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Hauppauge Digital Inc (HAUP) SEC Filing 10-K Annual report for the fiscal year ending Saturday, September 30, 2006

Hauppauge Digital Inc

CIK: 930803 Ticker: HAUP

Investor Contacts: Gerald Tucciarone
Chief Financial Officer
631/434-1600, extension 306    
 
HAUPPAUGE DIGITAL REPORTS FISCAL 2006
FOURTH QUARTER AND YEAR END RESULTS
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Sales increase of 24% leads to record fiscal year sales of $97.7 million.
Net income increases by 74% for fiscal 2006.
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HAUPPAUGE, NY - December 21, 2006 - Hauppauge Digital, Inc. (NASDAQ: HAUP), a leading developer of digital video TV and data broadcast receiver products for personal computers, today reported financial results for the fourth fiscal quarter and year ended September 30, 2006.
 
FOURTH QUARTER RESULTS
 
Net sales were $22.2 million for the fourth quarter compared to $15.4 million for the previous year’s fourth quarter, an increase of approximately 44%. Growth in North American, European and Asian sales contributed to the sales increase.
 
In the fourth fiscal quarter of 2006, the Company recorded net income of $50,920 which included charges for year-end incentives and stock compensation. The Company adopted the provisions of SFAS No. 123R Share Based Payments on October 1, 2005, and for the fiscal fourth quarter of 2006 we recorded $81,516 in stock compensation expense. There was no stock compensation expense recorded in the fiscal fourth quarter of 2005. This compares with a net loss of $864,371 for the fourth fiscal quarter of 2005. Net income per share for the fourth quarter was $0.01 on a basic and diluted basis compared to a net loss per share of $0.09 on a basic and diluted basis for the prior year fourth fiscal quarter. The fourth quarter gross profit percentage of 21.66% remained relatively consistent when compared to the gross profit percentage of 21.71% for the previous year’s fourth fiscal quarter.
 
Selling, General and Administrative expenses increased by $276,423 for the fourth quarter of fiscal 2006 compared to 2005. Higher compensation expenses, year end incentives plus stock compensation expenses were the primary reasons for the increase.

The following information was filed by Hauppauge Digital Inc (HAUP) on Thursday, December 21, 2006 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Ticker: HAUP
CIK: 930803
Form Type: 10-K Annual Report
Accession Number: 0000930413-06-008942
Submitted to the SEC: Thu Dec 28 2006 3:39:41 PM EST
Accepted by the SEC: Thu Dec 28 2006
Period: Saturday, September 30, 2006
Industry: Computer Peripheral Equipment

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