Koss Corp Q4 Sales Up 26%
August 18 2016 - 5:15PM
Koss Corporation (NASDAQ:KOSS), the U.S. based high-fidelity
headphone company, has reported its fourth quarter results for the
quarter ended June 30, 2016.
"We are very pleased with the strong sales in
the fourth quarter and the increase for the year. The Company
is beginning to see the results from efforts to grow the export
distributor business and export OEM business. Spotty
performance across the US markets tempered the overall results,"
Michael J. Koss, Chairman and CEO, told employees here today.
"Specialized domestic niche markets can be choppy and we
experienced lower activity in several of them this year after some
outstanding improvements in fiscal year 2015."
Sales for the fourth quarter were $7,238,684,
which is a 26.6% increase from sales of $5,718,865 for the same
three month period one year ago. The three month net income
was $233,487, compared to net income of $354,808 for the fourth
quarter last year. Diluted and basic income per common share
for the quarter was $0.03 compared to $0.05 for the three month
period one year ago.
"We have partnered with a new Pan-Asian
distributor and our sales in the region are beginning to grow as
the new distributor extends Koss products into its retail and
distribution network. The new distributor was initially
focused exclusively on China during the first six months of fiscal
year 2016 and has now expanded its efforts throughout the region,"
Koss continued. Koss noted that the growth of export OEM
business and new product introductions also helped to increase
sales.
Sales overall for the twelve months ended June
30, 2016 increased by 7.3% to $26,001,346 compared with $24,230,056
for the same twelve month period a year ago. Twelve month net
income was $1,389,000 compared to $482,613 for the same twelve
months last year. Diluted and basic income per common share
was $0.19 compared with $0.07 for the same twelve month period a
year ago.
Koss Corporation markets a complete line of
high-fidelity headphones, wireless Bluetooth® speakers, computer
headsets, telecommunications headsets, active noise canceling
headphones, wireless headphones, and compact disc recordings of
American Symphony Orchestras on the Koss Classics® label.
This press release contains forward-looking
statements. These statements relate to future events or our
future financial performance. In some cases, you can identify
forward-looking statements by terminology such as "anticipates,"
"believes," "estimates," "expects," "intends," "plans," "may,"
"will," "should," "forecasts," "predicts," "potential," "continue,"
or the negative of such terms and other comparable
terminology. These statements are based on currently
available operating, financial and competitive information and are
subject to various risks and uncertainties. Actual events or
results may differ materially. In evaluating forward-looking
statements, you should specifically consider various factors that
may cause actual results to vary from those contained in the
forward-looking statements, such as general economic conditions, in
particular, consumer demand for the Company's and its customers'
products, competitive and technological developments, foreign
currency fluctuations, and costs of operations. Shareholders,
potential investors and other readers are urged to consider these
factors carefully in evaluating the forward-looking statements and
are cautioned not to place undue reliance on such forward-looking
statements. The forward-looking statements made herein are
only made as of the date of this press release and the Company
undertakes no obligation to publicly update such forward-looking
statements to reflect subsequent events or circumstances or new
information. In addition, such uncertainties and other
operational matters are discussed further in the Company's
quarterly and annual filings with the Securities and Exchange
Commission.
KOSS CORPORATION |
CONDENSED CONSOLIDATED STATEMENTS OF
INCOME |
(Unaudited) |
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
June 30 |
|
June 30 |
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Net sales |
|
$ |
7,238,684 |
|
|
$ |
5,718,865 |
|
|
$ |
26,001,346 |
|
|
$ |
24,230,056 |
|
Cost of goods sold |
|
4,717,610 |
|
|
3,638,434 |
|
|
17,058,774 |
|
|
15,781,489 |
|
Gross profit |
|
2,521,074 |
|
|
2,080,431 |
|
|
8,942,572 |
|
|
8,448,567 |
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
|
2,098,859 |
|
|
1,897,769 |
|
|
7,959,460 |
|
|
7,904,739 |
|
Unauthorized transaction
related (recoveries) costs, net |
|
— |
|
|
(47,543 |
) |
|
(1,286,001 |
) |
|
31,027 |
|
Interest expense |
|
— |
|
|
— |
|
|
6,075 |
|
|
12,813 |
|
Income before income tax
provision |
|
422,215 |
|
|
230,205 |
|
|
2,263,038 |
|
|
499,988 |
|
|
|
|
|
|
|
|
|
|
Income tax provision
(benefit) |
|
188,728 |
|
|
(124,603 |
) |
|
874,038 |
|
|
17,375 |
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
233,487 |
|
|
$ |
354,808 |
|
|
$ |
1,389,000 |
|
|
$ |
482,613 |
|
|
|
|
|
|
|
|
|
|
Income per common
share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.03 |
|
|
$ |
0.05 |
|
|
$ |
0.19 |
|
|
$ |
0.07 |
|
Diluted |
|
$ |
0.03 |
|
|
$ |
0.05 |
|
|
$ |
0.19 |
|
|
$ |
0.07 |
|
CONTACT:
Michael J. Koss
Chairman & CEO
(414) 964-5000
mjkoss@koss.com
Koss (NASDAQ:KOSS)
Historical Stock Chart
From Aug 2024 to Sep 2024
Koss (NASDAQ:KOSS)
Historical Stock Chart
From Sep 2023 to Sep 2024