Koss Corp. Releases First Quarter Results
29 Outubro 2020 - 6:15PM
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, 2020.
Sales for the first
quarter were $5,208,295, which is a 3.7% decrease
from sales of $5,410,762 for the same three month period
one year ago. The three month net income was $126,928,
compared to a net loss of $310,749 for the
first quarter last year. Diluted and basic income per
common share for the quarter was $0.02 compared to a loss
per common share of $0.04 for the same three month period
one year ago.
"The decline in net sales for the quarter was
due to a decline in certain mass retailers in the U.S.," Michael J.
Koss, Chairman and CEO, said today. "We experienced an increase in
online direct-to-consumer sales driven by the continuation of
people studying and working from home. Additionally, we saw a
rebound in our export markets, especially in Europe, and in many of
our U.S. based distributors."
"The sales mix was favorable to gross margin
increasing it from 24.9% last year to 31.4% in
the current quarter," Koss explained. "Early in this same quarter
last year, there were significant promotional back-to-school
sales to a domestic mass retail customer at very low margins.
This promotional activity accounted for the lower gross margin 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 CORPORATIONCONDENSED CONSOLIDATED
STATEMENTS OF INCOME(Unaudited) |
|
|
Three Months Ended |
|
September 30 |
|
2020 |
|
2019 |
Net sales |
$ |
5,208,295 |
|
|
$ |
5,410,762 |
|
Cost of goods sold |
|
3,572,067 |
|
|
|
4,063,308 |
|
Gross profit |
|
1,636,228 |
|
|
|
1,347,454 |
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
1,505,772 |
|
|
|
1,664,600 |
|
|
|
|
|
|
|
Income (loss) from operations |
|
130,456 |
|
|
|
(317,146 |
) |
|
|
|
|
|
|
Interest (expense) income |
|
(2,051 |
) |
|
|
6,397 |
|
|
|
|
|
|
|
Income (loss) before income tax provision |
|
128,405 |
|
|
|
(310,749 |
) |
|
|
|
|
|
|
Income tax provision |
|
1,477 |
|
|
|
— |
|
|
|
|
|
|
|
Net income (loss) |
$ |
126,928 |
|
|
$ |
(310,749 |
) |
|
|
|
|
|
|
Income (loss) per common
share: |
|
|
|
|
|
Basic |
$ |
0.02 |
|
|
$ |
(0.04 |
) |
Diluted |
$ |
0.02 |
|
|
$ |
(0.04 |
) |
|
|
|
|
|
|
Weighted-average number of
shares: |
|
|
|
|
|
Basic |
|
7,404,831 |
|
|
|
7,404,831 |
|
Diluted |
|
7,408,685 |
|
|
|
7,404,831 |
|
CONTACT: |
Michael J. Koss |
|
Chairman & CEO |
|
(414) 964-5000 |
|
mjkoss@koss.com |
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