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BUSINESS
March 5, 1998
SRS Labs Inc. said Wednesday it has completed its acquisition of Hong Kong-based Valence Technology Inc. for $19.5 million in cash and stock. Valence, a maker of video CD machines, will operate as a wholly owned subsidiary of SRS Labs. Valence operates five offices located in Hong Kong and China with 130 employees. SRS, which develops audio systems, said the acquisition should substantially increase its revenue base in China, one of its most important growth markets.
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BUSINESS
July 25, 2001 | From Associated Press; Bloomberg News
McDonald's Corp. on Tuesday reported a 16% drop in profit, its third straight quarterly decline, as the burger giant's stock rose modestly on its latest assurance that beef safety fears are easing in Europe, its top international market. Squeezed by weak foreign currencies and other concerns, McDonald's said it may close as many as 250 under-performing restaurants this quarter, primarily in emerging international markets.
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BUSINESS
February 22, 2001
The Santa Ana provider of audio- and voice-enhancement technology products reported a net loss of $11.5 million, or 93 cents a share, for 2000, compared with a net loss of $1.7 million, or 15 cents a share, for 1999. Revenue declined 22% to $28 million. The company said it is anticipating a soft financial performance in the first and second quarters of the current year, but that its businesses should improve in the second half. In the year-ago first quarter, SRS Labs lost $4.
BUSINESS
July 4, 2001 | Reuters
SRS Labs Inc., which provides audio and voice enhancement technology, said higher revenue and reduced costs should result in a significantly lower net loss for the second quarter. The Santa Ana company, which plans to release its second-quarter results July 24, said it expects to meet its goals for revenue growth, operating performance and gross margin. In the second quarter last year, SRS lost $4 million on sales of $6.6 million. The stock closed at $4.69, off 1 cent a share, in Nasdaq
BUSINESS
February 26, 1998 | Dow Jones
SRS Labs Inc. said Wednesday it has agreed to acquire Hong Kong-based Valence Technology Inc. for $19.5 million in cash and stock. SRS Chairman and Chief Executive Thomas Yuen said the acquisition will give his company a substantial revenue base in China's market for video CD machines, which are popular as sing-along machines.
BUSINESS
September 20, 1999 | P.J. HUFFSTUTTER, P.J. Huffstutter covers high technology for The Times. She can be reached at (714) 966-7830 and at p.j.huffstutter@latimes.com
Hoping to cash in on the Internet music buzz, Santa Ana-based SRS Labs today will unveil a software program and a hardware device that both promise to improve the quality of listening to music on a personal computer. Wow Thing (http://www.wowthing.com) is a software plug-in that works with WinAmp, one of the Internet's most popular MP3 players. The program, which is free to try and costs $10 to register, acts as a virtual equalizer and can help flesh out the sound of compressed audio files.
BUSINESS
August 24, 1995
SRS Labs Inc., a Santa Ana developer of sound technology, said Wednesday that it has signed a licensing agreement with NEC Technologies Inc. to sell audio capability to the Boxborough, Mass., computer giant. Officials for SRS Labs would not disclose how large a contract the company had garnered, other than to say that volume would be "significant." The new product, SRS 3D sound technology, will provide audio for NEC's new Ready line of multimedia computers.
BUSINESS
December 23, 2000 | Dow Jones
SRS Labs Inc. said John AuYeung resigned as chief operating officer, acting chief financial officer, executive vice president, director and secretary of the Santa Ana company, effective Feb. 12. AuYeung has accepted a position with an undisclosed fiber-optics technology-based company in Southern California. He will continue to provide advisory services to SRS Labs from time to time after Feb. 12 to help with the transition.
BUSINESS
October 27, 1993
SRS Labs in Newport Beach, created this summer when an investment group purchased the rights to a type of sound technology from Hughes Aircraft Co., has already signed up two television manufacturers as clients. Formed by managers of the Hughes division and the president of an Irvine investment banking firm, SRS Labs began in July to market and further develop the technology, called the sound retrieval system.
BUSINESS
July 4, 2001 | Reuters
SRS Labs Inc., which provides audio and voice enhancement technology, said higher revenue and reduced costs should result in a significantly lower net loss for the second quarter. The Santa Ana company, which plans to release its second-quarter results July 24, said it expects to meet its goals for revenue growth, operating performance and gross margin. In the second quarter last year, SRS lost $4 million on sales of $6.6 million. The stock closed at $4.69, off 1 cent a share, in Nasdaq
BUSINESS
April 29, 2001
Alan Kraemer has been named executive vice president, technology and business development at SRS Labs Inc. in Santa Ana. Kraemer joined SRS Labs as director of engineering and was named vice president of engineering in 2000. In addition, Sarah Yang was appointed director of engineering. Yang joined SRS last year after serving as senior consultant at CSC Pinnacle. She has also held senior software engineering positions at Vicor Corp. and National Instruments. * Craig I.
BUSINESS
April 25, 2001
The Santa Ana provider of audio and voice enhancement technologies said it lost $1.6 million, or 12 cents a share, for the first quarter, which included charges for the restructuring of the SRSWOWCast.com unit. The net loss for last year's first quarter was $4.3 million, or 36 cents a share. Revenue fell 40% to $4.3 million. The company also said Roger W. Johnson of Laguna Beach, a former Western Digital Corp.
BUSINESS
December 23, 2000 | Dow Jones
SRS Labs Inc. said John AuYeung resigned as chief operating officer, acting chief financial officer, executive vice president, director and secretary of the Santa Ana company, effective Feb. 12. AuYeung has accepted a position with an undisclosed fiber-optics technology-based company in Southern California. He will continue to provide advisory services to SRS Labs from time to time after Feb. 12 to help with the transition.
BUSINESS
December 3, 2000
Gareth Chang, Roger W. Johnson and Sam Yau have joined the board of directors of SRS Labs Inc. in Santa Ana. With the recent resignation of Thomas Wan, the board increased from seven to nine members. Chang is executive chairman of the board of Click2Asia and chairman and chief executive of PingPong Technology. Chang is also a member of the board of directors of Apple Computer Inc., and is on the advisory council of Nike Inc.
BUSINESS
June 19, 2000
Companies whose shares may move in U.S. markets today: * Autobytel.com Inc., the Irvine-based Internet car-shopping service, said Chief Financial Officer Hoshi Printer resigned to become CFO at BestOffer.com. On Friday, shares closed at $6.81, down 19 cents, on Nasdaq. * Boeing Co. won an order from NASA valued at $168 million to launch at least three Delta II rockets. NASA placed options for five more Delta II launches that could take the contract's value to as much as $417 million.
BUSINESS
March 23, 1998 | P.J. HUFFSTUTTER, TIMES STAFF WRITER
SRS Labs Chairman Thomas Yuen hears a business opportunity in every boombox and overhead loudspeaker. "We live in a visual world, so people tend to forget the aural side," said Yuen, whose company is based in Santa Ana. By modifying aerospace technology, SRS has found a way to create a surround-sound feeling from a two-speaker stereo. The technology, called Sound Retrieval System, works by tweaking recordings so that they sound fuller and richer.
BUSINESS
June 7, 1996 | LESLEY WRIGHT, SPECIAL TO THE TIMES
SRS Labs Inc., the designer of advanced audio technology for stereos, car radios, computers and other products, disclosed plans Thursday to sell 33% of its common stock to the public. SRS Labs plans to sell 3.1 million shares of stock at $10 to $12 each, according to documents filed Thursday with the Securities and Exchange Commission. The 13-employee company expects to raise about $30.9 million after expenses.
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