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SRS LABS INC 8-K (Events or Changes Between Quarterly Reports) 2009-02-24

SRS LABS INC 8-K (Events or Changes Between Quarterly Reports) 2009-02-24

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SRS LABS INC 8-K (Events or Changes Between Quarterly Reports) 2009-02-24
SRS LABS INC 8-K (Events or Changes Between Quarterly Reports) 2009-02-24

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Published by: http://secwatch.com on Feb 26, 2009
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05/10/2014

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\ue000
\ue000
UNITED\ue000 STATES
SECURITIES\ue000 AND\ue000 EXCHANGE\ue000 COMMISSION
Washington,\ue000 D.C.\ue000 20549
\ue000
FORM\ue000 8-K
\ue000
CURRENT\ue000 REPORT
Pursuant\ue000 to\ue000 Section\ue000 13\ue000 or\ue000 15(d)\ue000 of\ue000 the\ue000 Securities\ue000 Exchange\ue000 Act\ue000 of\ue000 1934
\ue000
Date\ue000 of\ue000 Report\ue000 (Date\ue000 of\ue000 earliest\ue000 event\ue000 reported):\ue000 February\ue000 24,\ue000 2009
\ue000
GRAPHIC
SRS\ue000 LABS,\ue000 INC.
\ue000 (Exact\ue000 Name\ue000 of\ue000 registrant\ue000 as\ue000 specified\ue000 in\ue000 its\ue000 charter)
\ue000
Delaware
\ue000
0-21123
\ue000
33-0714264
(State\ue000 or\ue000 other\ue000 jurisdiction\ue000 of
incorporation)
\ue000
(Commission\ue000 File\ue000 Number)
\ue000
(IRS\ue000 Employer
Identification\ue000 No.)
\ue000
\ue000
\ue000
\ue000
\ue000
2909\ue000 Daimler\ue000 Street
Santa\ue000 Ana,\ue000 California
\ue000
92705
(Address\ue000 of\ue000 principal\ue000 executive\ue000 offices)
\ue000
(Zip\ue000 Code)
\ue000
Registrant\u2019s\ue000 telephone\ue000 number,\ue000 including\ue000 area\ue000 code:\ue000 (949)\ue000 442-1070
\ue000
Not\ue000 Applicable
(Former\ue000 name\ue000 or\ue000 former\ue000 address,\ue000 if\ue000 changed\ue000 since\ue000 last\ue000 report)
\ue000
Check\ue000 the\ue000 appropriate\ue000 box\ue000 below\ue000 if\ue000 the\ue000 Form\ue000 8-K\ue000 filing\ue000 is\ue000 intended\ue000 to\ue000 simultaneously\ue000 satisfy\ue000 the\ue000 filing\ue000 obligation\ue000 of\ue000 the\ue000 registrant\ue000 under\ue000 any
of\ue000 the\ue000 following\ue000 provisions:
\ue000

o\ue000 Written\ue000 communications\ue000 pursuant\ue000 to\ue000 Rule\ue000 425\ue000 under\ue000 the\ue000 Securities\ue000 Act\ue000 (17\ue000 CFR\ue000 230.425)
o\ue000 Soliciting\ue000 material\ue000 pursuant\ue000 to\ue000 Rule\ue000 14a-12\ue000 under\ue000 the\ue000 Exchange\ue000 Act\ue000 (17\ue000 CFR\ue000 240.14a-12)
o\ue000 Pre-commencement\ue000 communications\ue000 pursuant\ue000 to\ue000 Rule\ue000 14d-2(b)\ue000 under\ue000 the\ue000 Exchange\ue000 Act\ue000 (17\ue000 CFR\ue000 240.14d-2\ue000 (b))
o\ue000 Pre-commencement\ue000 communications\ue000 pursuant\ue000 to\ue000 Rule\ue000 13e-4(c)\ue000 under\ue000 the\ue000 Exchange\ue000 Act\ue000 (17\ue000 CFR\ue000 240.13e-4(c))

\ue000\ue000
\ue000
Processed and formatted by SEC Watch - Visit SECWatch.com
\ue000
Item\ue000 2.02.\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000 Results\ue000 of\ue000 Operation\ue000 and\ue000 Financial\ue000 Condition.
\ue000

The\ue000 information\ue000 being\ue000 furnished\ue000 in\ue000 this\ue000 Item\ue000 2.02\ue000 and\ue000 in\ue000 Exhibit\ue000 99.1\ue000 shall\ue000 not\ue000 be\ue000 deemed\ue000 \u201cfiled\u201d\ue000 for\ue000 purposes\ue000 of\ue000 Section\ue000 18\ue000 of\ue000 the
Securities\ue000 Exchange\ue000 Act\ue000 of\ue000 1934,\ue000 as\ue000 amended\ue000 (the\ue000 \u201cExchange\ue000 Act\u201d),\ue000 or\ue000 incorporated\ue000 by\ue000 reference\ue000 in\ue000 any\ue000 filing\ue000 under\ue000 the\ue000 Securities\ue000 Act\ue000 of\ue000 1933,
as\ue000 amended\ue000 or\ue000 the\ue000 Exchange\ue000 Act,\ue000 except\ue000 as\ue000 shall\ue000 be\ue000 expressly\ue000 set\ue000 forth\ue000 by\ue000 specific\ue000 reference\ue000 in\ue000 such\ue000 filing.

\ue000
On\ue000 February\ue000 24,\ue000 2009,\ue000 SRS\ue000 Labs,\ue000 Inc.\ue000 issued\ue000 a\ue000 press\ue000 release\ue000 announcing\ue000 its\ue000 operating\ue000 results\ue000 for\ue000 the\ue000 fourth\ue000 quarter\ue000 and\ue000 twelve\ue000 months
ended\ue000 December\ue000 31,\ue000 2008.\ue000 \ue000 A\ue000 copy\ue000 of\ue000 the\ue000 press\ue000 release\ue000 is\ue000 attached\ue000 hereto\ue000 as\ue000 Exhibit\ue000 99.1\ue000 and\ue000 incorporated\ue000 by\ue000 reference\ue000 herein.
\ue000
Item\ue000 9.01.\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000 Financial\ue000 Statements\ue000 and\ue000 Exhibits.
\ue000
Exhibit\ue000 No.
\ue000
Description
\ue000
\ue000 \ue000
99.1
\ue000
Press\ue000 Release\ue000 dated\ue000 February\ue000 24,\ue000 2009.
\ue000
SIGNATURES
\ue000
Pursuant\ue000 to\ue000 the\ue000 requirements\ue000 of\ue000 the\ue000 Securities\ue000 Exchange\ue000 Act\ue000 of\ue000 1934,\ue000 the\ue000 registrant\ue000 has\ue000 duly\ue000 caused\ue000 this\ue000 report\ue000 to\ue000 be\ue000 signed\ue000 on\ue000 its
behalf\ue000 by\ue000 the\ue000 undersigned,\ue000 thereunto\ue000 duly\ue000 authorized.
\ue000
\ue000
SRS\ue000 LABS,\ue000 INC.,
\ue000
a\ue000 Delaware\ue000 corporation
\ue000
\ue000
\ue000
\ue000
Date:\ue000 February\ue000 24,\ue000 2009
By: \ue000 \ue000 /S/\ue000 THOMAS\ue000 C.K.\ue000 YUEN
\ue000
\ue000
\ue000\ue000\ue000\ue000\ue000Thomas\ue000 C.K.\ue000 Yuen
\ue000
\ue000
\ue000\ue000\ue000\ue000\ue000Chairman\ue000 of\ue000 the\ue000 Board\ue000 and
\ue000
\ue000
\ue000\ue000\ue000\ue000\ue000Chief\ue000 Executive\ue000 Officer
\ue000
2
Exhibit\ue000 99.1
\ue000
GRAPHIC
\ue000
FOR\ue000 IMMEDIATE\ue000 RELEASE
\ue000
SRS\ue000 Labs\ue000 Reports\ue000 Fourth\ue000 Quarter\ue000 and\ue000 Year\ue000 End\ue000 2008\ue000 Results
\ue000
Santa\ue000 Ana,\ue000 Calif.,\ue000 Feb.\ue000 24,\ue000 2008\ue000 -\ue000 SRS\ue000 Labs,\ue000 Inc.\ue000 (NASDAQ:\ue000 SRSL),\ue000 the\ue000 industry\ue000 leader\ue000 in\ue000 surround\ue000 sound,\ue000 audio\ue000 and\ue000 voice\ue000 technologies,
reported\ue000 financial\ue000 results\ue000 for\ue000 the\ue000 fourth\ue000 quarter\ue000 and\ue000 fiscal\ue000 year\ue000 ended\ue000 December\ue000 31,\ue000 2008.\ue000 The\ue000 company\ue000 has\ue000 also\ue000 made\ue000 available\ue000 for\ue000 download\ue000 a
slide\ue000 presentation\ue000 of\ue000 financial\ue000 data\ue000 and\ue000 analysis\ue000 at\ue000 http://www.srslabs.com/content.aspx?id=365.
\ue000
Fourth\ue000 Quarter\ue000 2008\ue000 Financial\ue000 Highlights

\u2022\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000Revenue\ue000 totaled\ue000 $4.9\ue000 million,\ue000 up\ue000 13%\ue000 year-over-year
\u2022\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000Signed\ue000 new\ue000 license\ue000 agreements\ue000 including\ue000 Samsung\ue000 Mobile\ue000 and\ue000 BBK\ue000 Mobile
\u2022\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000Repurchased\ue000 approximately\ue000 1.457\ue000 million\ue000 shares\ue000 of\ue000 common\ue000 stock\ue000 for\ue000 an\ue000 aggregate\ue000 purchase\ue000 price\ue000 of\ue000 approximately\ue000 $7.5\ue000 million

\ue000
Fourth\ue000 Quarter\ue000 2008\ue000 Financial\ue000 Results

Revenues\ue000 in\ue000 the\ue000 fourth\ue000 quarter\ue000 2008\ue000 totaled\ue000 $4.9\ue000 million,\ue000 an\ue000 increase\ue000 of\ue000 13%\ue000 from\ue000 $4.3\ue000 million\ue000 in\ue000 the\ue000 same\ue000 period\ue000 a\ue000 year\ue000 ago.\ue000 The\ue000 improvement was\ue000 primarily\ue000 the\ue000 result\ue000 of\ue000 increased\ue000 revenues\ue000 associated\ue000 with\ue000 the\ue000 successful\ue000 penetration\ue000 of\ue000 the\ue000 personal\ue000 telecommunications\ue000 segment.\ue000 As\ue000 a result\ue000 of\ue000 the\ue000 continued\ue000 investment\ue000 in\ue000 a\ue000 higher\ue000 level\ue000 of\ue000 marketing\ue000 and\ue000 sales\ue000 executive\ue000 management;\ue000 we\ue000 are\ue000 now\ue000 showing\ue000 an\ue000 initial\ue000 return\ue000 on\ue000 our investment\ue000 by\ue000 having\ue000 successfully\ue000 penetrated\ue000 this\ue000 important\ue000 segment\ue000 with\ue000 several\ue000 new\ue000 agreements.\ue000 Our\ue000 focus\ue000 also\ue000 continues\ue000 in\ue000 other

segments,\ue000 as\ue000 we\ue000 seek\ue000 further\ue000 expansion\ue000 of\ue000 our\ue000 technology\ue000 throughout\ue000 the\ue000 consumer\ue000 electronics\ue000 industry.
\ue000

During\ue000 the\ue000 quarter,\ue000 we\ue000 entered\ue000 into\ue000 three\ue000 new\ue000 significant\ue000 license\ue000 agreements,\ue000 two\ue000 of\ue000 which\ue000 started\ue000 to\ue000 generate\ue000 revenues\ue000 during\ue000 the\ue000 fourth quarter\ue000 of\ue000 2008\ue000 and\ue000 the\ue000 third\ue000 is\ue000 anticipated\ue000 to\ue000 begin\ue000 to\ue000 generate\ue000 revenues\ue000 during\ue000 the\ue000 third\ue000 quarter\ue000 of\ue000 2009\ue000 as\ue000 SRS\ue000 technologies\ue000 are\ue000 integrated into\ue000 new\ue000 consumer\ue000 electronics\ue000 products.

\ue000

Operating\ue000 expenses\ue000 in\ue000 the\ue000 quarter\ue000 totaled\ue000 $4.8\ue000 million,\ue000 an\ue000 increase\ue000 of\ue000 29%\ue000 from\ue000 $3.7\ue000 million\ue000 in\ue000 the\ue000 same\ue000 quarter\ue000 a\ue000 year\ue000 ago.\ue000 Of\ue000 this\ue000 quarterly increase\ue000 from\ue000 last\ue000 year,\ue000 approximately\ue000 $687,000\ue000 related\ue000 to\ue000 the\ue000 company\u2019s\ue000 investment\ue000 in\ue000 strengthening\ue000 its\ue000 sales\ue000 and\ue000 marketing\ue000 departments. \ue000

For\ue000 the\ue000 fourth\ue000 quarter\ue000 of\ue000 2008,\ue000 net\ue000 income\ue000 was\ue000 $137,000\ue000 or\ue000 $0.01\ue000 per\ue000 basic\ue000 and\ue000 diluted\ue000 share,\ue000 versus\ue000 net\ue000 income\ue000 of\ue000 $1.0\ue000 million\ue000 or\ue000 $0.06\ue000 per\ue000 basic
and\ue000 diluted\ue000 share\ue000 in\ue000 the\ue000 fourth\ue000 quarter\ue000 of\ue000 2007.
Processed and formatted by SEC Watch - Visit SECWatch.com
\ue000
Quarter-end\ue000 cash\ue000 and\ue000 cash\ue000 equivalents\ue000 and\ue000 short\ue000 and\ue000 long-term\ue000 investments\ue000 totaled\ue000 $39.4\ue000 million\ue000 as\ue000 of\ue000 December\ue000 31,\ue000 2008,\ue000 as\ue000 compared\ue000 to
$45.1\ue000 million\ue000 at\ue000 the\ue000 end\ue000 of\ue000 the\ue000 fourth\ue000 quarter\ue000 of\ue000 2007.
\ue000
Full\ue000 Year\ue000 2008\ue000 Financial\ue000 Results
Net\ue000 revenues\ue000 for\ue000 the\ue000 year\ue000 totaled\ue000 $18.3\ue000 million,\ue000 a\ue000 decrease\ue000 of\ue000 3%\ue000 from\ue000 $18.9\ue000 million\ue000 in\ue000 2007.\ue000 The\ue000 decrease\ue000 was\ue000 primarily\ue000 attributable\ue000 to

decreased\ue000 revenues\ue000 in\ue000 the\ue000 personal\ue000 computer\ue000 segment\ue000 due\ue000 to\ue000 the\ue000 previously\ue000 announced\ue000 loss\ue000 of\ue000 one\ue000 customer\ue000 during\ue000 2007.\ue000 During\ue000 2008,\ue000 the company\ue000 signed\ue000 several\ue000 new\ue000 licensees\ue000 in\ue000 the\ue000 personal\ue000 computer\ue000 segment,\ue000 including\ue000 Hewlett\ue000 Packard,\ue000 NEC\ue000 and\ue000 BenQ,\ue000 which\ue000 should\ue000 result\ue000 in increased\ue000 revenues\ue000 in\ue000 2009.

\ue000
Operating\ue000 expenses\ue000 for\ue000 the\ue000 year\ue000 totaled\ue000 $19.1\ue000 million,\ue000 an\ue000 increase\ue000 of\ue000 25%\ue000 from\ue000 $15.3\ue000 million\ue000 in\ue000 2007.\ue000 The\ue000 increase\ue000 included\ue000 approximately\ue000 $2.6
million\ue000 related\ue000 to\ue000 the\ue000 company\u2019s\ue000 investment\ue000 in\ue000 strengthening\ue000 its\ue000 sales\ue000 and\ue000 marketing\ue000 departments.
\ue000
For\ue000 the\ue000 full\ue000 year,\ue000 net\ue000 income\ue000 was\ue000 $271,000\ue000 or\ue000 $0.02\ue000 per\ue000 basic\ue000 and\ue000 diluted\ue000 share,\ue000 versus\ue000 a\ue000 net\ue000 income\ue000 of\ue000 $5.4\ue000 million\ue000 or\ue000 $0.32\ue000 per\ue000 diluted\ue000 share\ue000 in
2007.
\ue000
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