QRS Music Technologies (CE) (USOTC:QRSM)
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QRS Music Technologies, Inc. (OTCBB: QRSM) announced
today sales and a net loss for the three months ended September 30,
2005.
Sales for the three months ended September 30, 2005, were
$3,959,246 with a net loss of $70,180 (available to common
shareholders), or $.01 per share fully diluted. Comparable amounts for
the year-ago period ended September 30, 2004, were total sales of
$4,840,730 with net income of $230,674 (available to common
shareholders), or $.02 per share fully diluted. The decreased sales
were the result of the delay in the release of a new controller which
lead buyers to postpone their purchases and a hesitant buying public.
The QRS Pianomation(R) system can turn any piano into a
reproducing player piano. A hardware and software process can store
and transport Musical Instrument Digital Interface ("MIDI")
information as an analog signal. This process gives QRS the ability to
store, and wirelessly transmit, MIDI performance data in an analog
format from a controller (CD, video, cassette, DVD, DAT or Minidisc)
to the receiver on the piano. This creates numerous possibilities. For
example, most off-the-shelf audio equipment has a left and right
channel available for use. State-of-the-art technology permits QRS to
store the digital signal in an analog format on the left channel of
the software that operates those players. This leaves the right
channel available for live prerecorded audio music, even vocal
recordings. Pianomation(R) blends them together in perfect harmony and
perfect synchronization. The Pianomation(R) MIDI System is the first
product of its kind to "marry" analog and digital technology.
QRS Music Technologies' World Wide Web site is www.QRSMusic.com.
Sample audio selections are available at the Web Site. QRS Music
Technologies, Inc.'s stock is traded Over-The-Counter on the OTCBB:
QRSM.
Forward-Looking Statements. Statements made in this news release
that relate to future plans, events or performances are
forward-looking statements. Any statements containing words, such as,
"believes," "should," "anticipates," "plans," or "expects" as well as
other statements are forward-looking, and those statements involve
risks and uncertainties outside of the control of QRS and are based on
current expectations. Consequently, actual results could differ
materially from the expectations expressed in these forward-looking
statements. Attention is directed to cautionary statements in our
filings on Form 10K-SB for the fiscal year ended June 30, 2005, and
our other filings with the Securities and Exchange Commission. All
those filings are available on the Web site of the Securities and
Exchange Commission at www.sec.gov.
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*T
Selected Unaudited Financial Data
For 3 Months For 3 Months
Ended Ended
9/30/2005 9/30/2004
---------------------------
Operating Data:
Sales 3,959,246 4,840,730
Cost of sales 2,829,615 3,452,139
Gross Profit 1,129,631 1,388,591
Selling, general and administrative expense 923,451 858,933
Research and development 279,920 102,880
Income from operations (73,740) 426,778
Interest Expense 5,344 3,008
Income before Taxes (79,084) 423,770
Provision for Income Taxes (41,000) 161,000
----------------------------------------------------------------------
Less current yr preferred stock dividends
in arrears 32,096 32,096
----------------------------------------------------------------------
Net Earnings (Losses) (70,180) 230,674
----------------------------------------------------------------------
Net income per share (0.01) 0.02
----------------------------------------------------------------------
Balance Sheet Data:
Total Assets 12,816,488 10,909,921
----------------------------------------------------------------------
Total Liabilities 3,428,672 2,319,065
----------------------------------------------------------------------
*T