Balance Sheets
As at September 30, 2000 and 1999
Unaudited
(Expressed in United States Dollars
under United States GAAP) September 30, September 30,
2000 1999
-------------------------------------------------------------------
ASSETS
Current assets:
Cash and cash equivalents $ 2,545,485 $ 1,802,798
Accounts receivable 1,117,561 1,275,622
Inventory95,308 256,510
Deposits and prepaid expenses 117,479 274,114
-------------------------------------------------------------------
3,875,833 3,609,044

INVESTMENTS 924,800 -
CAPITAL ASSETS 1,279,931 1,015,164
INTANGIBLE ASSETS 8,463,828 5,957,826
-------------------------------------------------------------------
$14,544,392 $10,582,034
-------------------------------------------------------------------
-------------------------------------------------------------------

LIABILITIES AND SHAREHOLDERS` EQUITY
Current liabilities:
Accounts payable $ 352,644 $ 568,690
Accrued liabilities 1,523,865 92,428
Deferred revenue 383,908 24,448
-------------------------------------------------------------------
2,260,417 685,566
Long-term liability 1,000,000 -
-------------------------------------------------------------------

3,260,417 685,566
-------------------------------------------------------------------
Shareholders` equity:
Common Shares
(29,051,671 common shares) 44,952,036 38,963,062
Deficit (33,297,161) (29,066,594)
Accumulated other comprehensive income (370,900) -
-------------------------------------------------------------------
11,283,975 9,896,468
---------------------------
$14,544,392 $10,582,034
-------------------------------------------------------------------
-------------------------------------------------------------------

QSOUND LABS, INC.
Consolidated Statements of Operations and Deficit
For the Nine Month Periods Ended September 30, 2000 and 1999

(Expressed in United States Dollars under United States GAAP)

Unaudited For three For three For nine For nine
months ended months ended months ended months ended

Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2000 1999 2000 1999
-------------------------------------------------------------------

REVENUE
Royalties, license
fees and product
sales $ 1,201,357 $ 854,662 $ 3,235,628 $ 2,446,046
Cost of
product sales 71,368 28,872 148,903 242,322
-------------------------------------------------------------------
1,129,989 825,790 3,086,725 2,203,724
-------------------------------------------------------------------

EXPENSES:
Marketing 509,767 506,424 1,268,153 1,149,378
Product
engineering 348,184 334,525 1,304,979 1,070,528
Administration 171,721 223,748 581,811 438,145
-------------------------------------------------------------------
1,029,672 1,064,697 3,154,943 2,658,051
-------------------------------------------------------------------

OPERATING PROFIT
(LOSS) 100,317 (238,907) (68,218) (454,327)

OTHER ITEMS
Depreciation and
amortization (739,170) (180,630) (1,410,710) (314,072)
Write-off of
acquired in-process
research and
development - (1,489,460) (446,639) (1,489,460)
Investment
write-down (200,000) - (450,000) -
Other 21,025 7,382 (60,535) 57,992
-------------------------------------------------------------------
NET INCOME (LOSS)
FOR PERIOD (817,828) (1,901,615) (2,436,102) (2,199,867)

DEFICIT BEGINNING
OF PERIOD (31,380,645) (28,654,439) (30,861,059) (28,356,187)
-------------------------------------------------------------------
DEFICIT END
OF PERIOD $(32,198,473)$(30,556,054)$(33,297,161)$(30,556,054)
-------------------------------------------------------------------
-------------------------------------------------------------------
INCOME (LOSS) PER
COMMON SHARE
UNDER UNITED
STATES GAAP (0.03) (0.08) (0.09)$ (0.09)
-------------------------------------------------------------------
-------------------------------------------------------------------
NET INCOME (LOSS)
UNDER CANADIAN
GAAP (887,510) (412,154) (2,171,923)$ (710,407)
-------------------------------------------------------------------
-------------------------------------------------------------------
INCOME (LOSS) PER
COMMON SHARE
UNDER CANADIAN
GAAP (0.03) (0.02) (0.08)$ (0.03)
-------------------------------------------------------------------
-------------------------------------------------------------------

Operating Income
(loss) per share 0.00 (0.01) (0.00)


QSOUND LABS, INC.
Consolidated Statements of Cash Flows
For the Nine Month Periods Ended September 30, 2000 and 1999

(Expressed in United States Dollars under United States GAAP)

Unaudited For three For three For nine For nine
months ended months ended months ended months ended

Sept. 30, Sept. 30, Sept. 30, Sept. 30,
1999 2000 1999
-------------------------------------------------------------------
Cash provided by
(used in)

Operations

Income (loss) for
the period $ (817,828)$ (412,155) $(2,436,102) $ (710,407)
Items not requiring (providing) cash:
Depreciation and
amortization 739,170 74,241 1,410,710 207,682
Gain on sale of
capital assets (135) - (255) (20,500)
Write-off of
acquired in-process
research and
development - - 446,639 -
Investment
write-down 200,000 - 450,000 -
Options granted
for services - 129,131 - 193,131
Changes in working
capital balances (161,081) 475,334 1,075,483 402,697
-------------------------------------------------------------------
(39,874) 266,551 946,475 72,603
-------------------------------------------------------------------
Financing

Issuance of
shares, net (136,168) 5,331,645 2,604,243 5,830,299
Increase in long-
term liability (500,000) 1,000,000
-------------------------------------------------------------------
(636,168) 5,331,645 3,604,243 5,830,299
-------------------------------------------------------------------
Investments

Purchase of
capital assets (910) (185,817) (451,781) (288,391)
Purchase of
intangible assets (20,103) (5,957,826) (3,078,070) (5,957,826)
Proceeds from sale
of other assets - 743,688 - -
Proceeds from sale
of capital assets 135 - 255 20,500
-------------------------------------------------------------------
(20,878) (5,399,955) (3,529,596) (6,225,717)
-------------------------------------------------------------------

Increase (decrease)
in cash (696,920) 198,241 1,021,122 (322,815)
Cash and cash
equivalents
beginning of
period 3,242,405 1,604,557 1,524,363 2,125,613
-------------------------------------------------------------------

Cash and cash
equivalents end
of period $ 2,545,485 $ 1,802,798 $ 2,545,485 $ 1,802,798
-------------------------------------------------------------------
-------------------------------------------------------------------

*T

--30--jth/in*

CONTACT: QSound Labs, Inc.
Paula Murray, 954/796-8798
Email: [e-mail]
Website: www.qsound.com

KEYWORD: INTERNATIONAL CANADA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS E-COMMERCE INTERNET
SOFTWARE EARNINGS

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