Parametric Sound Reports Increase in Revenue, Gross ProfitTuesday, May 13, 2014
San Diego audio headset maker Parametric Sound Corp. has grown both its revenue and its profit for the first quarter of 2014, as it gears up to complete a merge with Turtle Beach Corp.
Parametric Sound (Nasdaq: HEAR) net revenue for the quarter ended March 31, 2014 rose 30 percent to $38.3 million from the like quarter of 2013. And its gross profit climbed 42 percent to $12.3 million from the like quarter of 2013.
The company announced an all-stock merge last August with Turtle Beach; it plans on May 28 to change its name to Turtle Beach Corp. and has already changed its Nasdaq ticker symbol from “PAMT” to “HEAR.”
Of note, the company recently signed a $60 million global asset-backed credit facility with Bank of America to support its domestic and international growth strategies. It also completed a $35.6 million equity offering, which improved its balance sheet — as of April 29, 2014 its cash and equivalents were about $20 million, an increase of $14.5 million from March 31, 2014.
It also received Food and Drug Administration clearance to market its HyperSound Audio System as a hearing improvement device.