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Turtle Beach Reports Selected Preliminary 2020 Results


SAN DIEGO, Feb. 10, 2021 /PRNewswire/ — Turtle Seashore Company (Nasdaq: HEAR), a number one gaming accent enterprise, is offering chosen preliminary unaudited fourth quarter and full-year 2020 outcomes.

Primarily based on preliminary unaudited data, Turtle Seashore expects to report full 12 months 2020 gross sales between $358 million and $360 million in comparison with $234.7 million in 2019 reflecting a rise of over 52%. Fourth quarter 2020 gross sales are anticipated to be between $130 million and $132 million in comparison with $101.8 million reported within the fourth quarter of 2019 reflecting a rise of over 27%. Gross sales within the second half of 2020 are anticipated to whole between $243 million and $245 million, a rise of over 64% in comparison with the second half of 2019.

“Pushed by our exceptionally sturdy operational execution in a strong marketplace for gaming equipment, our gross sales and adjusted EBITDA reached file ranges in 2020,” mentioned Juergen Stark, CEO, Turtle Seashore. “We labored very carefully with our retail companions and have been capable of rapidly modify provide to deal with the speedy market development which allowed us to considerably outpace the remainder of the market. We added to our already dominant place in console headsets, with eight of the highest ten finest promoting fashions coming from Turtle Seashore.1 As well as, we greater than doubled our gross sales of ROCCAT PC equipment. We ended the 12 months with $46 million in money, no debt and a powerful platform for increasing into new product classes and persevering with to develop the enterprise.”  

Preliminary diluted earnings per share for the total 12 months 2020, are anticipated to be between $2.26 and $2.35 in comparison with $1.04 in 2019, which included a valuation allowance good thing about $0.47 per diluted share in 2020. Excluding the valuation allowance in addition to different changes, full 12 months 2020 preliminary adjusted diluted earnings per share are anticipated to be between $2.11 and $2.20 in comparison with $0.74 in 2019. Full 12 months share depend is roughly 16.4 million for 2020 vs. 15.7 million in 2019, reflecting considerably increased common share value.

For the fourth quarter of 2020, preliminary diluted earnings per share are anticipated to be between $0.82 and $0.91 in comparison with $1.29 within the fourth quarter of 2019, which included the $0.47 per diluted share profit from the discharge of a valuation allowance for earnings taxes. Preliminary adjusted diluted earnings per share for the fourth quarter of 2020 are anticipated to be between $0.73 and $0.82 in comparison with $0.83 within the fourth quarter of 2019. Fourth quarter share depend is roughly 17.6 million in 2020 vs. 15.7 million in 2019.

The preliminary earnings per share estimate ranges assume an efficient tax price of roughly 26% to twenty-eight% and exclude doubtlessly materials optimistic or unfavourable impacts from finalization of the tax provision and different potential changes. 

Adjusted EBITDA for the total 12 months 2020 is predicted to be between $59 million and $61 million in comparison with $22.8 million in 2019. Adjusted EBITDA within the fourth quarter is predicted to be between $21 million and $23 million in comparison with $16.6 million within the fourth quarter of 2019.

Mr. Stark added, “Over the previous 5 years, we’ve got delivered a CAGR of over 17% for gross sales and over 30% for adjusted EBITDA. The sturdy ranges of gross sales, revenue and money movement we’ve got achieved lately have given us ample sources to pursue new avenues of development, and we intend to take care of the momentum. There was a dramatic inflow of latest avid gamers into the market lately, in addition to renewed curiosity on the a part of current avid gamers. The brand new Xbox Sequence X|S and PS5™ consoles from Microsoft and Sony, respectively, have seen extraordinarily sturdy client demand however restricted provide, which ought to gasoline continued sturdy gross sales of consoles and console equipment in 2021. On prime of that, our continued sturdy progress with an expanded portfolio of ROCCAT PC gaming equipment demonstrates our potential to drive development in new classes. And we plan to supply a number of further new product classes for 2021, the primary of which is microphones, with the not too long ago introduced acquisition of Neat Microphones.

“Consequently, even with file 2020 gross sales that mirrored greater than 50% development over 2019, we count on to information to gross sales development in 2021 once we focus on our outlook on our earnings name in March. We plan to proceed making investments to drive long run development, together with providing new gaming {hardware} classes and accelerated growth into choose geographic areas. We can be offering a extra detailed outlook once we report our fourth quarter and full 12 months 2020 leads to March.”

Essential Be aware on 2020 Preliminary Estimates:

The monetary data included herein for the fourth quarter and full 12 months 2020 are preliminary, unaudited estimates and should change materially, together with because of the finalization of economic statements for the Firm’s fourth quarter and full 12 months ended December 31, 2020, overview of stock ranges that would require further reserves, overview of sales-related reserves, overview of the availability for earnings taxes, together with an evaluation of any valuation allowance, completion of the annual goodwill evaluation, finalization of the audit by the Firm’s impartial registered public accounting agency, and different components and changes associated to the Firm’s monetary reporting course of. The preliminary, unaudited estimates are primarily based on the Firm’s inner estimates and knowledge obtainable as of the date hereof. There may be no assurance that our last outcomes for the 12 months won’t differ from these estimates and that such modifications won’t be materials; accordingly, these statements shouldn’t be considered or relied upon as an alternative choice to full audited monetary statements ready in accordance with usually accepted accounting rules (GAAP) or as a measure of our precise efficiency. The Firm’s last audited outcomes for fourth quarter and full 12 months 2020 are anticipated to be launched by mid-March 2021 as a part of the report on type 10-Okay for 2020.

The Firm has included on this launch of preliminary outcomes adjusted EBITDA and adjusted earnings per share, which the Securities and Change Fee defines as “non-GAAP monetary measures.” Administration believes that adjusted EBITDA and adjusted earnings per share, when learn at the side of the Firm’s GAAP monetary measures, can present helpful supplemental data for traders analyzing period-to-period comparisons of the Firm’s outcomes. “Adjusted EBITDA” is outlined by the Firm as web earnings (loss) earlier than curiosity, taxes, depreciation and amortization, stock- primarily based compensation (non-cash), and sure particular gadgets that we imagine should not consultant of core operations, together with however not restricted to the mixing and transaction prices associated to acquisitions. “Adjusted earnings per share” is outlined by the Firm as web earnings (loss) excluding integration and transaction prices associated to acquisitions and excluding the impact of the mark-to-market requirement of the monetary instrument obligation, and sure particular gadgets that we imagine should not consultant of core operations, divided by the weighted common diluted variety of shares. The Firm will present a reconciliation of non-GAAP measures to the associated GAAP measure in its fourth quarter and full 12 months 2020 earnings launch by mid-March 2021.

About Turtle Seashore Company
Turtle Seashore Company (https://corp.turtlebeach.com) is without doubt one of the world’s main gaming accent suppliers. The Turtle Seashore model (www.turtlebeach.com) is thought for pioneering first-to-market options and patented improvements in high-quality, comfort-driven headsets for all ranges of gamer, making it a fan-favorite model and the market chief in console gaming audio for the final decade. Turtle Seashore’s ROCCAT model (www.roccat.org) combines detail-loving German innovation with a real ardour for designing the very best PC gaming merchandise. Underneath the ROCCAT model, Turtle Seashore creates award-winning keyboards, mice, headsets, mousepads, and different PC equipment. Turtle Seashore’s Neat Microphones model (www.neatmic.com) creates high-quality USB and analog microphones for avid gamers, streamers, and professionals that embrace cutting-edge expertise and design. Turtle Seashore’s shares are traded on the Nasdaq Change below the image: HEAR.

1Supply: The NPD Group/Retail Monitoring Service/Video Video games/{Dollars}/U.S. and Canada/Jan- Dec 2020 replace

Cautionary Be aware on Ahead-Trying Statements
This press launch contains forward-looking data and statements throughout the that means of the federal securities legal guidelines. Aside from historic data contained on this launch, statements on this launch could represent forward-looking statements concerning assumptions, projections, expectations, targets, intentions or beliefs about future occasions. Statements containing the phrases “could”, “might”, “would”, “ought to”, “imagine”, “count on”, “anticipate”, “plan”, “estimate”, “goal”, “aim”, “mission”, “intend” and related expressions, or the negatives thereof, represent forward-looking statements. Ahead-looking statements contain recognized and unknown dangers and uncertainties, which might trigger precise outcomes to vary materially from these contained in any forward-looking assertion. Ahead-looking statements are primarily based on administration’s present perception and expectations, in addition to assumptions made by, and knowledge presently obtainable to, administration.

Whereas the Firm believes that its expectations are primarily based upon affordable assumptions, there may be no assurances that its objectives and technique can be realized. Quite a few components, together with dangers and uncertainties, could have an effect on precise outcomes and should trigger outcomes to vary materially from these expressed in forward-looking statements made by the Firm or on its behalf. A few of these components embrace, however should not restricted to, dangers associated to, the substantial uncertainties inherent within the acceptance of current and future merchandise, the problem of commercializing and defending new expertise, the impression of aggressive merchandise and pricing, normal enterprise and financial situations, dangers related to the growth of our enterprise together with the mixing of any companies we purchase and the mixing of such companies inside our inner management over monetary reporting and operations, our indebtedness, the Firm’s liquidity, and different components mentioned in our public filings, together with the danger components included in the Firm’s most up-to-date Annual Report on Kind 10-Okay, Quarterly Report on Kind 10-Q, and the Firm’s different periodic studies. Besides as required by relevant legislation, together with the securities legal guidelines of the US and the principles and laws of the Securities and Change Fee, the Firm is below no obligation to publicly replace or revise any forward-looking assertion after the date of this launch whether or not because of new data, future developments or in any other case.

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SOURCE Turtle Seashore Company

Associated Hyperlinks

http://turtlebeach.com



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