QRS Music Technologies, Inc. Reports Year-end Results
13 October 2005 - 5:29AM
Business Wire
QRS Music Technologies, Inc. (OTCBB: QRSM) announced today record
sales for the year ended June 30, 2005. Sales for the year ended
June 30, 2004, were $20,247,169, an increase of 9.4% from the year
ago period, with net income of $969,432 (available to common
shareholders), or $.10 per share fully diluted. Comparable amounts
for the year-ago period ended June 30, 2004, were total sales of
$18,512.717 with net income of $1,334,982 (available to common
shareholders), or $.14 per share fully diluted. Tom Dolan,
President and CEO, said: "The majority of the sales increase is
attributable to an increase in the sales of Pianomation(R) equipped
Story & Clark pianos and Pianomation(R) hardware. The total
cost of sales increased due to the increased sales volume and an
increase in shipping and delivery costs as a result of the rising
transportation costs and increased legal and accounting expenses.
In addition, we had continued expense as we pushed into new
international markets with the completion of our Hong Kong and
Australian offices, the funding of a profit share plan on behalf of
the company employees and an increase in accrued tax expense."
Dolan added: "Also, a majority of the increase in expenses were
directly attributed to or associated with additional Research and
Development and the introductions of our state-of-the-art
Petine(TM) and Ancho(TM) controllers. Research and development
expenses increased 102.5% from $338,000 in fiscal 2004 to $684,000
in fiscal 2005 due to the varying development times of products in
development. We are undertaking several large R&D projects to
maintain our leading edge in technology for the music industry.
"Also, several projects are nearing completion, and we plan to
introduce them during the current fiscal year. "At the National
Association of Music Merchandiser's ("NAMM") annual convention in
January, we introduced the next generation of user interfaces for
the Pianomation(R) player system the Ancho(TM) and the Petine(TM)
that began shipping during the summer. We continue to focus our
resources on our primary marketing philosophy of developing and
manufacturing unique high-margin technology products for
traditional pianos," Dolan added. The QRS Pianomation(R) system can
turn any piano into a reproducing player piano. A hardware and
software process can store and transport MIDI ("Musical Instrument
Digital Interface") information as an analog signal. This process
gives QRS the ability to store, and wirelessly transmit, MIDI
performance data in an analog format from a controller (CD, video,
cassette, DVD, MP3, WMA, CF) to the receiver on the piano. This
creates numerous possibilities. For example, most off-the-shelf
audio equipment has a left and right channel available for use.
State-of-the-art technology permits QRS to store the digital signal
in an analog format on the left channel of the software which
operates those players. This leaves the right channel available for
live prerecorded audio music, even vocal recordings. Pianomation(R)
blends them together in perfect harmony and perfect
synchronization. The Pianomation(R) MIDI System is the first
product of its kind to "marry" analog and digital technology. QRS
Music Technologies, Inc.'s stock is traded Over-The-Counter on the
OTCBB: QRSM. Forward-Looking Statements. Statements made in this
news release that relate to future plans, events or performances
are forward-looking statements. Any statements containing words,
such as, "believes," "should," "anticipates," "plans," or "expects"
as well as other statements are forward-looking, and those
statements involve risks and uncertainties outside of the control
of QRS and are based on current expectations. Consequently, actual
results could differ materially from the expectations expressed in
these forward-looking statements. Attention is directed to
cautionary statements in our filings on Form 10-KSB for the fiscal
year ended June 30, 2005, and our other filings with the Securities
and Exchange Commission. All those filings are available on the Web
site of the Securities and Exchange Commission at www.sec.gov. -0-
*T Selected Unaudited Financial Data For 12 Months Ended For 12
Months Ended 6/30/2004 6/30/2005
---------------------------------------- Operating Data: Sales
18,512,717 20,247,169 Cost of sales 12,502,577 14,064,682 Gross
Profit 6,010,140 6,182,487 Selling, general and administrative
expense 3,267,189 3,790,904 Research and development 337,814
684,217 Income from operations 2,405,137 1,707,366 Interest Expense
22,773 32,552 Income before Taxes 2,382,364 1,674,814 Provision for
Income Taxes 919,000 577,000
----------------------------------------------------------------------
Less current yr preferred stock dividends in arrears 128,382
128,382
----------------------------------------------------------------------
Net Earnings (Losses) 1,334,982 969,432
----------------------------------------------------------------------
Net income per share 0.14 0.10
----------------------------------------------------------------------
Balance Sheet Data: Total Assets 10,024,955 11,783,067
----------------------------------------------------------------------
Total Liabilities 1,696,869 2,357,167
----------------------------------------------------------------------
*T
QRS Music Technologies (CE) (USOTC:QRSM)
Historical Stock Chart
From Jun 2024 to Jul 2024
QRS Music Technologies (CE) (USOTC:QRSM)
Historical Stock Chart
From Jul 2023 to Jul 2024