Hauppauge Digital Inc. improved its financial performance by increasing sales for its first quarter of fiscal 2010, and though it continued to lose money, it lost far less than in the comparable quarter last year, the company reported Friday.
In the quarter ending Dec. 31 the company's sales were $17.9 million, compared to $17.3 million for the year-ago quarter. And the company incurred a loss of $334,551 for the quarter, compared with a loss of $1.78 million for the quarter ended Dec. 31, 2008.
The company's results come as it faces continuing pressure from the Nasdaq to keep its share price consistently above $1, or risk delisting. The Nasdaq issued the warning soon after Hauppauge's per-share price dipped below $1 for 30 consecutive trading days from mid-October to mid-November.
Hauppauge Digital has until May 17 to come back into compliance by ensuring that its minimum closing bid price per share is $1 or more for at least 10 consecutive trading days.
The company develops digital video and data-broadcast receiver products for personal computers.
Meanwhile, Napco Security Technologies Inc.,of Amityville, a supplier of electronic security equipment, reported a loss of $912,000 for the quarter that ended Dec. 31 , compared with profit of $332,000 in the same period last year
The company had net sales of $16.6 million compared with $19.1 million in the year-ago quarter.
"We are cautiously optimistic that sales and profitability will begin to improve during the remainder of this fiscal year," Richard Soloway, chairman and president, said in a news release.