Koss Corp. Fourth Quarter Net Sales Up 16%
August 16 2018 - 5:15PM
Koss Corporation (NASDAQ SYMBOL: KOSS), the U.S. based
high-fidelity headphone company, has reported its fourth quarter
results for the quarter and year ended June 30, 2018.
Sales for the fourth quarter were $7,238,260,
which is a 15.9% increase from sales of $6,243,863 for the same
three month period one year ago. The three month net income was
$347,029, compared to a net loss of $70,377 for the fourth quarter
last year. Diluted and basic income per common share for the
quarter was $0.05 compared to diluted and basic loss per common
share of $0.01 for the three month period one year ago.
"New products drove a significant increase in
sales to distributors in Europe," Michael J. Koss, Chairman and
CEO, said today. "This sharp improvement in the European market,
combined with increased sales to mass retail in the domestic
market, drove net sales for the quarter ended June 30, 2018,
the highest they have been in any single quarter since the three
month period ended June 30, 2016. The increase in sales combined
with controlled spending allowed us to generate net income of
$347,029 for the quarter ended June 30, 2018, compared to a
net loss of $70,377 for the same three month period one year
ago."
Sales for the twelve months ended June 30, 2018,
decreased 2.2% from $24,054,281 in the same period last year to
$23,515,441 in the current year. The twelve month net loss was
$3,386,060 compared to $963,636 for the same period last year.
Diluted and basic loss per common share was $0.46 for the twelve
months ended June 30, 2018 compared to $0.13 for the same twelve
month period one year ago.
"Controlled spending drove a reduction in the
loss before income tax for the twelve months ended June 30, 2018,
compared to the same period last year," Koss explained. "However,
we continued to see the impact on the bottom line of tax
adjustments made in the second quarter to write-down deferred tax
assets to the new federal statutory rate as well as increase the
valuation allowance for deferred tax assets. These adjustments
drove an increase in tax expense for the twelve months ended June
30, 2018, and caused the increased net loss compared to the same
twelve month period one 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 CORPORATIONCONDENSED
CONSOLIDATED STATEMENTS OF
INCOME(Unaudited) |
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
June 30 |
|
June 30 |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Net sales |
|
$ |
7,238,260 |
|
|
$ |
6,243,863 |
|
|
$ |
23,515,441 |
|
|
$ |
24,054,281 |
|
Cost of goods sold |
|
5,179,712 |
|
|
4,447,831 |
|
|
16,933,431 |
|
|
17,158,977 |
|
Gross profit |
|
2,058,548 |
|
|
1,796,032 |
|
|
6,582,010 |
|
|
6,895,304 |
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
|
1,718,351 |
|
|
1,871,022 |
|
|
6,938,921 |
|
|
7,599,882 |
|
Unauthorized
transaction related (recoveries) costs, net |
|
(1,320 |
) |
|
(6,211 |
) |
|
(18,765 |
) |
|
67,548 |
|
Interest expense |
|
— |
|
|
— |
|
|
5,218 |
|
|
964 |
|
Income
(loss) before income tax provision |
|
341,517 |
|
|
(68,779 |
) |
|
(343,364 |
) |
|
(773,090 |
) |
|
|
|
|
|
|
|
|
|
Income tax (benefit)
provision |
|
(5,512 |
) |
|
1,598 |
|
|
3,042,696 |
|
|
190,546 |
|
|
|
|
|
|
|
|
|
|
Net
income (loss) |
|
$ |
347,029 |
|
|
$ |
(70,377 |
) |
|
$ |
(3,386,060 |
) |
|
$ |
(963,636 |
) |
|
|
|
|
|
|
|
|
|
Income (loss) per
common share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.05 |
|
|
$ |
(0.01 |
) |
|
$ |
(0.46 |
) |
|
$ |
(0.13 |
) |
Diluted |
|
$ |
0.05 |
|
|
$ |
(0.01 |
) |
|
$ |
(0.46 |
) |
|
$ |
(0.13 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONTACT: |
|
Michael J.
KossChairman & CEO(414)
964-5000mjkoss@koss.com |
Koss (NASDAQ:KOSS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Koss (NASDAQ:KOSS)
Historical Stock Chart
From Apr 2023 to Apr 2024