Koss Corp. Releases Second Quarter Results
January 30 2020 - 5:15PM
Koss Corporation (NASDAQ SYMBOL: KOSS), the U.S. based
high-fidelity headphone company, has reported its second quarter
results for the quarter ended December 31, 2019.
Sales for the second quarter were $4,162,659,
which is a 23.1% decrease from sales of $5,411,227 for
the same three month period one year ago. The three month net
loss was $215,713, compared to net income of
$103,149 for the second quarter last year. Diluted and basic
loss per common share for the quarter was $0.03 compared
to diluted and basic income per common share of $0.01 for
the three month period one year ago.
Sales for the six months ended December 31,
2019, decreased 14.5% from $11,196,066 in the same period
last year to $9,573,421 in the current year. The six month net
loss was $526,462 compared to net income of
$144,719 for the same period last year. Diluted and basic
loss per common share was $0.07 for the six months ended
December 31, 2019 compared to income per common share of
$0.02 for the same six month period one year ago.
"The decline in sales was all driven by our
export markets," Michael J. Koss, Chairman and CEO, said today.
"Declines in sales to European distributors were due
to renewed strength in the US dollar, especially against the
currencies in Scandinavia and Russia, as well as our
distributors reducing their investment in inventory. In
addition, an OEM contract for a customer in Asia was completed
a year ago. Control of operating costs helped to mitigate the
impact of the sales declines."
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 OPERATIONS(Unaudited) |
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
December 31 |
|
December 31 |
|
|
2019 |
|
|
2018* |
|
2019 |
|
|
2018* |
Net sales |
|
$ |
4,162,659 |
|
|
$ |
5,411,227 |
|
$ |
9,573,421 |
|
|
$ |
11,196,066 |
Cost of goods sold |
|
|
2,798,572 |
|
|
|
3,748,732 |
|
|
6,861,880 |
|
|
|
7,702,387 |
Gross profit |
|
|
1,364,087 |
|
|
|
1,662,495 |
|
|
2,711,541 |
|
|
|
3,493,679 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
|
1,586,705 |
|
|
|
1,559,346 |
|
|
3,251,305 |
|
|
|
3,348,935 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from operations |
|
|
(222,618 |
) |
|
|
103,149 |
|
|
(539,764 |
) |
|
|
144,744 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
6,927 |
|
|
|
- |
|
|
13,324 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income before income tax provision |
|
|
(215,691 |
) |
|
|
103,149 |
|
|
(526,440 |
) |
|
|
144,744 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision |
|
|
22 |
|
|
|
- |
|
|
22 |
|
|
|
25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
(215,713 |
) |
|
$ |
103,149 |
|
$ |
(526,462 |
) |
|
$ |
144,719 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.03 |
) |
|
$ |
0.01 |
|
$ |
(0.07 |
) |
|
$ |
0.02 |
Diluted |
|
$ |
(0.03 |
) |
|
$ |
0.01 |
|
$ |
(0.07 |
) |
|
$ |
0.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number of shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
7,404,831 |
|
|
|
7,404,831 |
|
|
7,404,831 |
|
|
|
7,397,291 |
Diluted |
|
|
7,404,831 |
|
|
|
7,413,391 |
|
|
7,404,831 |
|
|
|
7,423,517 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*As adjusted for change in accounting principle |
|
|
|
|
|
|
|
|
|
CONTACT: |
Michael J. Koss |
|
Chairman & CEO |
|
(414) 964-5000 |
|
mjkoss@koss.com |
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