Koss Corp. Q3 Net Sales Up 10.7%
May 09 2019 - 5:15PM
Koss Corporation (NASDAQ SYMBOL: KOSS), the U.S. based
high-fidelity headphone company, has reported its third quarter
results for the quarter ended March 31, 2019.
Sales for the third quarter were $4,860,247,
which is a 10.7% increase from sales of $4,390,454 for the same
three month period one year ago. The three month net income
was $172,306, compared to a net loss of $762,150 for the third
quarter last year. Diluted and basic income per common share
for the quarter was $0.02 compared to diluted and basic loss per
common share of $0.10 for the three month period one year ago.
Sales for the nine months ended March 31, 2019,
decreased 1.9% from $16,365,370 in the same period last year to
$16,056,313 in the current year. The nine month net income was
$373,838 compared to a net loss of $3,681,626 for the same period
last year. Diluted and basic income per common share was $0.05 for
the nine months ended March 31, 2019 compared to a loss per common
share of $0.50 for the same nine month period one year ago.
"Sales increased in both export and domestic
markets in the quarter ended March 2019," Michael J. Koss, Chairman
and CEO, said today. "Export distributors have shown
continued strength especially in Scandinavia and the Czech
Republic. The domestic sales increase was driven by direct to
consumer and a couple key distributors. Net income
improvements reflect the improving sales picture and the impact of
spending reductions initiated last year."
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
OPERATIONS |
(Unaudited) |
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
March 31 |
|
March 31 |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Net sales |
|
$ |
4,860,247 |
|
|
$ |
4,390,454 |
|
|
$ |
16,056,313 |
|
|
$ |
16,365,370 |
|
Cost of goods sold |
|
3,205,039 |
|
|
3,377,035 |
|
|
10,907,425 |
|
|
11,791,297 |
|
Gross profit |
|
1,655,208 |
|
|
1,013,419 |
|
|
5,148,888 |
|
|
4,574,073 |
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
|
1,505,922 |
|
|
1,771,295 |
|
|
4,798,045 |
|
|
5,203,125 |
|
Interest expense |
|
— |
|
|
— |
|
|
— |
|
|
5,218 |
|
Income before income tax provision |
|
149,286 |
|
|
(757,876 |
) |
|
350,843 |
|
|
(634,270 |
) |
|
|
|
|
|
|
|
|
|
Income tax provision |
|
(23,020 |
) |
|
4,274 |
|
|
(22,995 |
) |
|
3,047,356 |
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
172,306 |
|
|
$ |
(762,150 |
) |
|
$ |
373,838 |
|
|
$ |
(3,681,626 |
) |
|
|
|
|
|
|
|
|
|
Income (loss) per common
share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.02 |
|
|
$ |
(0.10 |
) |
|
$ |
0.05 |
|
|
$ |
(0.50 |
) |
Diluted |
|
$ |
0.02 |
|
|
$ |
(0.10 |
) |
|
$ |
0.05 |
|
|
$ |
(0.50 |
) |
Weighted-average number of
shares |
|
|
|
|
|
|
|
|
Basic |
|
7,404,831 |
|
7,382,706 |
|
|
7,397,291 |
|
|
7,382,706 |
Diluted |
|
7,413,391 |
|
7,382,706 |
|
7,423,517 |
|
7,382,706 |
CONTACT: |
Michael J. Koss |
|
Chairman &
CEO |
|
(414)
964-5000 |
|
mjkoss@koss.com |
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