Message #15 From:
Stock News Bot Date: February 20, 2007 06:14:00 AM
QRSM News QRS Music Technologies, Inc. Reports Second Quarter Results and Six Month Results
NAPLES, Fla.--(BUSINESS WIRE)--QRS Music Technologies, Inc. (OTCBB: QRSM), a leader in the design, manufacture and distribution of pianos, piano-based audio and multimedia products, music and piano accessories, today reported sales and net income for the three months and the six months ended December 31, 2006.
Sales for the three months ended December 31, 2006 were $5,326,395 with a net income of $223,616 (available to common shareholders), or $.02 per share fully diluted. Comparable amounts for the year ago period, ended December 31, 2005, were total sales of $5,730,270 with net income of $422,658 (available to common shareholders), or $.04 per share fully diluted.
Sales for the six months ended December 31, 2006 were $8,611,122 with a net loss of $(102,351) (available to common shareholders), or ($.01) per share fully diluted. Comparable amounts for the year ago period, ended December 31, 2005, were total sales of $9,689,516 with net income of $352,478 (available to common shareholders), or $.04 per share fully diluted.
Tom A. Dolan, President and CEO, said, “We believe decreased sales were the result of a general decline in purchases of pianos by the marketplace. In an effort to increase sales, we have introduced several sales initiatives to our dealer base to assist them in promoting and selling our product line. These initiatives began late last spring. The largest of the initiatives requires a dealer to make several commitments to the product line, some initially and some on an ongoing basis. We have seen the effects of the initial commitments adopted by the dealer base during the last eight months. Also, we have firm pledges from other dealers for adoption of the sales initiatives as the dealers are able to transition resources.”
About QRS Music Technologies, Inc. QRS Music Technologies, Inc. manufactures and distributes pianos and piano accessories, Pianomation® musical instrument digital interface (MIDI) systems for acoustic and digital pianos, and compact discs and music rolls for player pianos. QRS is the creator of Pianomation®, the first MIDI system to combine analog and digital technology to turn any piano into a reproducing player piano. QRS Music was founded in 1900 and is based in Naples, Florida. QRS is traded over-the-counter on the OTCBB: QRSM. Additional information about QRS is available at: www.qrsmusic.com.
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 10K-SB for the fiscal year ended June 30, 2006and 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.
Selected Unaudited Financial Data
For 3 Months Ended
For 3 Months Ended
For 6 Months Ended
For 6 Months Ended
12/31/2006
12/31/2005
12/31/2006
12/31/2005
Operating Data:
Sales
5,326,395
5,730,270
8,611,122
9,689,516
Cost of sales
3,512,342
3,717,268
6,228,497
6,546,883
Gross Profit
1,814,053
2,013,002
2,382,625
3,142,633
Selling, general and administrative expense
1,232,707
1,064,852
2,197,065
1,988,303
Research and development
159,001
209,638
217,249
489,558
Income from operations
422,345
738,512
(31,689)
664,772
Interest Expense
10,633
4,758
21,470
10,102
Income before Taxes
411,712
733,754
(53,159)
654,670
Provision for Income Taxes
156,000
279,000
(15,000)
238,000
Less current yr preferred stock dividends in arrears
