Message #11 From:
NewsBot Date: November 15, 2006 01:39:00 PM
QRSM News QRS Music Technologies, Inc. Reports First Quarter Results
NAPLES, Fla.--(BUSINESS WIRE)--QRS Music Technologies, Inc. (OTCBB: QRSM) announced today sales and a
net loss for the three months ended September 30, 2006.
Sales for the three months ended September 30, 2006 were $3,284,727 with
a net loss of $325,967 (available to common shareholders), or $.03 per
share fully diluted. Comparable amounts for the year ago period ended
September 30, 2005 were total sales of $3,959,246 with net loss of
$70,180 (available to common shareholders), or $.01 per share fully
diluted.
Tom Dolan, President and CEO, said, “The
decrease in sales was the result of a continued general decline in
purchases of pianos by consumers. As we ride out this market downturn,
we are making appropriate expense adjustments, but continue to think
long term and remain focused on specific sales initiatives that leverage
our technological advantages to enhance our dealer base's focus on QRS
and its products. Those dealers who have adopted the sales concept are
enthused and we are anticipating additional sales as a result of the
sell through of the product.”
He added, “We are investigating the
acquisition of National Education Music Company ('NEMC') and we will
announce our decision at the appropriate time. Also, we continue our
efforts in Research and Development. R&D expense decreased 79 percent
because several projects are nearing completion and are now undergoing
testing and final development.”
The QRS Pianomation® system can turn any piano
into a reproducing player piano. A hardware and software process can
store and transport Musical Instrument Digital Interface (“MIDI”)
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, DAT or Minidisc) 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®
blends them together in perfect harmony and perfect synchronization. The
Pianomation® MIDI System is the first product
of its kind to “marry”
analog and digital technology.
QRS Music Technologies’ World Wide Web site
is www.QRSMusic.com.
Sample audio selections are available at the Web Site. 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 10K-SB for the fiscal year ended June 30, 2006 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.
Selected Unaudited Financial Data
For 3 Months Ended
For 3 Months Ended
9/30/2006
9/30/2005
Operating Data:
Sales
3,284,727
3,959,246
Cost of sales
2,716,155
2,829,615
Gross Profit
568,572
1,129,631
Selling, general and administrative expense
964,358
923,451
Research and development
58,248
279,920
Income from operations
(454,034)
(73,740)
Interest Expense
10,837
5,344
Income before Taxes
(464,871)
(79,084)
Provision for Income Taxes
(171,000)
(41,000)
Less current yr preferred stock dividends in arrears
