Koss Corp. Releases First Quarter Results
November 01 2018 - 5:15PM
Koss Corporation (NASDAQ SYMBOL: KOSS), the U.S. based
high-fidelity headphone company, has reported its first quarter
results for the quarter ended September 30, 2018.
Sales for the first quarter were $5,784,839,
which is a 4.9% decrease from sales of $6,084,055 for the same
three month period one year ago. The three month net income
was $67,411, compared to net income of $21,969 for the first
quarter last year. Diluted and basic income per common share
for the quarter was $0.01 compared to diluted and basic loss per
common share of $0.00 for the three month period one year ago.
"New wireless bluetooth products continued to
drive an increase in sales to distributors in Europe," Michael J.
Koss, Chairman and CEO, said today. "However, the improvement
in the European market was not enough to overcome a decline in
sales to domestic mass retail compared to the same period last
year. In part, the decline in sales to mass retail was caused by
larger than expected orders in the last quarter of fiscal year
2018, which created inventory shortages on those models in the
first quarter this year."
"Despite the setback in domestic sales," Koss
continued, "a strong mix of sales by product, customer and sales
channel drove an increase in gross profit and allowed us to
generate net income of $67,411 for the quarter ended
September 30, 2018, compared to net income of $21,969 for the
same three 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 |
|
|
September 30 |
|
|
2018 |
|
2017 |
Net sales |
|
$ |
5,784,839 |
|
|
$ |
6,084,055 |
|
Cost of goods sold |
|
3,953,655 |
|
|
4,400,405 |
|
Gross profit |
|
1,831,184 |
|
|
1,683,650 |
|
|
|
|
|
|
Selling, general and administrative expenses |
|
1,732,894 |
|
|
1,647,706 |
|
Unauthorized transaction related costs (recoveries), net |
|
30,854 |
|
|
(14,409 |
) |
Interest expense |
|
— |
|
|
2,692 |
|
Income before income tax provision |
|
67,436 |
|
|
47,661 |
|
|
|
|
|
|
Income tax provision |
|
25 |
|
|
25,692 |
|
|
|
|
|
|
Net income |
|
$ |
67,411 |
|
|
$ |
21,969 |
|
|
|
|
|
|
Income per common share: |
|
|
|
|
Basic |
|
$ |
0.01 |
|
|
$ |
— |
|
Diluted |
|
$ |
0.01 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
CONTACT:
Michael J. KossChairman &
CEO(414)
964-5000mjkoss@koss.com
Koss (NASDAQ:KOSS)
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