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   Technology StocksTurtle Beach Corp


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To: Savant who wrote (145)4/24/2014 12:05:17 PM
From: Savant
   of 199
 
PR NEWSWIRE Parametric Sound Announces Pricing of Common Stock Offering
SAN DIEGO, April 24, 2014 /PRNewswire/ -- Parametric Sound Corporation (NASDAQ: HEAR), announced today the pricing of an underwritten offering of 4 million shares of its common stock at a price to the public of $10.00 per share. The Company has also granted the underwriters an option to purchase up to 600,000 additional shares of its common stock at the public offering price to cover over-allotments, if any. The offering is expected to close on or about April 29, 2014, subject to satisfaction of customary closing conditions.

Assuming no exercise of the over-allotment option, the Company expects to receive net proceeds from the offering of approximately $35.6 million after deducting the underwriting discount and estimated offering expenses payable by the Company. The Company intends to use the net proceeds from this offering to repay certain indebtedness and for working capital and other general corporate purposes.

The securities described above are being offered by the Company pursuant to a registration statement on Form S-3 which was filed with the Securities and Exchange Commission (SEC) and became effective on May 16, 2013.

Needham & Company, LLC is acting as the sole book-running manager, Cowen and Company, LLC and Wedbush Securities Inc. are acting as co-lead managers, and Lake Street Capital Markets is acting as co-manager for the offering.

This press release does not constitute an offer to sell these securities or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Copies of the prospectus supplement (when available) and accompanying prospectus may be obtained from Needham & Company, LLC, 445 Park Avenue, New York, NY 10022, via telephone at (800) 903-3268 or by email to prospectus@needhamco.com.

About Parametric Sound

Parametric Sound Corporation is an audio technology company that markets innovative products under the Turtle Beach and HyperSound brands.

The company designs and markets premium audio peripherals for video game consoles, personal computers and mobile devices under the brand Turtle Beach (TurtleBeach.com), including officially-licensed headsets for the next-generation Xbox One and PlayStation 4 consoles. Turtle Beach is the leading brand in video game audio and the official audio provider for Major League Gaming, the world's largest eSports league, and Twitch, the world's leading video platform and community for gamers.

Under the brand HyperSound (HyperSound.com), the company markets pioneering directed audio solutions that beam sound to a specific listening area without the ambient noise of traditional speakers. HyperSound has applications in digital signage and kiosks, consumer electronics and health care.

Cautionary note on forward-looking statements

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From: Savant5/1/2014 12:33:38 PM
   of 199
 
Parametric Sound to Report First Quarter Financial Results on May 12, 2014
Posts Updated Investor Presentation on Company Website

SAN DIEGO, May 1, 2014 /PRNewswire/ -- Parametric Sound Corporation (NASDAQ: HEAR) today announced that it will report first quarter 2014 financial results after the market close on May 12, 2014. On that same day, Juergen Stark, CEO, and John Hanson, CFO will host a conference call and simultaneous webcast to discuss results at 4:30 p.m. Eastern Time/1:30 p.m. Pacific Time.

In the prospectus supplement filed with the SEC on April 24, 2014, the Company disclosed that it expected net revenue to be in the range of $36 million to $38 million for the first quarter ended March 31, 2014, an increase of approximately 22% to 29% over the same period a year ago.

"Fiscal year 2014 has gotten off to a very good start with first quarter sales tracking ahead of our initial expectations," said Juergen Stark, Chief Executive Officer of Parametric Sound Corporation. "Our growth is being fueled by strong retailer and consumer demand for new product introductions, including our recently launched line of Xbox One compatible headsets. We are encouraged with our strong top-line momentum and believe we are well positioned to execute our near and long-term growth strategies and generate increased value for our shareholders."

The company also announced it has posted an updated investor presentation on the investor relations section of its corporate website. The new presentation can be accessed at parametricsound.com.

To participate in the conference call, investors should dial (877) 303-9855 (domestic) or (408) 337-0154 (international), pass code 36801752, 10 minutes prior to the scheduled start of the call. A simultaneous audio-only webcast of the call may be accessed on the internet at www.parametricsound.com.

For investors unable to participate in the live event, an archive of the webcast will be available on the company's website for approximately 1 year. A taped replay of the call will be available for one week at (855) 859-2056 and (404) 537-3406, pass code 36801752.

About Parametric Sound

Parametric Sound Corporation is an audio technology company that markets innovative products under the Turtle Beach and HyperSound brands.

The company designs and markets premium audio peripherals for video game consoles, personal computers and mobile devices under the brand Turtle Beach (TurtleBeach.com), including officially-licensed headsets for the next-generation Xbox One and PlayStation 4 consoles. Turtle Beach is the leading brand in video game audio and the official audio provider for Major League Gaming, the world's largest eSports league, and Twitch, the world's leading video platform and community for gamers.

Under the brand HyperSound (HyperSound.com), the company markets pioneering directed audio solutions that beam sound to a specific listening area without the ambient noise of traditional speakers. HyperSound has applications in digital signage and kiosks, consumer electronics and health care.

Cautionary note on forward-looking statements

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From: Savant5/12/2014 10:27:40 PM
   of 199
 
Parametric Sound Announces First Quarter 2014 Results
-- First Quarter Net Revenue Increased 30% to $38.3 million -- First Quarter Gross Profit Increased 42% to $12.3 million

SAN DIEGO, May 12, 2014 /PRNewswire/ -- Parametric Sound Corporation (NASDAQ: HEAR) today announced financial results for the first quarter ended March 31, 2014.

First Quarter 2014 Financial Highlights

-- Net revenue of $38.3 million, a 30% increase from $29.5 million in the first quarter of 2013. -- Gross profit of $12.3 million, a 42% increase from $8.6 million in the first quarter of 2013. -- Gross margin of 32.1%, a 290 basis point increase from 29.2% in the first quarter of 2013. -- Adjusted EBITDA (as defined below) for the headset business totaled approximately $4.8 million, a 182% increase from $1.7 million in the first quarter of 2013. The Company invested approximately $2 million in HyperSound during the quarter, Adjusted EBITDA on a consolidated basis was $2.8 million. -- Headset Adjusted EBITDA margins of 12.5%, a 680 basis point increase from 5.7% in the first quarter of 2013.

Recent Developments

-- Signed a new $60 million global asset backed credit facility with Bank of America that better supports our domestic and international growth strategies. -- Completed equity offering that raised $35.6 million net of all commissions and fees that improved stock liquidity and increased institutional ownership. -- Used proceeds from the equity offering to significantly improve the balance sheet; as of April 29, 2014 cash and cash equivalents were approximately $20 million, an increase of $14.5 million from March 31, 2014, and net debt was approximately $24.8 million, a reduction of $35.9 million from March 31, 2014. -- Received U.S. Food and Drug Administration (FDA) clearance for the marketing of the HyperSound Audio System as a hearing improvement device. -- Changed ticker symbol to
HEAR and moved closer to completing a corporate name change to Turtle Beach Corporation and related CUSIP change, which is expected to occur May 28th.

"It has been a busy and productive first quarter for Parametric Sound, and a formative period during which we laid the groundwork for what I believe will be a bright future for our company and our stockholders," commented Juergen Stark, chief executive officer of Parametric Sound. "In less than 90 days we completed the merger and strengthened our financial position by signing a new asset backed credit facility, paying down long-term debt, and raising capital through a common stock offering. In that same 90 day window, we successfully capitalized on the initial opportunities created by the gaming console transition through the well-executed launch of the first Xbox One headsets to market. We've also moved quickly to get the right people and pieces in place to successfully execute on the commercialization of our HyperSound technology, which will begin in earnest later this year. We are confident that our recent actions have put the Company in a stronger position to capitalize on the many global opportunities that lie ahead."

First Quarter 2014 Review

Net revenue increased 30% to $38.3 million, compared with $29.5 million in the same period in 2013. The increase in revenue was driven primarily by demand for the Company's new Xbox One headsets, which launched during the first quarter of 2014.

Gross profit increased 42% to $12.3 million, compared to $8.6 million in the same period in 2013. Gross margin increased 290 basis points to 32.1% from 29.2% in the same period in 2013 driven primarily by a favorable product and channel mix.

Operating expenses, excluding $4.2 million in one-time business transactions costs related to the VTBH and Parametric Sound merger that closed on January 15, 2014, increased 40% to $12.6 million, or 32.8% of net revenue, compared to $9.0 million, or 30.3% of net revenue in the same period in 2013. The increase in operating expenses was primarily attributable to investments in personnel and R&D to support future growth of HyperSound technology as well as additional general and administrative costs associated with being a larger public company, partially offset by lower marketing expenses.

Adjusted EBITDA (as defined below) for the headsets business totaled approximately $4.8 million, a 182% increase from $1.7 million in the first quarter of 2013. The Company invested approximately $2 million in HyperSound during the quarter, Adjusted EBITDA on a consolidated basis was $2.8 million.

"Our first quarter results represent a very good start to the new fiscal year," commented Mr. Stark. "Demand for our first Xbox One compatible headsets, including the popular Titanfall licensed series, has been strong, driving robust top-line growth and gross margin expansion versus a year ago. We expect the momentum across our Turtle Beach business to remain positive as household penetration of Xbox One and PlayStation 4 gaming consoles continues to increase in the U.S. and in international markets."

Balance Sheet Highlights

As of March 31, 2014, cash and cash equivalents totaled $5.5 million. As of April 29, 2014, immediately after the closing of our common stock offering, our cash and cash equivalents totaled approximately $20 million. As of March 31, 2014, the Company had outstanding net debt of $60.7 million. The debt at March 31, 2014 consisted of $34.5 million drawn down from our revolver, $17.7 million of subordinated notes and $14.0 million in Series B Preferred Stock. Following the closing of the offering, on April 29, 2014, the Company's net debt outstanding was $24.8 million, a decrease of $35.9 million. Total inventory as of March 31, 2014 was $41.6 million, a decrease of 16.2% as compared to the same period in 2013. There were approximately 37.7 total shares outstanding on March 31, 2014. Immediately after the closing of the offering on April 29, 2014, there were approximately 41.7 million.

Full Year 2014 Expectations

Based on first quarter results and current visibility, the Company is reiterating its outlook for the full year. The Company expects net revenues in the Turtle Beach headset business to be in the range of $210 to $230 million representing growth of approximately 24% over 2013 levels at the mid-point of the range. The anticipated revenue growth is primarily driven by the expected rebound in the core console gaming headset market, which the Company expects to be a multi-year trend. Net revenues from the HyperSound business are still expected to be in the range of $1 to $4 million consistent with our expectations for the early stages of commercializing the HyperSound technology. Total company gross margins are expected to be in the 30% range, a 180 basis point increase over 2013 with further improvement expected in 2015 as Turtle Beach's gaming headset product portfolio for new consoles expands and HyperSound becomes a more material part of the revenues.

Full year Adjusted EBITDA for the headset business is expected to be in the range of $30 to $35 million representing year-over-year growth of 134% at the midpoint of the range. Full year Adjusted EBITDA margin is expected to be approximately 15%, a 730 basis point increase over 2013 at the mid-point of the range. The Company remains committed to investing in HyperSound in order to capitalize on the broad array of expected future opportunities for this technology. Adjusted EBITDA for the businesses in 2014 is expected to be in the range of $20-$25 million, reflecting the impact of a $10 million anticipated investment during the year in HyperSound.




Conference Call Details

Juergen Stark, CEO, and John Hanson, CFO, will host a conference call and simultaneous webcast to discuss the financial results and outlook today, May 12, 2014, at 1:30 PM Pacific Time / 4:30 PM Eastern Time. To participate in the conference call, investors should dial (877) 303-9855 (domestic) or (408) 337-0154 (international) and provide the pass code 36801752, 10 minutes prior to the scheduled start of the call. A simultaneous audio-only webcast of the call may be accessed on the Internet at www.parametricsound.com. An archive of the webcast will be available on the Company's website for approximately one year, and a recorded replay of the call will be available for one week at (855) 859-2056 or (404) 537-3406 and entering conference ID number 36801752.

Non-GAAP Financial Measures

In addition to its reported results, the Company has included in this earnings release certain financial results that the Securities and Exchange Commission defines as "non-GAAP financial measures." Management believes that such non-GAAP financial measures, when read in conjunction with the Company's reported results, can provide useful supplemental information for investors analyzing period to period comparisons of the Company's results. These non-GAAP financial measures relate to presenting Adjusted EBITDA, as defined by the Company, for the years ended December 31, 2013, and 2012. Please see a reconciliation of GAAP results to Adjusted EBITDA, which is included below for the first quarters ended March 31, 2014, and 2013.

All trademarks are the property of their respective owners.


Parametric Sound Corporation Condensed Consolidated Balance Sheet (in thousands, except share and per-share data) As of As of December 31, March 31, 2014 2013 ---------------- ---------------- ASSETS (unaudited) CURRENT ASSETS: Cash and cash equivalents $ 5,552 $ 6,509 Accounts receivable, net 28,904 48,542 Inventories, net 41,584 49,643 Deferred tax assets 9,745 2,214 Prepaid expenses and other current assets 4,131 3,561 Prepaid income taxes 2,925 2,925 ---------------- -------------- Total Current Assets 92,841 113,394 Property and equipment, net 6,229 7,369 Deferred financing costs, net 449 1,575 Deferred tax assets, long-term portion 6,322 827 Intangible assets, net 40,210 3,972 Goodwill 80,868 -- Other assets 119 170 TOTAL ASSETS $ 227,038 $ 127,307 ============ ========== LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) CURRENT LIABILITIES: Revolving credit facilities $ 34,490 $ 39,736 Term loan, current portion -- 14,500 Subordinated notes 17,737 -- Accounts payable 28,833 44,136 Accrued liabilities 10,341 8,615 Due to shareholders, current portion 3,125 3,125 Capital lease obligation, current portion 38 -- Other current liabilities 288 1,097 ---------------- -------------- Total Current Liabilities 94,852 111,209 Series B redeemable preferred stock 13,983 13,713 Income tax payable, long-term portion 1,986 1,986 Capital lease obligation, long-term portion 75 -- Deferred tax liabilities 14,325 850 Subordinated note -- 10,342 ---------------- -------------- TOTAL LIABILITIES 125,221 138,100 ---------------- -------------- Commitments and Contingencies Series A convertible stock, $0.01 par value - 50,000,000 shares authorized; 48,689,555 shares issued and outstanding as of December 31, 2013 -- 24,345 STOCKHOLDERS' EQUITY (DEFICIT) Common stock, $0.001 par value - 50,000,000 shares authorized; 37,651,247 shares issued and outstanding as of March 31, 2014 and 12,700,460 shares issued and outstanding as of December 31, 2013 38 13 Additional paid-in capital 85,678 (54,031) Retained earnings 15,868 18,775 Accumulated other comprehensive income 233 105 ---------------- -------------- TOTAL STOCKHOLDERS' EQUITY (DEFICIT) 101,817 (35,138) ---------------- -------------- TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) $ 227,038 $ 127,307 ============ ========== Parametric Sound Corporation Condensed Consolidated Statements of Operations (unaudited) (in thousands) Quarter Ended Quarter Ended March 31, 2014 March 31, 2013 ---------------- ------------------ Net Revenue $ 38,288 $ 29,533 Cost of Revenue 26,012 20,908 Gross Profit 12,276 8,625 ---------------- ---------------- Operating expenses: Selling and marketing 7,000 5,706 Research and development 1,998 887 General and administrative 3,573 2,370 Business transaction costs 4,228 -- Total operating expenses 16,799 8,963 ---------------- ---------------- Operating loss (4,523) (338) Other (income) expense, net: Interest expense 4,240 1,314 Other (income) expense, net (25) 389 Total other expense, net 4,215 1,703 ---------------- ---------------- Loss before (benefit) provision for income taxes (8,738) (2,041) (Benefit) provision for income taxes (5,832) 263 Net loss $ (2,906) $ (2,304) ============ ============ Net loss per share: Basic $ (0.09) $ (0.18) ============ ============ Diluted $ (0.09) $ (0.18) ============ ============ Weighted-average shares used to compute net loss per share: Basic 33,715 12,700 ================ ================ Diluted 33,715 12,700 ================ ================ Parametric Sound Corporation GAAP to Adjusted EBITDA Reconciliation GAAP Adj Adj Adj Adj Adjusted Q1 2014 Reported Depr Stock Comp Amort Trans Exp EBITDA

Revenue, net $ 38,288 $ - $ - $ - $ - $ 38,288 Cost of Revenue $ 26,012 $ (54) $ (30) $ (6) $ - $ 25,922 ----------- ----------- ----------- ---------- ----------- ---------- Gross Profit $ 12,276 $ 54 $ 30 $ 6 $ - $ 12,366 Operating Expenses Selling & Marketing $ 7,000 $ (1,361) $ (120) $ (231) $ - $ 5,288 Product Development $ 1,998 $ (79) $ (206) $ - $ - $ 1,713 Gen & Admin $ 3,573 $ (320) $ (693) $ - $ - $ 2,560 Business Trans $ 4,228 $ - $ - $ - $ (4,228) $ - ----------- ----------- ----------- ---------- ----------- ---------- Total Operating Exp $ 16,799 $ (1,760) $ (1,019) $ (231) $ (4,228) $ 9,561 Operating Income (Loss) $ (4,523) $ 1,814 $ 1,049 $ 237 $ 4,228 $ 2,805 Other Income Interest Expense, net $ 4,240 Other Expense, net $ (25) $ (25) ----------- ---------- Total Other Expense, net $ 4,215 Loss Before Taxes $ (8,738) Tax Benefit $ (5,832) ----------- Net Income(Loss) $ (2,906) Adjusted EBITDA $ 2,830 GAAP Adj Adj Adj Adj Adjusted Q1 2013 Reported Depr Stock Comp Amort Trans Exp EBITDA Revenue, net $ 29,533 $ - $ - $ - $ - $ 29,533 Cost of Revenue $ 20,908 $ (34) $ (20) $ - $ - $ 20,854 ----------- ---------- ---------- ---------- ---------- --------- Gross Profit $ 8,625 $ 34 $ 20 $ - $ - $ 8,679 Operating Expenses Selling & Marketing $ 5,706 $ (852) $ (75) $ (231) $ - $ 4,548 Product Development $ 887 $ (13) $ (65) $ - $ - $ 809 Gen & Admin $ 2,370 $ (37) $ (548) $ - $ (527) $ 1,258 Business Trans $ - $ - $ - $ - $ - $ - ----------- ---------- ---------- ---------- ---------- --------- Total Operating Exp $ 8,963 $ (902) $ (688) $ (231) $ (527) $ 6,615 Operating Income (Loss) $ (338) $ 936 $ 708 $ 231 $ 527 $ 2,064 Other Income Interest Expense,net $ 1,314 Other Income, net $ 389 $ 389 ----------- --------- Total Other Expense, net $ 1,703 Loss Before Taxes $ (2,041) Tax Provision $ 263 ----------- Net Income(Loss) $ (2,304) Adjusted EBITDA $ 1,675 ---------------------- ---------

Parametric Sound Announces Ken Potashner Leaving Board of Directors


SAN DIEGO, May 12, 2014 /PRNewswire/ -- Parametric Sound Corporation (NASDAQ: HEAR) today announced Kenneth F. Potashner has stepped down from the company's board of directors.

"It has been a pleasure serving on the Parametric Sound board, and helping to guide Parametric Sound and Turtle Beach through a successful merger," Potashner said. "I am confident in the combined company's prospects for growth and long-term success, and I am proud to have played a role in those efforts."

Mr. Potashner joined the Board of Parametric Sound in December 2011 and was appointed executive chairman March 2012. After the merger with Turtle Beach, Mr. Potashner remained on the board and served on the compensation committee.

"Ken has made invaluable contributions to Parametric Sound and the development of our HyperSound business," said Juergen Stark, chief executive officer of Parametric Sound. "Ken has invested his valuable time and talent to help make our company successful and we will miss his passion for the business."

Mr. Potashner has served in leadership positions at a number of technology companies, including Chairman of the Board of Directors of Maxwell Technologies, Inc., a manufacturer of ultracapacitors, microelectronics and high voltage capacitors, President, Chief Executive Officer and Chairman of SONICblue Incorporated (formerly S3 Incorporated), a supplier of digital media appliances and services, and Executive Vice President and General Manager of Disk Drive Operations for Conner Peripherals, a manufacturer of storage systems.

Ken serves on the boards of directors of a number of private technology companies, and is Chairman of the Board of Newport Corporation.



About Parametric Sound

Parametric Sound Corporation is an audio technology company that markets innovative products under the Turtle Beach and HyperSound brands.

The Company designs and markets premium audio peripherals for video game consoles, personal computers and mobile devices under the brand Turtle Beach (TurtleBeach.com), including officially-licensed headsets for the next-generation Xbox One and PlayStation 4 consoles. Turtle Beach is the leading brand in video game audio and the official audio provider for Major League Gaming, the world's largest eSports league, and Twitch, the world's leading video platform and community for gamers.

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From: Savant5/28/2014 4:55:42 PM
   of 199
 
Parametric Sound Completes Name Change To Turtle Beach Corporation
CUSIP change effective on opening of trading on May 28

SAN DIEGO, May 27, 2014 /PRNewswire/ -- Turtle Beach Corporation (NASDAQ: HEAR), a leading innovator of audio products and solutions, has announced it has changed its name from Parametric Sound Corporation, effective immediately.

The Company's common stock has been assigned a new CUSIP number 900450 107 in connection with the name change. Outstanding stock certificates are not affected and do not need to be exchanged.

"For over three decades Turtle Beach has used innovation and quality to redefine audio for millions of consumers," said Juergen Stark, chief executive officer of Turtle Beach. "As we move our business forward the name Turtle Beach Corporation will benefit shareholders by aligning the name with our highly visible consumer brand and its legacy of performance in audio."

Investors are encouraged to visit the company's new website, www.turtlebeachcorp.com, to learn more about the company and its new investment profile. The company will continue to market innovative audio products under the Turtle Beach and HyperSound(R) brands.

The company designs and markets premium audio peripherals for video game consoles, personal computers and mobile devices under the brand Turtle Beach (TurtleBeach.com), including officially-licensed headsets for the next-generation Xbox One and PlayStation(R)4 consoles.

Under the brand HyperSound (HyperSound.com), the company markets pioneering directed audio solutions that beam sound to a specific listening area without the ambient noise of traditional speakers. HyperSound has applications in digital signage and kiosks, healthcare and consumer electronics.

About Turtle Beach Corporation

Turtle Beach Corporation (www.turtlebeachcorp.com) designs audio products for consumer, commercial and healthcare markets. Under the brand Turtle Beach (TurtleBeach.com), the company markets premium headsets for use with personal computers, mobile devices and video game consoles, including officially-licensed headsets for the next-generation Xbox One and PlayStation(R)4 consoles. Under the brand HyperSound (HyperSound.com), the company markets pioneering directed audio solutions that have applications in digital signage and kiosks, consumer electronics and healthcare. The Company's shares are traded on the NASDAQ Exchange under the symbol NASDAQ:HEAR.

Logo - photos.prnewswire.com

SOURCE Turtle Beach Corporation

/CONTACT: Anne Rakunas, Investor Relations, ICR, Anne.Rakunas@icrinc.com, +1-310-954-1113; David Lowey, Corporate Communications, Turtle Beach Corporation, David.Lowey@turtlebeach.com, +1-914-844-2759

/Web site: turtlebeachcorp.com

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From: Savant5/28/2014 4:56:58 PM
   of 199
 
Turtle Beach Corporation Signs IAVI as a Value-Added Distributor for HyperSound Directional Audio Products
New distribution agreement to accelerate HyperSound expansion in North and South America

SAN DIEGO, May 28, 2014 /PRNewswire/ -- Turtle Beach Corporation (NASDAQ: HEAR), a leading innovator of audio products and solutions, today announced the addition of IAVI as a distributor for its HyperSound(R) directional audio speakers. IAVI's customers will obtain access to HyperSound's highly directional audio speakers through its network of Pro-AV resellers in North and South America.

HyperSound speakers beam highly focused audio so that messages reach only the intended target, allowing for the creation of multiple sound zones. These targeted listening zones improve in-store customer experiences by creating immersive, personalized audio environments without disturbing employees or other patrons. Additionally, HyperSound's precise sound beam enhances message clarity, making visual displays more attention-grabbing, informative, and memorable. Uniquely designed for retail, kiosk, casino and trade show applications, HyperSound is easily integrated into a wide range of applications.

"We are excited to partner with IAVI to drive HyperSound product sales across a number of key domestic and international markets," said Todd Savitt, vice president of HyperSound sales and marketing at Turtle Beach Corporation. "Additionally, we view this partnership as a significant opportunity to provide IAVI's value-added systems integrator partners with a product that can add audio to retail and kiosk applications without noise pollution or bleed."

"Turtle Beach Corporation's breakthrough HyperSound innovation gives our dealers access to an effective sound isolation solution that will both simplify and enhance their commercial installations," said Michael Soch, vice president of marketing and business development at IAVI. "We are pleased to introduce this ground-breaking directional audio system and further diversify our portfolio of top-tier AV technology products."

About IAVI

With headquarters in Fort Lauderdale, FL, IAVI employs a devoted team of Visual Technology Specialists focused on the Pro AV marketplace. Specializing in commercial grade hardware and accessories from well-known, trusted manufacturers, IAVI has over 15 staffed sales offices across the contiguous United States. Learn more about the solutions IAVI can offer your business and improve your competitive advantage by contacting IAVI toll free at 888-999-6564 or visit the company online at www.iavi.com. For more information, please visit www.iavi.com or call (888) 999-6564. Follow IAVI on Facebook (www.facebook.com/iavipage), LinkedIn (www.linkedin.com/company/iavi) and our blog at www.iavi.com/blog.

About Turtle Beach Corporation

Turtle Beach Corporation (TurtleBeachCorp.com) designs audio products for consumer, commercial and healthcare markets. Under the brand Turtle Beach (TurtleBeach.com), the company markets premium headsets for use with personal computers, mobile devices and video game consoles, including officially-licensed headsets for the next-generation Xbox One and PlayStation(R)4 consoles. Under the brand HyperSound (HyperSound.com), the company markets pioneering directed audio solutions that have applications in digital signage and kiosks, consumer electronics and healthcare. The Company's shares are traded on the NASDAQ Exchange under the symbol NASDAQ:HEAR.

Logo - photos.prnewswire.com

SOURCE Turtle Beach Corporation

/CONTACT: For IAVI: Michael Soch, Vice President of Marketing and Business Development, michaels@iavi.com, (888) 999-6564; For HyperSound: Lyndsay Swann, Director of Marketing and Sales Operations, lyndsay.swann@turtlebeach.com, (888) 477-2150 ext. 525 ; For Turtle Beach Corporation: David Lowey, Corporate Communications, david.lowey@turtlebeach.com, +1-914-844-2759

/Web site: corp.turtlebeach.com

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From: Savant6/9/2014 8:08:24 PM
   of 199
 
Turtle Beach Brings New Line of Feature-Rich PlayStation(R)4 Headsets to E3
The First DTS Headphone:X Surround Sound Gaming Headsets for the PS4(TM) New Elite 800 and Stealth 400 Feature Fully Wireless Chat and Game Audio

SAN DIEGO, June 9, 2014 /PRNewswire/ -- Turtle Beach, the leading audio brand in the video games industry, today announced new gaming headsets designed for the popular PlayStation(R)4 console. The new headsets, which will be available in stores in the Fall of 2014, will be on display at the Electronic Entertainment Expo (E3) in Los Angeles at Booth #1447 in the South Hall from June 10 to 12. Turtle Beach is the gaming audio brand of Turtle Beach Corporation (NASDAQ: HEAR).

"Turtle Beach is taking audio for the PlayStation(R)4 to a new level," said Juergen Stark, Chief Executive Officer at Turtle Beach Corporation. "With features like DTS Headphone:X 7.1 surround sound, active noise cancellation, and our new Tournament Audio Controller, it is a whole new game for PlayStation console owners."

The all new Ear Force Elite 800 sets a new standard for premium wireless gaming headsets. Compatible with the PlayStation(R)4 and PlayStation(R)3, the Elite 800 utilizes DTS Headphone:X 7.1 surround sound and active noise cancellation to create an incredible, immersive audio experience. Both are firsts for console gaming headsets. A completely reimagined preset system allows surround sound modes to be finely tuned for different types of games, movies and music. For example, the game surround sound mode offers presets that have been acoustically tuned for first person shooter, racing, and sports games. Presets can be customized and managed using a new mobile app. Use Bluetooth to connect a mobile device for phone calls, music and more. Dual invisible microphones provide high-quality chat audio and a clean, boom-free look. Rocker plate controls makes using features easy and keeps the Elite 800 looking sharp. Customize the look of the Elite 800 with a wide range of snap-on speaker plates available at TurtleBeach.com. A low profile magnetic charging stand keeps the Elite 800 charged without cables, and the rechargeable battery provides up to 15 hours of playing time. Available in the Fall of 2014, the Elite 800 has a US MSRP of $299.95.

The Ear Force Stealth 400 is a fully wireless stereo headset compatible with PlayStation(R)4 and PlayStation(R)3 consoles. A new lightweight, sleek design provides comfort during long sessions of game play or movie marathons. Controls on the ear cup provide quick access to separate game and chat volume, as well as 4 distinct surround sound presets for games, movies and music. The built-in 'charge-and-play' battery provides up to 15 hours of playing time, and new high-performance WiFi ensures an interference-free wireless experience. Acoustically angled, large 50mm Neodymium speakers deliver an immersive audio experience. Swap out the removable microphone for the included mobile cable with inline mic and use the Stealth 400 on the road as wired headset. Available in the Fall of 2014, the Stealth 400 has a US MSRP of $99.95.

Also showcased at E3 is the Ear Force P12 amplified stereo gaming headset, which provides high-quality digital game and chat audio through a single USB connection for the PlayStation(R)4. The P12 incorporates features popular with gamers, including Adjustable Bass Boost and Microphone Monitor. An inline amplifier provides easy access to volume controls microphone mute. Large 50mm speakers deliver a full-range of high-quality audio, from crisp highs to thumping lows. The P12 also disconnects from the in-line amp for use on PS Vita(TM) and other mobile devices. Available globally on July 10, the Ear Force P12 has a US MSRP of $59.95.

The purchase of any Elite gaming headset includes the opportunity to enroll in the Turtle Beach Elite Membership Program. Member benefits include discounts, two-year extended product warranty, early access to news and product information, and a range of unique, member-only opportunities at Major League Gaming (MLG) and other gaming events. The Turtle Beach Elite Program is only available to participants who reside in markets where Turtle Beach Elite products are sold. Additionally, specific program benefits vary by market and will also be subject to local restrictions.

"The Turtle Beach Elite Membership Program is a unique offering for tournament professionals and competitive gamers," said Bob Picunko, Chief Marketing Officer at Turtle Beach Corporation. "We look forward to providing members with one-of-a-kind opportunities and special benefits."

www.turtlebeach.com/elite800

www.turtlebeach.com/stealth400

www.turtlebeach.com/p12

About Turtle Beach Corporation

Turtle Beach Corporation (www.turtlebeachcorp.com) designs audio products for consumer, commercial and healthcare markets. Under the brand Turtle Beach (TurtleBeach.com), the company markets premium headsets for use with video game consoles, including officially-licensed headsets for the next-generation Xbox One and PlayStation(R)4, personal computers and mobile devices and video game consoles, including officially-licensed headsets for the next-generation Xbox One and PlayStation(R)4 consoles. Under the brand HyperSound (HyperSound.com), the company markets pioneering directed audio solutions that have applications in digital signage and kiosks, consumer electronics and healthcare. The Company's shares are traded on the NASDAQ Exchange under the symbol NASDAQ:HEAR.

Photo - photos.prnewswire.com

Logo - photos.prnewswire.com

SOURCE Turtle Beach Corporation

/CONTACT: David Lowey, Director of Corporate Communications, Turtle Beach Corporation, David.Lowey@turtlebeach.com, +1-914-844-2759; Keith Hennessey, European Communications Manager, Turtle Beach, Keith.Hennessey@turtlebeach.com, +44 (0) 1254-51725

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To: Savant who wrote (151)6/9/2014 8:09:10 PM
From: Savant
   of 199
 
Turtle Beach Announces Elite Membership Program
Membership Included with All Turtle Beach Elite Gaming Headsets and Elite Tournament Audio Products

SAN DIEGO, June 6, 2014 /PRNewswire/ -- Turtle Beach, the leading audio brand in the video games industry, today announced the Elite Membership Program, an exclusive offering available with all Turtle Beach Elite gaming headsets. Turtle Beach Elite gaming headsets, which will debut at the Electronic Entertainment Expo (E3) in Los Angeles from June 10 to 12, have advanced features designed to meet the needs of professional tournament and elite competitive players. Turtle Beach is the gaming audio brand of Turtle Beach Corporation (NASDAQ: HEAR).

The purchase of any Elite gaming headset includes the opportunity to enroll in the Turtle Beach Elite Membership Program. Member benefits include discounts on Turtle Beach products and partner products and services, two-year extended product warranty, early access to news and product information, concierge service and a range of unique, member-only opportunities at Major League Gaming (MLG) tournaments and other industry events. The Turtle Beach Elite Program is only available to participants who reside in markets where Turtle Beach Elite products are sold. Additionally, specific program benefits vary by market and will also be subject to local restrictions.

"The Turtle Beach Elite Membership Program is an exclusive offering for tournament professionals and competitive gamers," said Bob Picunko, Chief Marketing Officer at Turtle Beach Corporation. "The Elite program will offer a range of benefits and access to unique gaming-related opportunities."

The first Elite products are anticipated to be in stores in the Fall of 2014.

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From: Savant8/28/2014 10:39:45 PM
   of 199
 
Turtle Beach and Twitch Announce Extended Partnership
Turtle Beach is the Official Audio Partner for Twitch, the World's Leading Live Video Platform and Community for Gamers

SAN DIEGO, Aug. 27, 2014 /PRNewswire/ -- Turtle Beach Corporation (NASDAQ: HEAR), the leading audio brand in the video game industry, and Twitch, the world's leading live video platform and community for gamers, today announced the extension of their exclusive partnership. Turtle Beach is the official audio partner for Twitch, providing headsets and audio hardware for team chat and live streaming to support Twitch gaming tournaments and events. Turtle Beach and Twitch also collaborate on marketing and promotional activity.

"Twitch has been a great partner and we look forward to further collaboration as we pursue growth opportunities created by the recent console transition, both in the United States and in growing video game markets in Europe, Asia and Latin America," said Juergen Stark, chief executive officer of Turtle Beach Corporation.

Twitch is the world's leading web and mobile video platform and community for video game enthusiasts, and the largest live streaming site that caters solely to the video game industry. It provides a community for gamers around the world to broadcast, watch, and chat about their favorite video games. Twitch is also the live broadcasting hub for large-scale gaming competitions, including many which are now filling stadiums around the world.

"Having top of the line audio equipment is integral to the optimum Twitch experience," said Amber Dalton, Director of Event Marketing, Twitch. "Turtle Beach has been a phenomenal partner with stellar products, so we look forward to continuing to showcase their brand at all our events."

From 2011 when it launched to today, the number of individuals watching and chatting live about streaming gameplay on Twitch has grown from 3.2 million unique viewers per month to 55 million. Both of the popular new entertainment consoles, PlayStation(R)4 and the Xbox One, have integrated Twitch making it very easy to stream gameplay and watch streamed content, which is contributing to Twitch's rapid growth.

"Even considering all the competition for screen time across mobile devices, PC and television, the average Twitch member watches 106 minutes of live streaming on the site every day, and more than half watch more than 20 hours a week," said Bob Picunko, chief marketing officer of Turtle Beach Corporation. "Partnering with Twitch presents an opportunity to reach millions of the world's most passionate gamers, day in and day out, and to align our brand with an incredibly popular and rapidly growing player in the industry."

Turtle Beach's Ear Force XP SEVEN console gaming headset, Z SEVEN PC gaming headset and TM1 multi-channel tournament mixer, developed in collaboration with Major League Gaming, are designed to meet the audio needs of competitive and streaming gamers and are used by Twitch for broadcasting at leading eSports and video game events. The recently announced ELITE Tournament Audio Controller, which will debut this winter, will introduce new levels of audio quality and ease-of-use for streamers.

About Twitch

Twitch is the leading live video platform and community for gamers where more than 55 million have gathered to broadcast, watch and talk about video games. Twitch's video platform is the backbone of both live and on-demand distribution for the entire video game ecosystem. This includes game developers, publishers, media outlets, events, user generated content, and the entire esports scene. In February 2014, Wall Street Journal ranked Twitch as the 4th largest website in terms of peak internet traffic in the U.S., fortifying the brand as an entertainment industry leader and the epicenter of social video for gamers. For more information visit: www.twitch.tv.

About Turtle Beach Corporation

Turtle Beach Corporation (TurtleBeachCorp.com) designs audio products for consumer, commercial and healthcare markets. Under the brand Turtle Beach (TurtleBeach.com), the company markets premium headsets for use with video game consoles, including officially-licensed headsets for the next-generation Xbox One and PlayStation(R)4, personal computers and mobile devices. Under the brand HyperSound (HyperSound.com), the company markets pioneering directed audio solutions that have applications in digital signage and kiosks, consumer electronics and healthcare. The Company's shares are traded on the NASDAQ Exchange under the symbol NASDAQ:HEAR.

SOURCE Turtle Beach Corporation

/CONTACT: David Lowey, Director of Corporate Communications, Turtle Beach Corporation, David.Lowey@turtlebeach.com, +1-914-844-2759; or Keith Hennessey, European Communications Manager, Turtle Beach, Keith.Hennessey@turtlebeach.com, +44 (0) 1254-51725

/Web site: turtlebeachcorp.com

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From: Savant8/28/2014 10:41:26 PM
   of 199
 
Turtle Beach Announces Second Quarter 2014 Results

PR Newswire

SAN DIEGO, Aug. 11, 2014

SAN DIEGO, Aug. 11, 2014 /PRNewswire/ -- Turtle Beach Corporation (NASDAQ: HEAR) today announced financial results for the second quarter ended June 30, 2014.

Highlights & Developments

-- Second quarter net revenue of $22.3 million, lifts net revenue to $60.6 million for the first six months of 2014, a 12% increase over revenue of $54.1 million in the first six months of 2013. -- For the first six months of 2014, gross margin improved to 28.2%, a 50 basis point increase compared with the same period a year ago, driven by an increased penetration of higher margin headsets. -- Reduced debt 38% to $40.8 million as of June 30, 2014 from $66.2 million as of March 31, 2014. -- Retail tracking data confirms year-over-year Turtle Beach console gaming headset market share gains in all of the Company's major markets for the first six months of 2014. -- Introduced four new Xbox One and five new PlayStation(R)4 compatible headsets at the June 2014 E3 tradeshow which will expand the next-gen headset portfolio when launched in the fourth quarter. -- Improved PC gaming headset sell-through in the U.S. by 62% year-over-year for the first six months of 2014; introducing complementary PC keyboards and mice via licensing agreement to further drive PC headset sales and share gains. -- Made progress toward the introduction of Turtle Beach officially-licensed Xbox One gaming headsets for China ahead of the highly-anticipated September launch of Xbox One consoles, including the execution of a marketing agreement with a Chinese partner. -- Completed design on a new generation of HyperSound emitter that delivers improved audio performance and can be manufactured more quickly and more cost effectively, and will be incorporated into new commercial and hearing health products in 2015. -- Announced that the Company's largest shareholders, representing approximately 72% of the shareholder base and including CEO Juergen Stark and Chairman Ron Doornink, agreed to an eight month voluntary lock-up extension that extends through April 1, 2015.

"We made solid progress during the second quarter to position our business for the holiday season and longer-term success," commented Juergen Stark, chief executive officer of Turtle Beach. "At the E3 tradeshow in June, we unveiled new feature-rich gaming headsets for Xbox One and Playstation(R)4 that showcase our commitment to enhancing the consumer audio experience and distinguish Turtle Beach as a category-leading innovator. While attachment rates year-to-date have tracked below our expectations due primarily to the broad availability of the Xbox One Headset Chat Adapter and the limited number of multiplayer video game launches for next-generation consoles, we believe expansion of our product portfolio, growing consumer demand for the Xbox One and PlayStation(R)4, and the launch of a dozen new AAA multiplayer video game titles in the third and fourth quarter will fuel accelerated growth of our headset business in the second half of the year. In addition, we have made significant advances with our HyperSound technology that improve audio clarity, reduce cost, and establish large scale manufacturability ahead of new product launches in 2015. We look forward to building on the foundation we've established to unlock the full potential of our Turtle Beach and HyperSound brands."

Second Quarter and First Six Months 2014 Review

Net revenue in the second quarter was $22.3 million, compared with $24.5 million in the same period in 2013. The decrease in revenue was driven primarily by the timing of approximately $4 million in sales of the Company's new Xbox One headsets, which customer demand moved into the first quarter as previously reported. For the first six months of 2014, revenue increased 12% to $60.6 million, compared with $54.1 million for the same period a year ago. The increase in revenue was driven by strong consumer response to the Company's Xbox One and Playstation(R)4 compatible headsets.

Gross profit for the second quarter was $4.8 million, compared to $6.3 million in the same period in 2013. While gross margin for the second quarter was 21.7% compared to 25.8% in the same period in 2013, for the first six months of 2014 gross margin improved 50 basis points to 28.2% compared with the same period a year ago. The second quarter decrease in gross margin was driven largely by non-recurring costs to package the Microsoft Xbox One Headset Chat Adapter with our headsets and ship them to retailers.

Operating expenses increased 16% to $14.0 million, compared to $12.1 million in the same period in 2013. The increase in operating expenses was primarily attributable to higher depreciation and amortization, investments in personnel and research and development to support future growth of HyperSound technology as well as additional general and administrative costs associated with being a public company. For the first six months of 2014, operating expenses, excluding $3.7 million in one-time business transaction costs, increased 32% to $27.0 million, compared to $20.4 million in the same period a year ago.

Adjusted EBITDA (as defined below) for the headset business totaled approximately ($4.7) million compared to ($3.4) million in the second quarter of 2013. The Company invested approximately $2.0 million in HyperSound during the quarter. Adjusted EBITDA on a consolidated basis was ($6.7) million. For the first six months of 2014, Adjusted EBITDA for the headset business improved to approximately $0.2 million, from ($1.7) million in the same period a year ago. Adjusted EBITDA on a consolidated basis was ($3.9) million for the first six months of 2014, reflecting investments of approximately $4 million in HyperSound during the first six months of 2014.

Balance Sheet Highlights

The company ended the quarter with approximately $9.0 million in cash and cash equivalents compared to $6.5 million as of December 31, 2013. As of June 30, 2014, the Company had outstanding debt of $40.8 million compared to debt of $78.3 million as of December 31, 2013. The debt at June 30, 2014 consisted of $19.2 million drawn down from our revolver, $7.3 million of subordinated notes and $14.3 million in Series B Preferred Stock. Total inventory as of June 30, 2014 was $37.5 million, a decrease of 14% as compared to the same period in 2013. There were approximately 41.9 total shares outstanding on June 30, 2014.

Full Year 2014 Expectations

The Company is maintaining its revenue and EBITDA guidance for the full-year. As previously stated, net revenues for the Turtle Beach headset business are expected to be in the range of $210 to $230 million. Full year adjusted EBITDA for the headset business is expected to be in the range of $30 to $35 million. Total company 2014 adjusted EBITDA is expected to be in the range of $20-$25 million, reflecting the impact of a $10 million anticipated HyperSound investment.

Investor Presentation

The Company also announced it has posted an updated investor presentation on its corporate website. The new presentation can be accessed at corp.turtlebeach.com.

Conference Call Details

Juergen Stark, CEO, and John Hanson, CFO, will host a conference call and simultaneous webcast to discuss the financial results and outlook today, August 11, 2014, at 1:30 PM Pacific Time / 4:30 PM Eastern Time. To participate in the conference call, investors should dial (877) 303-9855 (domestic) or (408) 337-0154 (international) and provide the pass code 74134380, 10 minutes prior to the scheduled start of the call. A simultaneous audio-only webcast of the call may be accessed on the Internet at www.turtlebeachcorp.com. An archive of the webcast will be available on the Company's website for approximately one year, and a recorded replay of the call will be available for one week at (855) 859-2056 or (404) 537-3406 and entering conference ID number 74134380.

Non-GAAP Financial Measures

In addition to its reported results, the Company has included in this earnings release certain financial results that the Securities and Exchange Commission defines as "non-GAAP financial measures." Management believes that such non-GAAP financial measures, when read in conjunction with the Company's reported results, can provide useful supplemental information for investors analyzing period to period comparisons of the Company's results. These non-GAAP financial measures relate to presenting Adjusted EBITDA, as defined by the Company for the periods presented. Please see a reconciliation of GAAP results to Adjusted EBITDA, which is included below for the three and six months ended 2014 and 2013.

All trademarks are the property of their respective owners.

About Turtle Beach Corporation

Turtle Beach Corporation (Turtlebeachcorp.com) designs audio products for consumer, commercial and healthcare markets. Under the brand Turtle Beach (TurtleBeach.com), the company markets premium headsets for use with video game consoles, including officially-licensed headsets for the next-generation Xbox One and PlayStation(R)4, personal computers and mobile devices. Under the brand HyperSound (HyperSound.com), the company markets pioneering directed audio solutions that have applications in digital signage and kiosks, consumer electronics and healthcare. The Company's shares are traded on the NASDAQ Exchange under the symbol NASDAQ:HEAR.

Forward-Looking Statements

This press release includes forward-looking information and statements within the meaning of the federal securities laws. Except for historical information contained in this release, statements in this release may constitute forward-looking statements regarding assumptions, projections, expectations, targets, intentions or beliefs about future events. Forward looking statements are based on management's statements containing the words "may", "could", "would", "should", "believe", "expect", "anticipate", "plan", "estimate", "target", "project", "intend" and similar expressions constitute forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement. Forward-looking statements are based on management's current belief, as well as assumptions made by, and information currently available to, management.

While the Company believes that its expectations are based upon reasonable assumptions, there can be no assurances that its goals and strategy will be realized. Numerous factors, including risks and uncertainties, may affect actual results and may cause results to differ materially from those expressed in forward-looking statements made by the Company or on its behalf. Some of these factors include, but are not limited to, the substantial uncertainties inherent in acceptance of existing and future products, the difficulty of commercializing and protecting new technology, the impact of competitive products and pricing, general business and economic conditions, risks associated with the expansion of our business including the implementation of any businesses we acquire, our indebtedness, and other factors discussed in our public filings, including the risk factors included in the Company's Annual Report on Form 10-K and other periodic reports filed with the SEC, the Company's Proxy Statement on Schedule 14A filed in connection with our merger with Turtle Beach and the Company's Prospectus Supplement filed with the SEC on April 24, 2014. Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the Securities and Exchange Commission, the Company any is under no obligation to publicly update or revise any forward-looking statement after the date of this release whether as a result of new information, future developments or otherwise.

Turtle Beach Corporation Condensed Consolidated Balance Sheets (in thousands, except par value and share amounts) Table 1. June 30, December 31, 2014 2013 ------------- ---------------- ASSETS (unaudited) Current Assets: Cash and cash equivalents $ 8,958 $ 6,509 Accounts receivable, net 15,164 48,542 Inventories, net 37,497 49,643 Deferred income taxes 10,536 2,214 Prepaid income taxes 1,329 2,925 Prepaid expenses and other current assets 5,168 3,561 ------------- -------------- Total Current Assets 78,652 113,394 Property and equipment, net 5,132 7,369 Goodwill 80,974 -- Intangible assets, net 40,385 3,972 Deferred income taxes 6,101 827 Other assets 520 1,745 Total Assets $ 211,764 $ 127,307 ========= ========== LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) Current Liabilities: Revolving credit facilities $ 19,256 $ 39,736 Term loan -- 14,500 Subordinated notes - related parties 7,322 -- Accounts payable 10,528 44,136 Due to shareholders 3,125 3,125 Other current liabilities 8,796 9,712 ------------- -------------- Total Current Liabilities 49,027 111,209 Series B redeemable preferred stock 14,253 13,713 Deferred income taxes 14,325 850 Subordinated notes -- 10,342 Other liabilities 2,051 1,986 Total Liabilities 79,656 138,100 ------------- -------------- Commitments and Contingencies Series A convertible stock, $0.01 par value - 50,000,000 shares authorized; 48,689,555 shares issued and outstanding as of December 31, 2013 -- 24,345 Stockholders' Equity (Deficit) Common stock, $0.001 par value - 50,000,000 shares authorized; 41,906,120 and 12,700,460 shares issued and outstanding as of June 30, 2014 and December 31, 2013, respectively 42 13 Additional paid-in capital 124,758 (54,031) Retained earnings 6,567 18,775 Accumulated other comprehensive income 741 105 ------------- -------------- Total Stockholders' Equity (Deficit) 132,108 (35,138) ------------- -------------- Total Liabilities, Convertible Preferred Stock and Stockholders' Equity (Deficit) $ 211,764 $ 127,307 ========= ========== Turtle Beach Corporation Condensed Consolidated Statements of Operations (in thousands, except per-share data) (unaudited) Table 2. Three Months Ended Six Months Ended ------------------ --------------------- June 30, June 30, June 30, June 30, 2014 2013 2014 2013 -------- -------- --------- ---------- Net Revenue $ 22,296 $ 24,520 $ 60,584 $ 54,053 Cost of Revenue 17,465 18,198 43,477 39,106 Gross Profit 4,831 6,322 17,107 14,947 -------- -------- --------- -------- Operating expenses: Selling and marketing 7,698 8,412 14,698 14,118 Research and development 2,071 1,325 4,069 2,212 General and administrative 4,698 1,660 8,271 4,030 Business transaction costs (484) 680 3,744 680 Total operating expenses 13,983 12,077 30,782 21,040 -------- -------- --------- -------- Operating loss (9,152) (5,755) (13,675) (6,093) Interest expense 1,055 1,249 5,295 2,563 Other non-operating expense (income), net (70) 84 (95) 473 Loss before income tax benefit (10,137) (7,088) (18,875) (9,129) Income tax benefit (835) (3,750) (6,667) (3,487) Net loss $(9,302) $(3,338) $(12,208) $(5,642) ======= ======= ======== ======= Net loss per share: Basic $ (0.23) $ (0.26) $ (0.33) $ (0.44) Diluted $ (0.23) $ (0.26) $ (0.33) $ (0.44) Weighted average number of shares: Basic 40,827 12,700 37,296 12,700 Diluted 40,827 12,700 37,296 12,700 TURTLE BEACH CORPORATION GAAP to Adjusted EBITDA Reconciliation GAAP Adj Adj Adj Adj Adjusted Q2 2014 Reported Depr Stock Comp Amort Tran Exp EBITDA Revenue, net $ 22,296 $ - $ - $ - $ - $ 22,296 Cost of Revenue $ 17,465 $ (53) $ (38) $ (8) $ - $ 17,366 Gross Profit $ 4,831 $ 53 $ 38 $ 8 $ - $ 4,930 Operating Expense $ 13,983 $ (1,181) $ (1,310) $ (252) $ 484 $ 11,724 Operating Income (Loss) $ (9,152) $ 1,234 $ 1,348 $ 260 $ (484) $ (6,794) Other Income Interest Expense, net $ 1,055 Other Expense, net $ (70) $ (70) Total Other Expense, net $ 985 Loss Before Taxes $ (10,137) Tax Benefit $ (835) ----------------- Net Income (Loss) $ (9,302) Adjusted EBITDA $ (6,724) TURTLE BEACH CORPORATION GAAP to Adjusted EBITDA Reconciliation GAAP Adj Adj Adj Adj Adjusted Q2 YTD

2014 Reported Depr Stock Comp Amort Tran Exp EBITDA Revenue, net $ 60,584 $ - $ - $ - $ - $ 60,584 Cost of Revenue $ 43,477 $ (107) $ (68) $ (14) $ - $ 43,288 Gross Profit $ 17,107 $ 107 $ 68 $ 14 $ - $ 17,296 Operating Expense $ 30,782 $ (2,941) $ (2,329) $ (483) $ (3,744) $ 21,285 Operating Income (Loss) $ (13,675) $ 3,048 $ 2,397 $ 497 $ 3,744 $ (3,989) Other Income Interest Expense, net $ 5,295 Other Expense, net $ (95) $ (95) Total Other Expense, net $ 5,200 Loss Before Taxes $ (18,875) Tax Benefit $ (6,667) ----------------- Net Income (Loss) $ (12,208) Adjusted EBITDA $ (3,894) TURTLE BEACH CORPORATION GAAP to Adjusted EBITDA Reconciliation GAAP Adj Adj Adj Adj Adjusted Q2 2013 Reported Depr Stock Comp Amort Tran Exp EBITDA Revenue, net $ 24,520 $ - $ - $ - $ - $ 24,520 Cost of Revenue $ 18,198 $ (50) $ (21) $ - $ - $ 18,127 Gross Profit $ 6,322 $ 50 $ 21 $ - $ - $ 6,393 Operating Expense $ 12,077 $ (904) $ (534) $ (230) $ (680) $ 9,729 Operating Income (Loss) $ (5,755) $ 954 $ 555 $ 230 $ 680 $ (3,336) Other Income Interest Expense, net $ 1,249 Other Expense, net $ 84 $ 84 Total Other Expense, net $ 1,333 Loss Before Taxes $ (7,088) Tax Benefit $ (3,750) ----------------- Net Income (Loss) $ (3,338) Adjusted EBITDA $ (3,420) TURTLE BEACH CORPORATION GAAP to Adjusted EBITDA Reconciliation GAAP Adj Adj Adj Adj Adjusted Q2 YTD 2013 Reported Depr Stock Comp Amort Tran Exp EBITDA Revenue, net $ 54,053 $ - $ - $ - $ - $ 54,053 Cost of Revenue $ 39,106 $ (84) $ (41) $ - $ - $ 38,981 Gross Profit $ 14,947 $ 84 $ 41 $ - $ - $ 15,072 Operating Expense $ 21,040 $ (1,806) $ (1,222) $ (461) $ (1,207) $ 16,344 Operating Income (Loss) $ (6,093) $ 1,890 $ 1,263 $ 461 $ 1,207 $ (1,272) Other Income Interest Expense, net $ 2,563 Other Expense, net $ 473 $ 473 Total Other Expense, net $ 3,036 Loss Before Taxes $ (9,129) Tax Benefit $ (3,487) ----------------- Net Income (Loss) $ (5,642) Adjusted EBITDA $ (1,745)

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From: Savant8/28/2014 10:44:24 PM
   of 199
 
Turtle Beach Announces Coordinated Stock Transaction
Group of Institutional Investors Purchase Shares and Exhaust Founder Lockup Share Allotment

SAN DIEGO, Aug. 28, 2014 /PRNewswire/ -- Turtle Beach Corporation (NASDAQ: HEAR), the leading audio brand in the video game industry, today announced that a group of institutional investors purchased a combined 371,520 shares of common stock from Mr. Fred Romano and Mr. Carmine Bonanno, co-founders of Turtle Beach, in accordance with the terms of the Company's amended Stockholder Agreement, filed with the Securities and Exchange Commission on July 10, 2014. The number of shares transacted equates to the shares that were available for open-market sales by both individuals under the modified lock-up extension under the Shareholder's Agreement, which expires on April 1, 2015. As a result, Mr. Romano and Mr. Bonanno are restricted from selling additional shares in open market trades prior to April 1, 2015 without the Company's approval.

About Turtle Beach Corporation

Turtle Beach Corporation (TurtleBeachCorp.com) designs audio products for consumer, commercial and healthcare markets. Under the brand Turtle Beach (TurtleBeach.com), the company markets premium headsets for use with video game consoles, including officially-licensed headsets for the next-generation Xbox One and PlayStation(R)4, personal computers and mobile devices. Under the brand HyperSound (HyperSound.com), the company markets pioneering directed audio solutions that have applications in digital signage and kiosks, consumer electronics and healthcare. The Company's shares are traded on the NASDAQ Exchange under the symbol NASDAQ: HEAR.

SOURCE Turtle Beach Corporation

/CONTACT: David Lowey, Director of Corporate Communications, Turtle Beach Corporation, David.Lowey@turtlebeach.com, +1-914-844-2759; or Anne Rakunas, Investor Relations, ICR, Anne.Rakunas@icrinc.com, +1-310-954-1113

/Web site: turtlebeachcorp.com

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