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Spatializer Audio Laboratories, Inc. Announces Improved Third Quarter Operating Results
Spatializer Hires Investment Banker to Identify and Evaluate Strategic Opportunities

SANTA CLARA, Calif., Nov. 11 /PRNewswire-FirstCall/ -- Spatializer Audio Laboratories, Inc. (OTC Bulletin Board: SPAZ) today announced its financial results for the third quarter ended September 30, 2002.

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

Revenues for the third quarter of fiscal 2002 were $481,000, compared to revenues of $303,000 in the third quarter of fiscal 2001, an increase of 59%. Revenues for the nine-months ended September 30, 2002 were $1,392,000 compared to revenues of $1,215,000 in the comparable nine-month period last year, an increase of 15%.

The Company reported net income for the quarter of $11,000, $0.00 basic and diluted per share, compared with a net loss of $175,000, $0.00 basic and diluted per share, in the comparable period last year. Net income for the nine-months ended September 30, 2002 was $36,000, ($0.00) basic and diluted per share, compared to net loss of $267,000, ($0.01) basic and diluted per share, in the comparable nine-month period last year.

The increase in the revenues reported in the third quarter compared to the comparable period last year resulted primarily from downward revenue adjustments made in the third quarter of 2001 to conform estimated revenues to actual revenues. These adjustments resulted from changes in the reporting procedures from a chip foundry to two of the Company`s Asian customers and the resulting delays in reports from those customers to the Company during the transition period. No such adjustment was required in the third quarter of 2002. Revenue in 2002 was also impacted by the continued overall softness in the PC market and the uneven sales throughout the consumer electronics market.

Revenues for the nine months ended September 30, 2002 increased due to the addition of three new accounts in 2002, as compared to the prior year, partially offset by the uneven business performance in the PC and consumer electronics markets noted above.

The net income for the three and nine month periods are primarily the result of the increase in revenue and economies and reductions realized in operating expenses.

"We`re satisfied that we were able to continue at a steady, profitable pace through our third quarter, when one considers the uneven business environment in which we compete," stated Henry R. Mandell, Chairman and CEO of Spatializer. "In the past several months, we`ve been able to achieve new design wins with JVC, Sharp and Orion. These have come on line and we believe will continue to expand. On the other hand, the use of our technology under our licensing arrangement with Apple Computer after the first of the year is highly dependent on their confidential software plans and we are facing new competition for a share of the business with Toshiba."

Mandell continued, "We have a winning strategy to compete in this tough market. We`re well positioned through several design wins to benefit from the growth of the recordable DVD market, which is beginning to emerge and whose sales analysts expect will accelerate as retail prices decline. We expect to be announcing new DSP alliances in the fourth quarter to increase the lead Spatializer N-2-2(TM) enjoys as the most widely ported virtual audio solution on the market. Our business with Sanyo continues to develop throughout that organization. We`re placing greater emphasis on the notebook PC market and plan to roll out two new products at COMDEX to address the unmet needs of this product category. Finally, our solutions that enhance the audio features of cellular telephones are also getting increased interest."

Mandell concluded, "The difficulty for Spatializer has been to get significant revenue traction in our market due to the dynamics of competitive forces. While many companies which are currently bleeding red ink would be grateful to generate the kind of positive performance like ours, the truth is that we believe that our shareholders deserve better. We need to accelerate growth and to take advantage of these dynamic forces, rather than to be affected by them. To address these objectives, our Board of Directors has retained Neveric Capital, a San Francisco based investment banking firm, to identify and evaluate strategic opportunities. We expect them to explore alternatives to enhance shareholder value and support the Company`s growth and overall strategy."

[CR0K0]

SPAZ - SPATIALIZER AUDIO LABS INC

MPID Bid Size Ask Size U O/C
NITE 0.075 5000 0.105 5000 O
WIEN 0.075 5000 0.09 5000 O
HILL 0.07 5000 0.13 5000 O
MHMY 0.07 5000 0.09 5000 O
FLTT 0.06 5000 0.16 5000 O
FRAN 0.06 5000 0.115 5000 O
GSCO 0.06 5000 0.1 5000 O
GVRC 0.06 5000 0.14 5000 O
BAMM 0.055 5000 0.145 5000 O
PGON 0.05 5000 0.15 5000 O
SCHB 0.05 5000 0.08 5000 O
OGRU 0.04 5000 0.4 5000 O
PRGM 0.01 5000 1.01 500 O

Schaut Euch mal das ask an,einmal 8,zweimal 9 cent und dann.....

[CR0K0]

SPATIALIZER AUDIO LABS INC - OTC BB: SPAZ

Rec. Time Action Price Volume Exch.
9:28:56 AM Ask 0.09 5000 OTC BB
9:28:42 AM Ask 0.085 5000 OTC BB