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Turtle Beach Corporation
Type
Public
Traded as NASDAQ: HEAR
Industry Audio
Founded 1975 in Elmsford, New York
Founders Robert Hoke
Roy Smith
Headquarters San Diego, California, United States
Key people
Ron Doornink
(Chairman)
Juergen Stark
(CEO)
Products Headsets, soundcards
Website www.turtlebeach.com

Turtle Beach Corporation is an American sound card and headset manufacturer. In 1995, the company merged with Voyetra, a company that made custom software for sound cards, to form Voyetra Turtle Beach, then headquartered in Valhalla, New York. In 2014, Voyetra Turtle Beach merged with Parametric Sound, retaining the Parametic Sound name until the name was changed to Turtle Beach Corporation.

Turtle Beach was founded in 1975 as "Turtle Beach Softworks" by co-founders Roy Smith and Robert Hoke. The company's first product was a graphical editing system that supported the breakthrough Ensoniq Mirage sampling keyboard. The Mirage was the first low cost sampling device that allowed musicians to play realistic choirs, pianos, horns, and other instruments in their performances. The software, called "Vision", connected the Mirage to a PC and used the PC's screen and graphics to make the programming and editing of sounds much easier. Ensoniq decided to resell Vision through their dealer network and Turtle Beach Softworks became a profitable company.

Over the following years, the company developed a few other programs that supported Ensoniq equipment but realized that they needed to develop more generalized products. They retooled their product into "SampleVision", which initially supported the Akai S900, but was designed with an extensible framework, allowing other samplers to be supported. The SampleVision series was among the first to offer a Macintosh-like user experience on the PC (which at that time did not have Microsoft Windows to provide its GUI).

In 1988, Turtle Beach began to work on developing its first hardware product, a hard disk based audio editing system. Among the first of its kind, the product was named the "56K digital recording system" and was released in 1990. Its card, 56K-PC, was based on a Motorola 56000 DSP chip, and offered non linear playlist editing of stereo audio files. The 56K system was popular among radio stations and mastering studios because it replayed exactly the same digital stream that it recorded.

In 1990, Turtle Beach began developing its second PC sound card. This card used high quality A/D and D/A, a high quality synthesizer from eMu, and an onboard DSP chip. This product was called "MultiSound." The MultiSound product competed with more established products of the day from Advanced Gravis (now defunct), Ad Lib, Inc. (now defunct), Creative Labs, and Media Vision. CCRMA's Music Kit and DSP Tools running on Motorola 56001 DSP, initially developed for NeXTcube system, was later ported on NeXTSTEP with Turtle Beach Fiji/Pinnacle DSP cards.

Turtle Beach was then acquired by Integrated Circuit Systems (ICS), a maker of clock chips for the PC market. ICS wanted to broaden its market to include the new multimedia chips and peripherals, deciding to buy existing lines rather than build anew.

With the addition of ICS's resources, Turtle Beach offered a full line of PC peripherals, releasing 8 new products within the 18 months following the sale. The MultiSound Monterey, The Tahiti, Maui, Audio Advantage sound cards rounded out its hardware product line, with products at every price point. On the software side, the company released "Wave for Windows", a sound editing program that was ahead of its time, but also ahead of the hardware curve; "Quad", the first multitrack recording application for the PC; and several other software titles.

As often occurs with corporate acquisitions, the original founders were soon no longer with the company. Martin Goldberg and Prabhat Jain were brought in to run the company and after moving its operations to San Jose, ICS sold Turtle Beach to Voyetra Technologies, Inc. in 1996.


Voyetra, founded by synthesizer pioneer Carmine Bonanno in 1975, had developed drivers and software for nearly every sound card manufacturer in the world during the early 1990s. The purchase of Turtle Beach allowed Voyetra to leverage its close ties with PC manufacturers by providing sound cards bundled with Voyetra software and drivers. After the purchase, the company changed its name to Voyetra Turtle Beach, Inc. and sold millions of sound cards to Dell Computer under the Turtle Beach brand. Turtle Beach also acquired Value Media's distribution channels founded by Prabhat Jain in 1995. This enabled it to sell its hardware products into the larger USA distribution channels.

In 2001, Voyetra Turtle Beach developed [AudioTron], one of the first standalone Internet audio receivers. The device enjoyed tremendous success in the first year of its release, but was soon faced with tremendous competition from similar products. Turtle Beach opted out of the network audio market in 2004.

Recently, Turtle Beach has diversified its product line to include USB audio devices, video capture products and a wide variety of headphones, including the Ear Force line of multi-channel PC and gaming headphones.

Turtle Beach has an extensive line of headsets, their current line has headsets for current and previous generation consoles such as the Xbox One, PlayStation 4, Xbox 360, PlayStation 3. They also sell headsets compatible with PC/Mac and mobile platforms and Nintendo consoles.

Multisound family, Hurricane architecture:

Multisound family, 2nd generation architecture:

Other:

Part Number : TBS-0660-01V

EAR Force – Line of gaming headsets for most gaming platform such as; PC, Xbox 360, PS3, and Wii. Models available range from wired stereo headsets for PS3, Xbox 360 and Wii, to wireless models with Dolby Digital decoding for Xbox 360 and PS3. Features include Chat Boost (boosts chat level if soundtrack gets loud), mic monitoring, etc. All current models are as followed (Xbox 360) X41, DX11, X31, PX21, X11, X12, XLC, PX5, (PS3/PS4 compatible) X41/PBT, DPX21, PX21, P11, DP11 PBT, PX5, (Wii) W3, D2, (PC) HPA2, Z2, and Z1

56K – The 56K Digital Recording System was the first of the Turtle Beach audio systems for the IBM PC platform. It made use of the Motorola 56000 Digital Signal Processor for accelerating digital audio data transfers through the IBM PC's ISA bus. The 56K was designed to be connected to the AES-EBU or S/PDIF jacks on a professional DAT recorder. With the included SoundStage graphical audio editing software, a 56K system installed in a 286, 386 or 486 Intel PC running Windows 3.0 or 3.1 can be used as a complete post-production digital audio editing solution. The 56K system consisted of three major components:

Quad – 4-track recording software for PC meant to somewhat mimic a 4-track cassette recorder.

Q reports

Period Date Adjusted Actuals EPS GAAP EPS
Q3 2022 2022-11-02 Future report Set alerts
Q2 2022 2022-08-08 -0.77 -0.77
Q1 2022 2022-05-04 0.00 0.00
Q4 2021 2022-03-02 0.16 0.16
Q3 2021 2021-11-04 0.00 0.00
Q2 2021 2021-08-05 0.14 0.14
Q1 2021 2021-05-05 0.52 0.52
Q4 2020 2021-03-04 0.84 0.84
Q3 2020 2020-11-05 1.05 0.00
Q2 2020 2020-08-06 0.42 0.51

Ratings

2016-05-17 Reiterated Rating B. Riley Buy $2.00
2016-05-12 Reiterated Rating B. Riley Buy $2.00
2016-05-06 Reiterated Rating B. Riley Buy $2.00
2016-04-02 Reiterated Rating B. Riley Buy $2.00
2016-03-28 Reiterated Rating Wedbush Buy $2.50
2016-03-28 Downgrade Cowen and Company Outperform to Market Perform $2.50 to $1.15
2016-03-28 Reiterated Rating B. Riley Buy $2.00
2016-02-02 Lower Price Target Wunderlich Hold $2.00 to $1.25
2016-01-23 Reiterated Rating B. Riley Buy $2.50
2016-01-21 Reiterated Rating Wedbush Outperform $5.00 to $2.50
2016-01-20 Lower Price Target Wunderlich Hold $2.50 to $2.00
2016-01-18 Lower Price Target B. Riley Buy $4.25 to $2.50
2016-01-13 Reiterated Rating B. Riley Buy $4.25
2015-11-13 Reiterated Rating B. Riley Buy $4.75
2015-11-08 Reiterated Rating B. Riley Buy $5.50
2015-11-03 Reiterated Rating B. Riley Buy $5.50
2015-10-27 Reiterated Rating Oppenheimer Buy $6.00
2015-10-27 Reiterated Rating Oppenheimer Holdings Inc. Buy $6.00
2015-09-30 Initiated Coverage Oppenheimer Outperform $6.00
2015-09-24 Initiated Coverage Oppenheimer Outperform $6.00
2015-08-12 Reiterated Rating B. Riley Buy $5.50
2015-08-10 Reiterated Rating Wedbush Outperform $5.00
2015-08-07 Reiterated Rating B. Riley Buy $5.50
2015-06-30 Initiated Coverage B. Riley Buy $5.50
2015-06-25 Initiated Coverage B. Riley Buy $5.50
2015-05-04 Reiterated Rating Wedbush Outperform $5.00
2015-03-31 Initiated Coverage Wunderlich Hold $2.50
2015-03-17 Lower Price Target Northland Securities Market Perform $3.00 to $2.50
2015-03-12 Reiterated Rating Wedbush Outperform $10.00
2015-03-09 Lower Price Target Needham & Company LLC Strong-Buy $12.00 to $8.00
2014-12-26 Upgrade Northland Securities Market Perform $5.75 to $3.00
2014-11-11 Lower Price Target Needham & Company LLC Strong-Buy $20.00 to $12.00
2014-11-11 Downgrade Northland Securities Outperform to Market Perform $13.00 to $5.75
2014-08-12 Lower Price Target Northland Securities Outperform $15.00 to $13.00
2014-06-26 Initiated Northland Capital Outperform $15
2014-06-26 Initiated Coverage Northland Securities Outperform $15.00
2014-05-06 Initiated Coverage Wedbush Outperform $15.00
2014-05-05 Initiated Coverage Cowen and Company Outperform $16.00
2014-02-20 Initiated Coverage Lake Street Capital Buy
2014-01-13 Initiated Coverage Needham & Company LLC Strong-Buy $20.00
2013-11-15 Boost Price Target Canaccord Genuity $25.00 to $29.00
2016-05-17 Reiterated Rating B. Riley Buy $2.00
2016-05-12 Reiterated Rating B. Riley Buy $2.00
2016-05-06 Reiterated Rating B. Riley Buy $2.00
2016-04-02 Reiterated Rating B. Riley Buy $2.00
2016-03-28 Reiterated Rating Wedbush Buy $2.50

There is presents forecasts of rating agencies and recommendations for investors about this ticker

Major Shareholders

Name Relationship Total Shares Holding stocks
SG VTB Holdings, LLC Member of 10% owner group 38.71%  (16238830) HEAR /
Doornink Revocable Living Trust, dated 12/17/96, as amended Member of 10% owner group 3.61%  (1516036) HEAR /
Romano Frederick J Member of 10% owner group 0.94%  (393183) HEAR /
MARXE AUSTIN W & GREENHOUSE DAVID M 0.87%  (366635) ADEP / ALCS / ASTC / ASYS / BTUI / BWEN / CACH / CDTI / CEVA / CLRX / CRMB / CYCC / DAEG / DOVR / ERI / ETRM / HEAR / INO / ISNS / ITI / LRAD / LTBR / MAG / MFI / OPXA / OVRL / PFSW / PLUG / PRKR / PTN / RGDX / RVLT / TGEN / URRE / VPCO / WPCS /
Stark Juergen M. Chief Executive Officer 0.76%  (319833) HEAR /
KAPLAN ROBERT M 0.34%  (142877) HEAR /
NORRIS ELWOOD G President and CEO 0.21%  (87998) HEAR / LRAD /
Bonanno Carmine J Member of 10% owner group 0.18%  (77500) HEAR /
KEITEL WILLIAM E 0.11%  (46948) HEAR /
Wolfe Andrew 0.11%  (46148) HEAR /
Ballard Lloyd Gregory 0.07%  (29914) HEAR /
POTASHNER KENNETH F 0.06%  (25000) HEAR / NEWP / OSS /
DEBUONO LAUREEN 0.06%  (23433) CADX / HEAR /
PUTTERMAN SETH 0.05%  (20500) HEAR /
BARNES JAMES A CFO, Treasurer and Secretary 0.04%  (17733) HEAR /