Koss Corp. Releases Second Quarter Results
28 Janeiro 2021 - 7:15PM
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, 2020.
Sales for the second
quarter were $4,929,789, which is an 18.4% increase
from sales of $4,162,659 for the same three month period
one year ago. The three month net income was $508,890,
compared to a net loss of $215,713 for the
second quarter last year. Diluted and basic income per
common share for the quarter was $0.07 compared to a loss
per common share of $0.03 for the same three month period
one year ago.
Sales for the six months ended December 31,
2020, increased 5.9% from $9,573,421 in the same period last year
to $10,138,084 in the current year. The six month net income was
$635,819 compared to a net loss of $526,462 for the same period
last year. Diluted and basic income per common share was $0.09 for
the six months ended December 31, 2020 compared to a loss per
common share of $0.07 for the same six month period one year
ago.
"The increase in net sales for the quarter and
first six months has been across several markets with US
distributors, European distributors and domestic direct to consumer
sales leading the way," Michael J. Koss, Chairman and CEO, said
today. "We continue to see sales driven by the continuation of
people studying and working from home. Sales through domestic
retail were down for the quarter and year to date periods."
"The shift in sales by market drove more
favorable gross margin with it increasing from 28.3% last
year to 32.1% in the first six months," Koss explained.
"The PPP loan for $506,700 through the SBA was forgiven in the
current quarter and recorded as other income."
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 |
|
Six Months Ended |
|
December 31 |
|
December 31 |
|
2020 |
|
2019 |
|
|
2020 |
|
2019 |
|
Net sales |
$ |
4,929,789 |
|
$ |
4,162,659 |
|
|
$ |
10,138,084 |
|
$ |
9,573,421 |
|
Cost of goods sold |
|
3,311,892 |
|
|
2,798,572 |
|
|
|
6,883,960 |
|
|
6,861,880 |
|
Gross profit |
|
1,617,897 |
|
|
1,364,087 |
|
|
|
3,254,124 |
|
|
2,711,541 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
1,615,824 |
|
|
1,586,705 |
|
|
|
3,121,595 |
|
|
3,251,305 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations |
|
2,073 |
|
|
(222,618 |
) |
|
|
132,529 |
|
|
(539,764 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Other income |
|
506,700 |
|
|
— |
|
|
|
506,700 |
|
|
— |
|
Interest income |
|
2,660 |
|
|
6,927 |
|
|
|
609 |
|
|
13,324 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income tax provision |
|
511,433 |
|
|
(215,691 |
) |
|
|
639,838 |
|
|
(526,440 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision |
|
2,543 |
|
|
22 |
|
|
|
4,019 |
|
|
22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
508,890 |
|
$ |
(215,713 |
) |
|
$ |
635,819 |
|
$ |
(526,462 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per common
share: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.07 |
|
$ |
(0.03 |
) |
|
$ |
0.09 |
|
$ |
(0.07 |
) |
Diluted |
$ |
0.07 |
|
$ |
(0.03 |
) |
|
$ |
0.09 |
|
$ |
(0.07 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number of
shares: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
7,405,758 |
|
|
7,404,831 |
|
|
|
7,405,295 |
|
|
7,404,831 |
|
Diluted |
|
7,453,450 |
|
|
7,404,831 |
|
|
|
7,424,239 |
|
|
7,404,831 |
|
CONTACT: |
Michael J. Koss |
|
Chairman & CEO |
|
(414) 964-5000 |
|
mjkoss@koss.com |
Koss (NASDAQ:KOSS)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Koss (NASDAQ:KOSS)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024