QRS Music Technologies (CE) (USOTC:QRSM)
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QRS Music Technologies, Inc. (OTCBB: QRSM), a leader in
the design, manufacture and distribution of pianos, piano-based audio
and multimedia products, music and piano accessories, today reported
sales and net income for the three months and the six months ended
December 31, 2005.
Sales for the three months ended December 31, 2005, were
$5,730,270 with a net income of $422,658 (available to common
shareholders), or $.04 per share fully diluted. Comparable amounts for
the year-ago period, ended December 31, 2004, were total sales of
$6,800,026 with net income of $599,373 (available to common
shareholders), or $.06 per share fully diluted.
Sales for the six months ended December 31, 2005, were $9,689,516
with net income of $352,478 (available to common shareholders), or
$.04 per share fully diluted. Comparable amounts for the year ago
period, ended December 31, 2004, were total sales of $11,640,756 with
net income of $830,047 (available to common shareholders), or $.09 per
share fully diluted.
About QRS Music Technologies, Inc.
QRS Music Technologies, Inc. manufactures and distributes pianos
and piano accessories, Pianomation(R) musical instrument digital
interface (MIDI) systems for acoustic and digital pianos, and compact
discs and music rolls for player pianos. QRS is the creator of
Pianomation(R), the first MIDI system to combine analog and digital
technology to turn any piano into a reproducing player piano. QRS
Music was founded in 1900 and is based in Naples, Florida. QRS is
traded over-the-counter on the OTCBB: QRSM. Additional information
about QRS is available at: www.qrsmusic.com.
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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Selected Unaudited Financial Data
For 3 For 3 For 6 For 6
Months Months Months Months
Ended Ended Ended Ended
12/31/2005 12/31/2004 12/31/2005 12/31/2004
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Operating Data:
Sales 5,730,270 6,800,026 9,689,516 11,640,756
Cost of sales 3,717,268 4,541,775 6,546,883 7,993,914
Gross Profit 2,013,002 2,258,251 3,142,633 3,646,842
Selling, general and
administrative expense 1,064,852 1,110,486 1,988,303 1,969,419
Research and development 209,638 94,544 489,558 197,424
Income from operations 738,512 1,053,221 664,772 1,479,999
Interest Expense 4,758 11,752 10,102 14,760
Income before Taxes 733,754 1,041,469 654,670 1,465,239
Provision for Income
Taxes 279,000 410,000 238,000 571,000
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Less current yr
preferred stock
dividends in arrears 32,096 32,096 64,192 64,192
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Net Earnings (Losses) 422,658 599,373 352,478 830,047
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Net income per share 0.05 0.06 0.04 0.09
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Balance Sheet Data:
Total Assets 12,021,040 11,607,881 12,021,040 11,607,881
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Total Liabilities 2,178,470 2,385,556 2,178,470 2,385,556
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