Koss Corporation Q4 Net Sales Jump 37%, Closing Fiscal Year with a 7% Gain
19 Agosto 2021 - 6:15PM
Koss Corporation (NASDAQ SYMBOL: KOSS), the U.S. based
high-fidelity headphone company, has reported its results for
the fourth quarter ended June 30, 2021.
Sales for the fourth quarter were $5,420,471, which is a 37.3%
increase from sales of $3,948,968 for the same three month period
one year ago. The three month net income was $331,943, compared to
net income of $158,238 for the fourth quarter last year. Basic
income per common share for the quarter was $0.04 compared to basic
income per common share of $0.02 for the three month period one
year ago. Diluted income per common share for the quarter was $0.03
compared to diluted income per common share of $0.02 for the three
month period one year ago.
"This year we saw solid improvements across a number of distinct
channels. Export markets, US based distributors, and our own Direct
to Consumer business increased significantly,” Michael J. Koss
Chairman and CEO said today. "Setbacks occurred domestically at
traditional brick and mortar locations." Koss went on to explain
that the distribution shift had also helped to create a more
favorable model mix.
Sales for the year ended June 30, 2021 increased 6.7% from
$18,311,830 in the same period last year to $19,546,008 in the
current year. The net income for the fiscal year ended June 30,
2021, was $493,594 compared to net loss of $465,597 for the same
period last year. Basic income per common share for the year was
$0.06 compared to basic loss per common share of $0.06 last year.
Diluted income per common share for the year was $0.05 compared to
diluted loss per common share of $0.06 for the same period last
year.
"We dialed in the right channels and products for 2021. Our
gross margins increased by over a million dollars for the twelve
months on a net sales increase of $1.2 million," Koss said.
Koss added concerns about recent increased freight rates and
delays. "It is clear that we are in a worldwide demand surge with a
shortage of supply. If the premium rates we have experienced in
July continue beyond February, it is conceivable that the increased
expenses of freight will consume most of next year's expected net
income. Despite this potential impact, the company believes it will
still produce positive cash flow in 2022."
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 |
|
Twelve Months Ended |
|
June 30, |
|
June 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Net sales |
$ |
5,420,471 |
|
$ |
3,948,968 |
|
|
$ |
19,546,008 |
|
|
$ |
18,311,830 |
|
Cost
of goods sold |
|
3,360,013 |
|
|
2,587,678 |
|
|
|
12,813,873 |
|
|
|
12,649,222 |
|
Gross
profit |
|
2,060,458 |
|
|
1,361,290 |
|
|
|
6,732,135 |
|
|
|
5,662,608 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
1,729,416 |
|
|
1,207,667 |
|
|
|
7,122,627 |
|
|
|
6,146,650 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations |
|
331,042 |
|
|
153,623 |
|
|
|
(390,492 |
) |
|
|
(484,042 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Other income |
|
- |
|
|
- |
|
|
|
885,505 |
|
|
|
- |
|
Interest income |
|
958 |
|
|
230 |
|
|
|
2,706 |
|
|
|
20,185 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income tax provision |
|
332,000 |
|
|
153,853 |
|
|
|
497,719 |
|
|
|
(463,857 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision (benefit) |
|
57 |
|
|
(4,385 |
) |
|
|
4,125 |
|
|
|
1,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
331,943 |
|
$ |
158,238 |
|
|
$ |
493,594 |
|
|
$ |
(465,597 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per common share: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.04 |
|
$ |
0.02 |
|
|
$ |
0.06 |
|
|
$ |
(0.06 |
) |
Diluted |
$ |
0.03 |
|
$ |
0.02 |
|
|
$ |
0.05 |
|
|
$ |
(0.06 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number of shares: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
8,560,123 |
|
|
7,404,831 |
|
|
|
7,864,688 |
|
|
|
7,404,831 |
|
Diluted |
|
10,102,376 |
|
|
7,404,831 |
|
|
|
9,639,273 |
|
|
|
7,404,831 |
|
|
|
CONTACT: |
Michael J. Koss |
|
Chairman & CEO |
|
(414) 964-5000 |
|
mjkoss@koss.com |
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