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.