Koss Corp Q1 Sales Up 15%
28 October 2016 - 8:15AM
Koss Corporation (NASDAQ:KOSS), the U.S. based high-fidelity
headphone company, has reported its first quarter results for the
quarter ended September 30, 2016.
"It is encouraging to see the continued
increases in sales compared to the prior year. Although we
still see some choppiness in the sales by customer, region and
market, the trend overall has been positive," Michael J. Koss,
Chairman and CEO, told employees here today. "The export OEM
business has been a nice addition and had a big impact on our sales
growth in this quarter."
Sales for the first quarter were $6,348,706,
which is a 14.8% increase from sales of $5,531,262 for the same
three month period one year ago. The three month net income
was $84,211, compared to net loss of $100,804 for the first quarter
last year. Diluted and basic income per common share for the
quarter was $0.01 compared to a loss per common share of $(0.01)
for the three month period one year ago.
"We will continue to focus on growing our sales
through introduction of new products and through geographic
expansion. It is exciting to see the new products in the
pipeline," Koss continued.
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 |
|
|
September 30 |
|
|
2016 |
|
2015 |
Net sales |
|
$ |
6,348,706 |
|
|
$ |
5,531,262 |
|
Cost of goods sold |
|
4,406,447 |
|
|
3,884,927 |
|
Gross profit |
|
1,942,259 |
|
|
1,646,335 |
|
|
|
|
|
|
Selling, general and
administrative expenses |
|
1,775,771 |
|
|
1,765,746 |
|
Unauthorized transaction
related costs (recoveries), net |
|
37,500 |
|
|
37,475 |
|
Interest expense |
|
846 |
|
|
5,318 |
|
Income (loss) before income tax
provision |
|
128,142 |
|
|
(162,204 |
) |
|
|
|
|
|
Income tax provision
(benefit) |
|
43,931 |
|
|
(61,400 |
) |
|
|
|
|
|
Net income (loss) |
|
$ |
84,211 |
|
|
$ |
(100,804 |
) |
|
|
|
|
|
Income (loss) per common
share: |
|
|
|
|
Basic |
|
$ |
0.01 |
|
|
$ |
(0.01 |
) |
Diluted |
|
$ |
0.01 |
|
|
$ |
(0.01 |
) |
CONTACT:
Michael J. Koss
Chairman & CEO
(414) 964-5000
mjkoss@koss.com
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