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   Technology StocksTurtle Beach Corp


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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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From: Savant10/14/2014 9:51:50 AM
   of 199
 
Turtle Beach XO ONE Gaming Headset Now Available in Stores
Comfort, Quality and Advanced Chat Features for Xbox One Players, Including Variable Mic Monitoring

SAN DIEGO, Oct. 9, 2014 /PRNewswire/ -- Turtle Beach, the leading audio brand in the video games industry, today announced that the XO ONE gaming headset designed for the Xbox One console is now available in stores and at online retailers. The XO ONE, which has an MSRP of $79.95, includes a new proprietary Xbox One audio controller that features mic monitoring and other chat features that multiplayer gamers rely on. Turtle Beach is the gaming audio brand of Turtle Beach Corporation (NASDAQ: HEAR).

"The XO ONE is the first Xbox One compatible headset to include variable mic monitoring for chat," said Bob Picunko, chief marketing officer of Turtle Beach. "Mic monitoring is one of the most frequently requested features in a headset, and now Xbox One players can finally hear their own voice through the headset and stop shouting into the mic."

The XO ONE's chat features include control over game and chat volume mix, microphone mute, and variable mic monitor. The XO ONE also has multi-step Bass Boost, another feature popular with gamers. The features are enabled by a new Xbox One Audio Controller, which was designed and is produced by Turtle Beach and is included with the XO ONE headset.

Lightweight and comfortable, the XO ONE has a removable microphone and connects with a 3.5mm audio jack so that it can be used as a headset or a headphone with mobile devices. Large, 50mm drivers create a clear, rich soundscape.

"Delivering the features that regular gamers want and expect in a headset is one of the things that makes Turtle Beach stand out as a brand," said Juergen Stark, chief executive officer of Turtle Beach. "We are very excited about the new Xbox One gaming headsets that we are bringing to stores this holiday season, starting with the XO ONE."

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.

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From: Savant10/14/2014 9:52:39 AM
   of 199
 
Turtle Beach Recon 320 PC Gaming Surround Sound Headset Now in Stores
All New Headset Design Features 7.1 Surround Sound and Mobile Compatibility

SAN DIEGO, Oct. 14, 2014 /PRNewswire/ -- Turtle Beach, the leading audio brand in the video games industry, today announced that the Recon 320 PC and mobile gaming headset is now available in stores and at online retailers. The Recon 320, which has an MSRP of $79.95, features Dolby 7.1 surround sound for accurate, immersive surround sound audio with any type of content. Turtle Beach is the gaming audio brand of Turtle Beach Corporation (NASDAQ: HEAR).

The lightweight Recon 320 has a new, noise-isolating around-the-ear design that allows for hours of comfortable gaming. The new headset can also be customized with swappable speaker plates, which can be purchased separately online at TurtleBeach.com.

The Recon 320 uses a single USB connection for PC or a 3.5mm jack on mobile devices. An included mobile cable with in-line mic and multi-function button for mobile controls such as answer call, pause music, and skip track and a removable boom mic make the Recon 320 a true mobile headset as well.

"Delivering the features that gamers want and expect in a headset is one of the things that make Turtle Beach stand out as a brand," said Juergen Stark, chief executive officer of Turtle Beach. "The feature-rich Recon 320 is a strong addition to our growing line-up of high-quality PC gaming headsets."

Turtle Beach's PC gaming headset portfolio includes the Z SEVEN tournament gaming headset, the Z300 wireless surround sound headset, the stereo Z22 wired stereo headset, and the recently launched Z60 wired surround sound headsets.

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.

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From: Savant10/23/2014 11:37:07 AM
   of 199
 
Turtle Beach to Report Third Quarter Financial Results on November 10, 2014
SAN DIEGO, Oct. 21, 2014 /PRNewswire/ -- Turtle Beach Corporation (NASDAQ: HEAR) today announced that it will report third quarter 2014 financial results after the market close on November 10, 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.

To participate in the conference call, investors should dial (855) 425-4205 (domestic) or (920) 663-6272 (international), pass code 22655316, 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.

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 22655316.

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(R) (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.

All trademarks are the property of their respective owners.

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From: Savant10/23/2014 11:37:56 AM
   of 199
 
Turtle Beach Stealth 500X Fully Wireless Gaming Headset for the Xbox One Now Shipping to Stores
The first and only headset that provides wireless chat and game audio on the Xbox One

SAN DIEGO, Oct. 23, 2014 /PRNewswire/ -- Turtle Beach, the leading audio brand in the video games industry, today announced that the officially licensed Ear Force Stealth 500X wireless surround sound headset for Xbox One is now shipping to retailers. The Stealth 500X is the first fully wireless headset for the Xbox One and is expected to be the only one available to Xbox One owners through the end of the year. The Stealth 500X is also the first and only headset for the Xbox One that features DTS Headphone:X 7.1 channel surround sound. Turtle Beach is the gaming audio brand of Turtle Beach Corporation (NASDAQ: HEAR).

"Turtle Beach has pushed the boundaries of wireless audio on the Xbox One console through innovation and close cooperation with Microsoft," said Juergen Stark, Chief Executive Officer at Turtle Beach Corporation. "True wireless connectivity for the Xbox One has been the most requested feature from our community and we are pleased to deliver the Stealth 500X in time for the big games coming this holiday season."

The Stealth 500X delivers digital surround sound audio from the Xbox One's optical connection and chat audio through the Xbox One's USB connection, and uses separate wireless channels to send chat and game audio to the headset. Every competitive wireless headset currently on the market uses a wired connection from the headset to an audio adapter connected to the Xbox One controller for chat audio. The Stealth 500X is shipping to retailers worldwide and has an official launch date of November 4, although consumers may begin to see the product at retail as soon as this week.

Utilizing immersive DTS Headphone:X 7.1 surround sound and a completely reimagined preset system, players can use surround sound modes that are 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. The built-in rechargeable battery provides more than 15 hours of playing time, and new high-performance Wi-Fi ensures an interference-free wireless experience. Swap out the removable microphone for the included mobile cable and use the Stealth 500X as a wired headphone with mobile devices.

In March 2014, Turtle Beach launched the first officially-licensed Xbox One headsets on the market, including the XO FOUR and XO SEVEN stereo headsets for the Xbox One, and the Turtle Beach Titanfall Atlas for Xbox One, Xbox 360 and PC. The officially-licensed XO ONE stereo headset for the Xbox One launched in early October 2014.

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(R) (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.

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From: Savant11/6/2014 12:56:50 AM
   of 199
 
HEAR HSS a long time coming... Now in 987 Best Buy stores marketwatch.com

Turtle Beach Corporation Announces First Wide-Scale Deployment of HyperSound® Virtual Reality Audio Zones

By
Published: Nov 5, 2014 7:30 a.m. ET

Innovative solution for in-store audio featured in massive roll-out of Call of Duty®: Advanced Warfare retail displays


SAN DIEGO, Nov. 5, 2014 /PRNewswire/ -- Turtle Beach Corporation HEAR, -1.44% a leading innovator of audio products and solutions, today announced the company's HyperSound® virtual reality audio solution has been implemented in Activision's Call of Duty: Advanced Warfare retail displays. The displays have been installed in 987 Best Buy locations in North America. The installation represents the largest implementation of virtual reality audio in a retail setting.

"This marquee implementation of HyperSound will change the way retailers think about retail audio," said Rodney Schutt, SVP and General Manager of HyperSound. "This is the first, large-scale implementation of a new generation of retail audio that is unlike anything that has been done before."

HyperSound audio emitters and a sub-woofer are integrated into the base of the retail display. They create a zone of audio that encompasses anyone standing in front of the display. The quality of the audio is three dimensional, creating a virtual reality effect that is similar to wearing a pair of surround sound headsets. The engineers at Turtle Beach have recently developed a new approach to HyperSound's digital signal processing that creates a more immersive, three-dimensional audio experience.

HyperSound represents a revolutionary new way to deliver targeted brand and product messages in store. Site-specific, targeted point-of-sale messaging can provide a number of benefits to retailers, including increased engagement and dwell time, and increased average revenue per customer. Because HyperSound creates a controlled sound zone, multiple displays can gain the benefits of audio in the same store without conflicting. To date, the use of audio with displays and kiosks has been limited by the noise bleed associated with traditional speakers, and the sound reflection and low volumes associated with earlier versions of directional audio.

Call of Duty: Advanced Warfare is the latest installment of the incredibly successful Call of Duty® franchise. Call of Duty title launches have become an annual entertainment event and retail phenomenon, with fans across the world heading to stores for midnight launch events.

Call of Duty: Advanced Warfare, developed by Sledgehammer Games, envisions the powerful battlegrounds of the future, where both technology and tactic have evolved to usher in a new era of combat for the franchise. Advanced Warfare launches November 4 for Xbox 360, Xbox One, PlayStation®3, PlayStation®4, and PC.

The Call of Duty: Advanced Warfare kiosks were installed in Best Buy locations during the last two weeks of October.

ACTIVISION, CALL OF DUTY, and CALL OF DUTY ADVANCED WARFARE are trademarks of Activision Publishing, Inc.

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®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.



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SOURCE Turtle Beach Corporation

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From: Savant11/11/2014 12:28:48 PM
   of 199
 
Turtle Beach Announces Third Quarter 2014 Results

PR Newswire

SAN DIEGO, Nov. 10, 2014

SAN DIEGO, Nov. 10, 2014 /PRNewswire/ -- Turtle Beach Corporation (NASDAQ: HEAR) today announced financial results for the third quarter ended September 30, 2014.

Highlights & Developments

-- Third quarter net revenue of $33.3 million, lifts net revenue to $93.9 million for the first nine months of 2014, a 1.7% increase over revenue of $92.4 million in the first nine months of 2013. -- Third quarter gross margin improved 70 basis points to 23.3%, contributing to a 100 basis point increase to 26.5% for the first nine months of 2014. -- Gross profit for the first nine months of 2014 was $24.9 million, representing an increase of 5.4% over the same period a year ago. -- Increased the number of next-generation headsets available at retail to eight new Xbox One and five new PlayStation(R)4 compatible headsets, by far the most complete line-up in the industry. -- Improved PC gaming headset sell-through in the U.S. by over 75% year-over-year for the first nine months of 2014 and introduced complementary PC keyboards and mice via a licensing agreement to further drive PC headset sales and share gains. -- Launched Turtle Beach officially-licensed Xbox One gaming headsets in China to coincide with the September launch of Xbox One consoles. -- Further strengthened intellectual property asset base to 118 issued and pending patents. -- First wide-scale deployment of HyperSound(R) virtual reality audio zones in Activision Call of Duty(R): Advanced Warfare retail displays in approximately 1,000 Best Buy locations in North America. -- Hired experienced hearing health executive Rodney Schutt to lead HyperSound business.

"Our third quarter was highlighted by the start of sell-in of our most advanced, feature-rich gaming headsets for Xbox One and Playstation(R)4 which bring the user experience to new heights and put us in a great position to capitalize on what is expected to be several years of robust growth for the gaming industry," commented Juergen Stark, chief executive officer of Turtle Beach. "The third quarter was also marked by the retail debut of our console gaming headsets in China in conjunction with Microsoft's launch of Xbox One in this large, untapped market. At the same time we improved gross margin versus the same period a year ago despite lower revenue driven by timing differences in product launches and international orders versus 2013."

Mr. Stark continued, "We believe the gaming software market is close to an inflection point in the next generation console cycle that we expect to be the start of significant tailwinds for our business. Recent AAA multi-player game launches have had a very positive impact on our retail sell-through, providing us with solid momentum heading into the holiday season, when we typically generate more than 50% of our annual revenues. However, it is important to note that the recent delays in the launch of several key video game titles from the fourth quarter into next year and the continued trend of somewhat lower attach rates has altered our expectations regarding the timing of our sell-in over the coming months. As we've said all year, we are operating in a very fluid environment following the new console launches and our near-term focus is on setting the Company up for long-term success. With our first mover advantage on next generation compatible headsets, unmatched retail placement and leading market share, we believe we are in a great position to grow our Turtle Beach gaming headset business for years to come. At the same time, we've made important advancements in the development of our HyperSound technology -- including the initial rollout of our commercial offering and new leadership -- that we believe will strengthen the upcoming launch of our hearing health product line. We are confident that the strategic course we are on will deliver sustainable growth, increased profitability and significant shareholder value."

Third Quarter and First Nine Months 2014 Review

Net revenue in the third quarter was $33.3 million, compared with $38.3 million in the same period in 2013. The decrease in revenue was driven primarily by the timing of international shipments and release dates of certain new headsets that shifted sales into the fourth quarter. For the first nine months of 2014, revenue increased 1.7% to $93.9 million, compared with $92.4 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, partially offset by the aforementioned shift in international sales.

Gross profit for the third quarter was $7.7 million, compared to $8.6 million in the same period in 2013. Gross margin rate increased 70 basis points to 23.3% in the third quarter compared with the same period a year ago primarily due to sales of higher margin headsets and mix of customers compared to the prior year period. Gross margin rate improved by 100 basis points to 26.5% for the first nine months of 2014 compared with the same period a year ago.

Operating expenses increased 26.1% to $15.1 million, compared to $11.9 million in the same period in 2013. The increase in operating expenses was primarily attributable to costs associated with being a public company, including additional headcount and higher stock-based compensation costs, and investments in personnel and product development to support future growth of HyperSound technology, partially offset by lower business transaction costs. For the first nine months of 2014, operating expenses, excluding $3.7 million and $2.3 million in business transaction costs in 2014 and 2013 respectively, increased 37.2% to $42.1 million, compared to $30.7 million in the same period a year ago.

Net loss for the third quarter was ($5.6) million, or ($0.13) per diluted share, compared to a net loss of ($1.4) million or ($0.11) per diluted share in the same period a year ago.

Adjusted EBITDA (as defined below) for the headset business totaled approximately ($1.7) million compared to $0.6 million in the third quarter of 2013. Adjusted EBITDA on a consolidated basis was ($4.5) million, reflecting investments of approximately $2.5 million in the HyperSound business during the quarter. For the first nine months of 2014, Adjusted EBITDA for the headset business totaled approximately ($1.5) million as compared to ($1.2) million in the same period a year ago. Adjusted EBITDA on a consolidated basis was ($8.4) million for the first nine months of 2014, reflecting investments of approximately $6.7 million in the HyperSound business during the first nine months of 2014.

Balance Sheet Review

The company ended the quarter with approximately $4.4 million in cash and cash equivalents compared to $6.5 million as of December 31, 2013. As of September 30, 2014, the Company had cash, cash equivalents and available borrowings under its credit facility totaling $18.1 million. Outstanding debt at September 30, 2014 decreased 44% or $28.4 million to $36.2 million compared to $64.6 million at December 31, 2013. Total inventory as of September 30, 2014 was $46.6 million, a decrease of 25.2% compared to the same period in 2013.

Outlook

For the fourth quarter of 2014, the Company expects net revenue for the Turtle Beach headset business to be in the range of $91 to $101 million, representing an increase of approximately 12% at the mid-point of the range over the same period a year ago. Fourth quarter adjusted EBITDA for the headset business is expected to be in the range of $19 to $21 million, representing an increase of approximately 29% at the mid-point of the range over the same period a year ago. Total company fourth quarter adjusted EBITDA is expected to be in the range of $16 to $18 million, reflecting the impact of an anticipated roughly $3 million investment in HyperSound.

For the full year 2014, the Company is revising its outlook based on several factors, including lowered industry forecasts for the gaming headset industry, particularly with respect to old generation consoles, the delay in certain AAA game title launches into 2015 and one-time logistical cost impacts related to the recent console transition. The Company now expects net revenues for the Turtle Beach headset business to be in the range of $185 to $195 million for the full year 2014, representing an increase of approximately 6% at the mid-point of the range over 2013. For the full year, adjusted EBITDA for the headset business is now expected to be in the range of $18 to $20 million, representing an increase of approximately 32% at the mid-point of the range over 2013. Total company 2014 adjusted EBITDA is expected to be in the range of $8 to $10 million, reflecting the impact of a $10 million anticipated HyperSound investment.

Third Quarter Presentation

The Company also announced it has posted a third quarter business and earnings summary presentation on its corporate website. The 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, November 10, 2014, at 1:30 PM Pacific Time / 4:30 PM Eastern Time.

To participate in the conference call, investors should dial (855) 425-4205 (domestic) or (920) 663-6272 (international), and provide the pass code 2265531, 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 and (404) 537-3406 and entering conference ID number 22655316.

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 for the periods presented. "Adjusted EBITDA" is defined by the Company as net income (loss) before interest, taxes, depreciation and amortization, stock-based compensation (non-cash), non-cash amortization of payments to founders and certain business transaction expenses. Management adjusts net income (loss) for business transaction costs because it believes that such items are not representative of core operations. Please see a reconciliation of GAAP results to Adjusted EBITDA, which is included below for the three and nine months ended September 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(R) (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 Prospectus Supplement filed with the SEC on April 24, 2014, the Company's Form 10-Q for the quarter ended June 30, 2014 and the Company's other periodic reports. 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. September 30, December 31, 2014 2013 ---------------- ---------------- ASSETS (unaudited) Current Assets: Cash and cash equivalents $ 4,416 $ 6,509 Accounts receivable, net 26,712 48,542 Inventories, net 46,557 49,643 Deferred income taxes 13,918 2,214 Prepaid income taxes 1,329 2,925 Prepaid expenses and other current assets 5,866 3,561 ---------------- -------------- Total Current Assets 98,798 113,394 Property and equipment, net 5,174 7,369 Goodwill 80,974 -- Intangible assets, net 40,025 3,972 Deferred income taxes 6,101 827 Other assets 650 1,745 Total Assets $ 231,722 $ 127,307 ============ ========== LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) Current Liabilities: Revolving credit facilities $ 28,663 $ 39,736 Term loan -- 14,500 Subordinated notes - related parties 7,506 -- Accounts payable 28,650 44,136 Due to shareholders -- 3,125 Other current liabilities 8,039 9,712 ---------------- -------------- Total Current Liabilities 72,858 111,209 Series B redeemable preferred stock 14,621 13,713 Deferred income taxes 14,325 850 Subordinated notes -- 10,342 Other liabilities 2,041 1,986 Total Liabilities 103,845 138,100 ---------------- -------------- 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; 42,011,463 and 12,700,460 shares issued and outstanding as of September 30, 2014 and December 31, 2013, respectively 42 13 Additional paid-in capital 126,739 (54,031) Retained earnings 929 18,775 Accumulated other comprehensive income 167 105 ---------------- -------------- Total Stockholders' Equity (Deficit) 127,877 (35,138) ---------------- -------------- Total Liabilities, Convertible Preferred Stock and Stockholders' Equity (Deficit) $ 231,722 $ 127,307 ============ ========== Turtle Beach Corporation Condensed Consolidated Statements of Operations (in thousands, except per-share data) (unaudited) Table 2. Three Months Ended Nine Months Ended ------------------------ ------------------------ September September September September 30, 30, 2014 30, 2013 30, 2014 2013 ----------- ----------- --------- ------------- Net Revenue $ 33,325 $ 38,299 $ 93,909 $ 92,352 Cost of Revenue 25,576 29,653 69,053 68,759 Gross Profit 7,749 8,646 24,856 23,593 ----------- ----------- --------- ----------- Operating expenses: Selling and marketing 7,962 7,665 22,660 21,783 Research and development 2,797 1,027 6,866 3,239 General and administrative 4,311 1,648 12,582 5,678 Business transaction costs -- 1,607 3,744 2,287 Total operating expenses 15,070 11,947 45,852 32,987 ----------- ----------- --------- ----------- Operating loss (7,321) (3,301) (20,996) (9,394) Interest expense 866 2,017 6,161 4,580 Other non-operating expense (income), net 334 (217) 239 256 Loss before income tax benefit (8,521) (5,101) (27,396) (14,230) Income tax benefit (2,883) (3,699) (9,550) (7,186) Net loss $ (5,638) $ (1,402) $(17,846) $ (7,044) ======= ======= ======== ======= Net loss per share:

Basic $ (0.13) $ (0.11) $ (0.46) $ (0.55) Diluted $ (0.13) $ (0.11) $ (0.46) $ (0.55) Weighted average number of shares: Basic 41,962 12,700 38,869 12,700 Diluted 41,962 12,700 38,869 12,700 Turtle Beach Corporation GAAP to Adjusted EBITDA Reconciliation (in thousands) (unaudited) Table 3. Three Months Ended September 30, 2014 ------------------------------------------------------------------------------------ Adj Adj Business As Adj Adj Stock Transaction Adj Reported Depreciation Amortization Compensation Expense EBITDA Net Revenue $ 33,325 $ -- $ -- $ -- $ -- $ 33,325 Cost of Revenue 25,576 (48) (66) (151) -- 25,311 --------- -------------- -------------- -------------- ------------- -------- Gross Profit 7,749 48 66 151 -- 8,014 Operating Expense 15,070 (1,243) (245) (1,368) -- 12,214 --------- -------------- -------------- -------------- ------------- -------- Operating loss (7,321) 1,291 311 1,519 -- (4,200) Interest expense 866 Other non-operating expense (income), net 334 334 --------- -------- Loss before income tax benefit (8,521) Income tax benefit (2,883) --------- Net loss $ (5,638) Adjusted EBITDA $(4,534) ======== ======= Nine Months Ended September 30, 2014 ------------------------------------------------------------------------------------ Adj Adj Business As Adj Adj Stock Transaction Adj Reported Depreciation Amortization Compensation Expense EBITDA Net Revenue $ 93,909 $ -- $ -- $ -- $ -- $ 93,909 Cost of Revenue 69,053 (155) (80) (219) -- 68,599 --------- -------------- -------------- -------------- ------------- -------- Gross Profit 24,856 155 80 219 -- 25,310 Operating Expense 45,852 (4,184) (728) (3,697) (3,744) 33,499 --------- -------------- -------------- -------------- ------------- -------- Operating loss (20,996) 4,339 808 3,916 3,744 (8,189) Interest expense 6,161 Other non-operating expense (income), net 239 239 --------- -------- Loss before income tax benefit (27,396) Income tax benefit (9,550) --------- Net loss $(17,846) Adjusted EBITDA $(8,428) ======== ======= Table 3. (continued) Three Months Ended September 30, 2013 ----------------------------------------------------------------------------------- Adj Adj Business As Adj Adj Stock Transaction Adj Reported Depreciation Amortization Compensation Expense EBITDA Net Revenue $ 38,299 $ -- $ -- $ -- $ -- $ 38,299 Cost of Revenue 29,653 (41) -- (15) -- 29,597 -------- -------------- -------------- -------------- ------------- -------- Gross Profit 8,646 41 -- 15 -- 8,702 Operating Expense 11,947 (1,120) (251) (641) (1,607) 8,328 -------- -------------- -------------- -------------- ------------- -------- Operating loss (3,301) 1,161 251 656 1,607 374 Interest expense 2,017 Other non-operating expense (income), net (217) (217) -------- -------- Loss before income tax benefit (5,101) Income tax benefit (3,699) -------- Net loss $(1,402) Adjusted EBITDA $ 591 ======= ======= Nine Months Ended September 30, 2013 ----------------------------------------------------------------------------------- Adj Adj Business As Adj Adj Stock Transaction Adj Reported Depreciation Amortization Compensation Expense EBITDA Net Revenue $ 92,352 $ -- $ -- $ -- $ -- $ 92,352 Cost of Revenue 68,759 (125) -- (56) -- 68,578 -------- -------------- -------------- -------------- ------------- -------- Gross Profit 23,593 125 -- 56 -- 23,774 Operating Expense 32,987 (2,926) (712) (1,863) (2,814) 24,672 -------- -------------- -------------- -------------- ------------- -------- Operating loss (9,394) 3,051 712 1,919 2,814 (898) Interest expense 4,580 Other non-operating expense (income), net 256 256 -------- -------- Loss before income tax benefit (14,230) Income tax benefit (7,186) -------- Net loss $(7,044) Adjusted EBITDA $(1,154) ======= =======

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From: Savant12/30/2014 11:28:28 AM
   of 199
 
Turtle Beach Successfully Replaces Subordinated Debt with Lower Cost Financing
SAN DIEGO, Dec. 30, 2014 /PRNewswire/ -- Turtle Beach Corporation (NASDAQ: HEAR) today announced that it has entered into an amendment to its loan agreement with Bank of America signed March 31, 2014 that will allow the Company to repay approximately $7.7 million of existing subordinated debt. The subordinated debt had an annual interest rate of 10% through December 31, 2014 and 20% per annum thereafter. The interest rate on the $7.7 million loan is LIBOR plus 5% while the interest rate on the remaining portion of the Company's credit facility remains at LIBOR plus 2.5%.

The transaction is expected to generate approximately $0.4 million in interest savings annually compared with 2014 based on the current LIBOR rate.

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(R) (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.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/turtle-beach-replaces-subordinated-debt-with-lower-cost-financing-300014439.html

SOURCE Turtle Beach

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

/Web site: turtlebeachcorp.com

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From: Savant1/27/2015 1:24:15 AM
   of 199
 
Turtle Beach Announces Presentation of Research on the Improved Speech Discrimination of HyperSound® Audio

Wed January 21, 2015 4:00 PM|PR Newswire | About: HEAR


SAN DIEGO, Jan. 21, 2015 /PRNewswire/ -- Turtle Beach Corporation (NASDAQ: HEAR), a leading innovator of audio products and solutions, today announced that findings from company sponsored research on its HyperSound® audio system have been accepted for presentation at the 2015 Combined Sections Meeting of the Triological Society on January 22, 2015. Principal investigator, Dr. Ritvik P. Mehta, will present the paper Novel Ultrasonic Sound Carrier Significantly Improves Speech Discrimination in Subjects with Hearing Loss at the three-day conference in Coronado, California. The research data from a ten patient study suggests that HyperSound audio delivers significant improvement in sound clarity over conventional speakers at 70 dB, including in background noise, in those with mild to severe hearing loss. In February 2014, the company received U.S. Food and Drug Administration (FDA) clearance to market the HyperSound® Audio System to improve clarity and comprehension of sound.

"I am pleased that this important research will be presented at the Triological Society Meeting, and that leading otolaryngologists will have the opportunity to learn about the efficacy of HyperSound technology as a hearing health solution," said Rodney Schutt, SVP and General Manager of HyperSound.

HyperSound technology is a fundamentally new approach to sound delivery that uses a thin panel to generate an ultrasound beam that carries audio through the air. Unlike traditional speakers, HyperSound speakers beam clear, immersive sound to the targeted listener only. The panel directs sound in a narrow, controlled beam much the way a flashlight directs a beam of light. Individuals hear clear, immersive 3D audio without the need to wear headphones or other devices. The research led by Dr. Mehta suggests that the HyperSound audio beam improves the clarity of audio and speech comprehension in individuals with hearing loss.

Researchers estimate that one in five Americans, and one in three people over age 65, suffer from hearing loss. Impacting over 48 million Americans, hearing loss is the third most common physical condition in the United States after arthritis and heart disease. An estimated 360 million people worldwide suffer from some form of hearing loss.

Key Information:
Otology/Neurotology Scientific Session Presentation: Novel Ultrasonic Sound Carrier Significantly Improves Speech Discrimination in Subjects with Hearing Loss
When: Thursday, January 22, 2015 at 2:52 pm PST
Where: Hotel Del Coronado, San Diego, California

About Turtle Beach Corporation ( HEAR)

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®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.

To view the original version on PR Newswire, visit: http://www.prnewswire.com/news-releases/turtle-beach-announces-presentation-of-research-on-the-improved-speech-discrimination-of-hypersound-audio-300023600.html

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