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<SEC-DOCUMENT>0000950129-04-004034.txt : 20040614
<SEC-HEADER>0000950129-04-004034.hdr.sgml : 20040611
<ACCEPTANCE-DATETIME>20040614150529
ACCESSION NUMBER:		0000950129-04-004034
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20040611
ITEM INFORMATION:		
FILED AS OF DATE:		20040614

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SPATIALIZER AUDIO LABORATORIES INC
		CENTRAL INDEX KEY:			0000890821
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				954484725
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-26460
		FILM NUMBER:		04861247

	BUSINESS ADDRESS:	
		STREET 1:		20700 VENTURA BOULEVARD SUITE 140
		CITY:			WOODLAND HILLS
		STATE:			CA
		ZIP:			91364
		BUSINESS PHONE:		3102273370

	MAIL ADDRESS:	
		STREET 1:		20700 VENTURA BLVD SUITE 140
		CITY:			WOODLAND HILLS
		STATE:			CA
		ZIP:			91364
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v99641e8vk.htm
<DESCRIPTION>FORM 8-K - DATE OF REPORT: JUNE 11, 2004
<TEXT>
<HTML>
<HEAD>
<TITLE>SPATIALIZER AUDIO LABORATORIES, INC.</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>Washington, DC 20549</B>
</DIV>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>

<DIV align="center" style="font-size: 10pt"><B>CURRENT REPORT</B></DIV>



<P align="center" style="font-size: 10pt"><B>Pursuant to Section&nbsp;13 OR 15(d) of the Securities Exchange Act of 1934</B>



<P align="center" style="font-size: 10pt">Date of Report (Date of
earliest event reported June&nbsp;11, 2004)


<P align="center" style="font-size: 24pt"><B>SPATIALIZER AUDIO LABORATORIES, INC.</B>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="65%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>000-26460</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>95-4484725</B></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top">(State or other<BR>
jurisdiction of<BR>
incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(IRS Employer<BR>
Identification No.)</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><B>2625 Townsgate Road, Suite&nbsp;330, Westlake Village, California 91361</B><BR>
(Address of Principal executive offices)



<P align="center" style="font-size: 10pt">Registrant&#146;s telephone number, including area code: (408)&nbsp;453-4180



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD></TD><TD colspan="8"><A HREF="#000">ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">Exhibit&nbsp;Index</A></TD></TR>
<TR><TD colspan="9"><A HREF="v99641exv99w1.htm">EXHIBIT 99.1</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




<!-- link2 "ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION" -->
<DIV align="left"><A NAME="000"></A></DIV>

<P align="left" style="font-size: 10pt">ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;11, 2004, Spatializer issued a press release announcing its Annual
Meeting of Stockholders on June&nbsp;11, 2004. A copy of the press release is
furnished as Exhibit&nbsp;99.1 to this report and is hereby incorporated to this
Item&nbsp;9 by reference.

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information in this report (including exhibits hereto) shall not be
deemed &#147;filed&#148; for purposes of Section&nbsp;18 of the Securities Exchange Act of
1934 or the Securities and Exchange Commission&#146;s rules and regulations, nor
shall it be deemed incorporated by reference in any filing under the Securities
Act of 1933.




<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Spatializer Audio Laboratories, Inc.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date: June&nbsp;11, 2004
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Henry R. Mandell</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Henry R. Mandell</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer and CFO</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>






<P align="center" style="font-size: 10pt">2
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "Exhibit&nbsp;Index" -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="center" style="font-size: 10pt"><B>Exhibit&nbsp;Index</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Description of Exhibit</B><HR size="1" noshade></TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Spatializer Audio Laboratories, Inc. press release dated June&nbsp;11, 2004</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v99641exv99w1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>PRESS RELEASE DATED JUNE 11, 2004</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><IMG src="v99641v9964100.gif" alt="(SPATIALIZER AUDIO LABORATORIES,INC. LOGO)">



<P align="right" style="font-size: 10pt">Henry R. Mandell, CEO<BR>
Spatializer Audio Laboratories, Inc.<BR>
408-453-4180 ext. 201<BR>
<I>investor@spatializer.com</I>


<P align="left" style="font-size: 10pt"><B>For Release (2:00 p.m.) Eastern June&nbsp;11, 2004:</B>


<P align="center" style="font-size: 10pt"><B>Spatializer Audio Laboratories Inc. Holds<BR>
Annual Stockholders Meeting Today With Focus on the Impact of the Convergence<BR>
of Multimedia Entertainment with Traditional Applications in the PC and<BR>
Cellular Handset Markets</B>


<P align="left" style="font-size: 10pt"><B>WESTLAKE VILLAGE</B>, <B>Calif</B>., <B>June&nbsp;11, 2004 &#151; </B>Spatializer Audio Laboratories Inc.
(OTC BB: SPAZ) held its annual stockholders&#146; meeting at its executive offices
in Westlake Village, California. At the formal portion of the meeting,
stockholders re-elected James G. Pace as a director to serve until 2007 and
Gilbert N. Segel as a director to serve until 2006. In remembrance of President
Ronald Wilson Reagan, a moment of silence was observed. After the formal
meeting was adjourned, Spatializer Chairman and CEO Henry R. Mandell reviewed
the past year&#146;s performance and outlined the challenges, expectations and
opportunities for the coming year.


<P align="left" style="font-size: 10pt">Spatializer revenues for the twelve months ended December&nbsp;31, 2003 were
$1,269,000, compared to $1,856,000 in the prior year. Net loss for the year
ended December&nbsp;31, 2003 was ($495,000), or ($0.01) per share, compared to net
income of $18,000, or $0.00 per share in the prior year.


<P align="left" style="font-size: 10pt">The decrease in revenues was attributed primarily to the loss or reduction at
three key accounts which generated in excess of 20% of total revenue each,
partially offset by revenue from a new account. The first lost account was in
the PC market, where the customer completed its migration to a new operating
system in which it chose not to include any software audio enhancements. The
other two accounts were in the DVD player market, where a lower cost solution,
or no solutions were selected for low cost, high volume DVD players.


<P align="left" style="font-size: 10pt">&#147;These operating results were unsatisfactory&#148;, stated Mr.&nbsp;Mandell. &#147;We have
responded to these results by completing a streamlining of our operations in
the fourth quarter of 2003 that has resulted in a 25% reduction in our cost of
doing business. This streamlining included a comprehensive overhaul of our
domestic and international sales organization and the relocation of our
corporate office to lower cost facilities. We have begun the transition to new
markets for Spatializer such as PCs and cell phones with the announced
InterVideo WinDVD(TM), Vodafone(TM) and <I>au</I>(TM) deals. We introduced Spatializer
((environ))(TM) and the Spatializer Ultra HD(TM) Series to specifically attack
these new markets with optimized and targeted whole product solutions.&#148;


<P align="left" style="font-size: 10pt">Henry R. Mandell told the company&#146;s shareholders that the company was in a
transition period away from dependence on DVD player-based revenues toward
revenues driven by the convergence of entertainment, multimedia content and
traditional applications, particularly in the PC and cellular handset markets.
Mandell summarized the Companies&#146; technology thesis as follows, &#147; The
convergence of multimedia entertainment with traditional utilitarian
applications is placing new demands on the capabilities of PCs and cellular
handsets. Today, the PC is at the nexus of this convergence. Today, smart
phones are viewed as not just a communication device, but a delivery vehicle
for rich, high quality, interactive entertainment. Cell phone executives preach
the need for high quality content and high quality audio is equated to high
quality content. High quality content will drive 3G penetration and the revenue
from high quality content is going to be necessary to support the expensive
infrastructure that these systems require.&#148;



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">Mandell continued, &#147; The problem is that PCs and cell phones were originally
designed as business or communication tools, not as entertainment devices. They
are not designed to deliver the kind of high quality audio that consumers now
demand. That&#146;s where Spatializer comes in. We help bridge the performance gap
caused by this convergence, with a wide array of products and solutions.&#148;


<P align="left" style="font-size: 10pt">In reviewing the environment in 2004, Mr.&nbsp;Mandell noted that the industry faces
both difficult and opportune market dynamics. Intense pressure to reduce costs
remains relentless, limiting the adoption of new features. Opportunities in the
Company&#146;s historically strong DVD player market are few. Erosion may outpace
gains through the year. Competition is fierce for new design wins overall.
However, interest in high quality audio is very high in the PC and cell phone
markets. There is a clear need for enhancement, as well as a desire for it. As
such, growth is possible from these product platforms that are experiencing
convergence.


<P align="left" style="font-size: 10pt">To further penetrate these markets in 2004, Mr.&nbsp;Mandell outlined four key
objectives. &#147;Success in technology acceptance is dependent upon harnessing
network effects....the creation of new alliances for mutual benefit that
creates a &#147;force-multiplier&#148; power. To that end, we have enhanced and continue
to seek to further enhance our world-wide distribution capability. Second, we
are both invigorating some of our existing relationships and seeking to build
new relationships with equipment manufacturers, chip makers and system
operators in the targeted PC and cell phone markets. Third, we are refining our
business and licensing models to encourage wide-spread adoption of our
technologies on sensible licensing terms. Lastly, we have focused our R&#038;D on
developing new products that can help support the completion of convergence.&#148;


<P align="left" style="font-size: 10pt">In conclusion, Mr.&nbsp;Mandell noted, &#147; We&#146;re in a difficult business environment
and combined with the disruption innately caused by transitioning from a
familiar market segment to new segments, the task is challenging indeed.
However, the transition is well underway, with three announced deals completed
and more in the pipeline. Convergence is driving the demand for and interest in
high quality audio, where our value proposition is very resonant. If we are
successful in continuing to convert this interest into desire and into action,
we will be in a very strong position in terms of revenue and profitability in
the future.&#148;



<P align="left" style="font-size: 10pt"><B>About Spatializer</B>

<P align="left" style="font-size: 10pt">Spatializer Audio Laboratories Inc. is a leading developer, licensor and
marketer of next-generation technologies for the consumer electronics,
computing and entertainment industries. The company&#146;s advanced audio technology
is incorporated into consumer electronics audio and video products from global
brand leaders including Toshiba, Samsung and Sharp, among others. Spatializer
stock is traded on the OTC Bulletin Board under the symbol: SPAZ. The company
is headquartered in San Jose, CA, with executive offices in Westlake Village,
CA and representative offices throughout Japan and in Korea. Further
information may be obtained from the company&#146;s web site, www.spatializer.com,
Spatializer&#146;s SEC filings, and by contacting the company&#146;s Investor Relations
Department at 408-453-4180 or by writing to investor@spatializer.com.


<P align="left" style="font-size: 10pt">Safe Harbor Act Statement Under the Private Securities Litigation Reform Act of
1995: Certain information in this background news release, including the
comments by Mr.&nbsp;Mandell in this press release are forward looking statements
that are based on management&#146;s belief, as well as assumptions made by, and
information currently available to management. While the company believes that
its expectations are based upon reasonable assumptions, there can be no
assurances that the company&#146;s financial goals will be realized. Numerous
uncertainties and risk factors may affect the company&#146;s actual results and may
cause results to differ materially from those expressed in forward-looking
statements made by or on behalf of the company. These uncertainties and risk
factors include, but are not limited to the continued need for additional
capital, dependence on new technology and intellectual property, dependence on
the PC and consumer electronics industries, dependence on product shipments of
third-party licensees, dependence on third-party technology integrators or chip
suppliers, competition and pricing pressures, and other risks detailed from
time to time in the company&#146;s periodic reports filed with the Securities and
Exchange Commission.


<P align="left" style="font-size: 10pt"><I>NOTE: Desper Products Inc. is a wholly owned subsidiary of Spatializer Audio
Laboratories Inc. Spatializer&#174; is a registered trademark and Spatializer
((environ))(TM) and Spatializer Ultra HD(TM) are trademarks of Desper Products
Inc. All other trademarks are the property of their respective owners.</I>


<P align="left" style="font-size: 10pt"><I>Copyright &#169; 2004 Spatializer Audio Laboratories, Inc.</I>




<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


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end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
