SAN DIEGO, California, March 25, 2013 – Parametric Sound Corporation (Nasdaq:PAMT), a leading innovator of audio products and solutions, today provided outlook for FY2014. The Company announced that it is expecting to be cash flow positive from operations for 2014 from its core digital signage and licensing business.
“We have been able to advance strategic licensing discussions and we have achieved success on several recent digital signage pilot projects that we expect will translate to high volume customer orders late in 2013 and in 2014. As a result, we anticipate that we will be operating cash flow positive in 2014,” said Ken Potashner, executive chairman. “The possible volumes associated with product rollouts have exceeded our internal projections for digital signage. We expect the investments we are making in 2013 to build this business for 2014 growth will result in quarterly performance for the balance of 2013 consistent with prior communications.
“Further strengthening our outlook for 2014 is important progress on the licensing front, as we are now in negotiations with several market leading prospects in key market verticals. We expect the combination of product sales and future IP license revenue should result in strong future growth. We are very pleased with our accomplishments in both areas.”
The focus of the Company’s business activities is on the global commercialization of HyperSound™ products in conjunction with licensing the Company’s IP to consumer electronic manufacturers. It has established a sales and marketing channel with the capabilities to exploit the market potential of HyperSound products and is in discussions with several companies regarding licensing its IP or pursuing other strategic relationships.
Trademark Information: HyperSound is a tradename of, Parametric Sound. All other trade names used herein are either trademarks or registered trademarks of the respective holders.
Cautionary note on forward-looking statements
This press release includes forward-looking information and statements. 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 that are based on management’s belief, as well as assumptions made by, and information currently available to, management. While the Company believes that expectations are based upon reasonable assumptions, there can be no assurances that 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 the uncertainties inherent in projecting future results, timing of licensing activity, unanticipated delays in shipping products to customers, including manufacturing problems and timing and scheduling of customers’ rollout plans, the ability to obtain and retain customers in target markets in a timely manner, the acceptance of existing and future products, the impact of competitive products and pricing, general business and economic conditions, and other factors detailed in the Company’s Annual Report on Form 10-K and other periodic reports filed with the SEC. The Company specifically disclaims any obligation to update or revise any forward-looking statement whether as a result of new information, future developments or otherwise.