SRS Labs Inc. (SRSL, Financial) filed Quarterly Report for the period ended 2011-06-30.
Srs Labs Inc. has a market cap of $122.98 million; its shares were traded at around $8.3 with a P/E ratio of 206.25 and P/S ratio of 3.94.
General and administrative (G&A) expenses consist primarily of employee-related expenses, attorneys fees, accounting fees, depreciation of the Companys assets, patent amortization, and other professional fees. G&A expenses were $1,843,754 for the three months ended June 30, 2011, compared to $1,431,833 for the same prior year period, an increase of $411,921 or 29%. This increase was primarily related to one-time costs of approximately $200,000 associated with the Companys separation from its former Chief Financial Officer, increased legal and other professional fees, and incremental costs associated with the expansion of the Companys headquarter facilities in the current period. Included in G&A expenses was share-based compensation expense of $234,175 and $241,927 for the three months ended June 30, 2011 and 2010, respectively. As a percentage of total revenues, G&A expenses increased from 20% for the quarter ended June 30, 2010 to 24% for the same period this year.
Our revenues were $15,783,259 for the six months ended June 30, 2011, compared to $15,546,422 for the six months ended June 30, 2010, an increase of $236,837 or 2%. The increase was primarily attributable to increased licensing revenue in the personal telecommunications market offset by decreased revenue in the home entertainment and personal computer markets. In our personal telecommunications market, licensing revenues increased by $812,999 in the current period due to increased royalties from higher volume shipments from existing licensees and incremental revenue from new licensees. In the home entertainment market, revenues decreased by $534,956 due to TV and set top box volume decreases from existing licensees. In the personal computer market, revenues decreased by $284,920 in the current quarter primarily due to decreased volume shipment of personal computers by our existing licensees.
Research and development expenses were $4,482,366 for the six months ended June 30, 2011, compared to $3,716,112 for the same prior year period, an increase of $766,254 or 21%. This increase was primarily attributable to an increase in payroll and related costs associated with hiring ten additional engineers since June 30, 2010 of which six were hired in 2011. Included in research and development expenses is share-based compensation expense of $292,780 and $284,746 for the six months ended June 30, 2011 and 2010, respectively. As a percentage of total revenues, research and development expenses increased from 24% for the six months ended June 30, 2010 to 28% for the same period this year.
G&A expenses were $3,511,941 for the six months ended June 30, 2011, compared to $2,997,131 for the same prior year period, an increase of $514,810 or 17%. The increase was primarily attributable to one-time costs of approximately $200,000 associated with the Companys separation from its former Chief Financial Officer, an increase in accounting, legal, and other professional fees, and incremental costs associated with the expansion of the Companys headquarter facilities in the current period. Included in G&A expenses is share-based compensation expense of $493,839 and $496,386 for the six months ended June 30, 2011 and 2010, respectively. As a percentage of total revenues, G&A expenses increased from 19% for the six months ended June 30, 2010 to 22% for the same period this year.
Net cash provided by operating activities was $45,453 and $1,072,953 for the six months ended June 30, 2011 and 2010, respectively. The decrease in our cash flows from operating activities was primarily the result of net loss of $245,790 during the six months ended June 30, 2011, compared to net income of $2,097,176 during the six months ended June 30, 2010. This was offset by changes in our operating assets and liabilities, specifically, an increase in our accounts receivable of $161,116 during the six months ended June 30, 2011 compared to an increase of $678,165 during the six months ended June 30, 2010, and an increase in our prepaid expenses of $476,611 during the six months ended June 30, 2011 compared to a decrease of $161,603 during the six months ended June 30, 2010. Additionally, there was an increase in our accrued liabilities of $240,970 during the six months ended June 30, 2011 compared to a decrease of $219,366 during the six months ended June 30, 2010. The increases in accounts receivable and accrued liabilities during the six months ended June 30, 2011 was primarily due to increased sales and timing of both cash receipts and payments made.
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Srs Labs Inc. has a market cap of $122.98 million; its shares were traded at around $8.3 with a P/E ratio of 206.25 and P/S ratio of 3.94.
Highlight of Business Operations:
Research and development expenses consist of salaries and related costs of employees engaged in ongoing research, design and development activities and costs for engineering materials and supplies. Research and development expenses were $2,168,692 for the three months ended June 30, 2011, compared to $1,826,118 for the same prior year period, an increase of $342,574 or 19%. This increase was primarily attributable to an increase in payroll and related costs associated with hiring ten additional engineers since June 30, 2010 all of which were hired in prior periods. Included in research and development expenses is share-based compensation expense of $143,974 and $135,238 for the three months ended June 30, 2011 and 2010, respectively. Other than continuing to add strategic hires, particularly to address new market opportunities and segments, the Company believes it is currently appropriately staffed based on the hiring efforts over the past couple of years. As a percentage of total revenues, research and development expenses increased from 26% for the quarter ended June 30, 2010 to 29% for the same period this year.General and administrative (G&A) expenses consist primarily of employee-related expenses, attorneys fees, accounting fees, depreciation of the Companys assets, patent amortization, and other professional fees. G&A expenses were $1,843,754 for the three months ended June 30, 2011, compared to $1,431,833 for the same prior year period, an increase of $411,921 or 29%. This increase was primarily related to one-time costs of approximately $200,000 associated with the Companys separation from its former Chief Financial Officer, increased legal and other professional fees, and incremental costs associated with the expansion of the Companys headquarter facilities in the current period. Included in G&A expenses was share-based compensation expense of $234,175 and $241,927 for the three months ended June 30, 2011 and 2010, respectively. As a percentage of total revenues, G&A expenses increased from 20% for the quarter ended June 30, 2010 to 24% for the same period this year.
Our revenues were $15,783,259 for the six months ended June 30, 2011, compared to $15,546,422 for the six months ended June 30, 2010, an increase of $236,837 or 2%. The increase was primarily attributable to increased licensing revenue in the personal telecommunications market offset by decreased revenue in the home entertainment and personal computer markets. In our personal telecommunications market, licensing revenues increased by $812,999 in the current period due to increased royalties from higher volume shipments from existing licensees and incremental revenue from new licensees. In the home entertainment market, revenues decreased by $534,956 due to TV and set top box volume decreases from existing licensees. In the personal computer market, revenues decreased by $284,920 in the current quarter primarily due to decreased volume shipment of personal computers by our existing licensees.
Research and development expenses were $4,482,366 for the six months ended June 30, 2011, compared to $3,716,112 for the same prior year period, an increase of $766,254 or 21%. This increase was primarily attributable to an increase in payroll and related costs associated with hiring ten additional engineers since June 30, 2010 of which six were hired in 2011. Included in research and development expenses is share-based compensation expense of $292,780 and $284,746 for the six months ended June 30, 2011 and 2010, respectively. As a percentage of total revenues, research and development expenses increased from 24% for the six months ended June 30, 2010 to 28% for the same period this year.
G&A expenses were $3,511,941 for the six months ended June 30, 2011, compared to $2,997,131 for the same prior year period, an increase of $514,810 or 17%. The increase was primarily attributable to one-time costs of approximately $200,000 associated with the Companys separation from its former Chief Financial Officer, an increase in accounting, legal, and other professional fees, and incremental costs associated with the expansion of the Companys headquarter facilities in the current period. Included in G&A expenses is share-based compensation expense of $493,839 and $496,386 for the six months ended June 30, 2011 and 2010, respectively. As a percentage of total revenues, G&A expenses increased from 19% for the six months ended June 30, 2010 to 22% for the same period this year.
Net cash provided by operating activities was $45,453 and $1,072,953 for the six months ended June 30, 2011 and 2010, respectively. The decrease in our cash flows from operating activities was primarily the result of net loss of $245,790 during the six months ended June 30, 2011, compared to net income of $2,097,176 during the six months ended June 30, 2010. This was offset by changes in our operating assets and liabilities, specifically, an increase in our accounts receivable of $161,116 during the six months ended June 30, 2011 compared to an increase of $678,165 during the six months ended June 30, 2010, and an increase in our prepaid expenses of $476,611 during the six months ended June 30, 2011 compared to a decrease of $161,603 during the six months ended June 30, 2010. Additionally, there was an increase in our accrued liabilities of $240,970 during the six months ended June 30, 2011 compared to a decrease of $219,366 during the six months ended June 30, 2010. The increases in accounts receivable and accrued liabilities during the six months ended June 30, 2011 was primarily due to increased sales and timing of both cash receipts and payments made.
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