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[Aexander]

Spatializer Audio Laboratories, Inc. Reports Second Quarter Operating Results
FRIDAY, AUGUST 03, 2001 6:30 AM
- PRNewswire

SANTA CLARA, Calif., Aug 3, 2001 /PRNewswire via COMTEX/ -- Spatializer Audio Laboratories, Inc. (OTC:SPAZ) today announced its financial results for the second quarter ended June 30, 2001.

(Photo: http://www.newscom.com/cgi-bin/prnh/20010525/LAF026LOGO )

Revenues for the second quarter of fiscal 2001 were $485,000, compared to revenues of $530,000 in the second quarter of fiscal 2000, a decrease of 8%. Revenues for the six months ended June 30, 2001 were $912,000 compared to revenues of $1,036,000 in the comparable six-month period last year.

The company reported net loss for the quarter of $98,000, $0.00 basic and diluted per share, compared with net income of $112,000, $0.00 basic and diluted per share, in the comparable period last year. Net loss for the six months ended June 30, 2001 was $92,000, $0.00 basic and diluted per share, compared to net income of $283,000, $0.00 basic and diluted per share, in the comparable six month period last year.

The decrease in revenues in the three and six-month periods result primarily from a flat fee royalty buy-out from a particular customer in the three and six-month periods ended June 30, 2000, for which there were no revenues from that customer in the current periods. In addition, the Company earned lower royalties due to a weakness in the sale of analog ICs by a major account, and continued weakness in PC sales worldwide and its impact on royalties from another major account. This was partially offset by increased royalties for Spatializer N-2-2(TM) from the DVD player market.

The net loss for the three and six month periods are primarily the result of the decrease in revenue and an increase in operating expenses, primarily for research and development. The Company previously reported that it had accelerated its hiring program to capitalize on a brief supply of engineering talent in the Silicon Valley as a result of industry layoffs. In addition, the Company stepped up its use of outside consultants to move several projects closer to completion.

"Our technology portfolio is being well received by prospective licensees as both a means to enhance audio performance while at the same time reducing overall component costs," stated Henry R. Mandell, Chairman and CEO of Spatializer. "As such, we are comfortable making significant increases in our engineering staff and capabilities, even at the cost of a running at a modest loss until revenue streams catch up. With technology moving ahead rapidly and its impact on shortening product lifecycles, a technology company such as ours simply cannot afford to rest on its laurels. Our focus is clearly on building for the future, and our future is in new products and technology."

Mandell continued, "We recognize that the market in general is experiencing softness in IC sales and PC sales. Even the DVD player market, where sales are running about 50% ahead of last year, is not immune to short-term fluctuations. We`ll keep a watchful eye on these trends and make prudent adjustments along the way, such as the cost reduction initiatives I outlined two weeks ago. However, we must keep in mind that Spatializer is, above all else, an intellectual property developer and licensor. The ultimate strength and value of our Company is in its intellectual property and its ability to monetize it, which I think very clearly puts the cost of our R&D program in its proper long-term focus."

Separately, the Company announced that it has filed a post-effective Amendment No. 2 to Form S-3 on Form S-1 Registration Statement to continue the registration for resale of approximately 4.4 million shares Common Stock, comprised of approximately 2.2 million issued shares, which are currently included in shares outstanding and approximately 2.2 million shares of Common Stock issuable on the exercise of currently outstanding warrants. The previously issued common stock is comprised of shares issued in the December, 1999 financing and performance shares held in escrow for employees, directors and consultants which have been released annually from escrow since 1996, and which become taxable income to the recipient upon escrow release. The warrants were primarily issued as part of the April 1998 and December 1999 financing transactions and are currently exercisable at prices well in excess of the current market stock price. The current Amendment covers approximately 50% fewer shares than the prior amendment, reflecting the resale of at least 2 million shares over the past year. The Company has been obligated to maintain current registration on all of the common stock and warrants arising from the April, 1998 and December, 1999 financing transactions since their inception.

This press release does not constitute an offer to sell, or a solicitation of an offer to buy nor shall there be any sale of the Company`s capital stock in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state. Copies of the Company`s Post- Effective Amendment No. 2 to Form S-3 on Form S-1 Registration Statement may be inspected and copied at the public reference section of the Securities and Exchange Commission at 450 Fifth Street, NW., Washington, D.C. 20549 and can also be obtained by mail at prescribed rates from the public reference section of the Commission at the same address.

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