Koss Corp. Releases Third Quarter Results
12 Maio 2021 - 6:15PM
Koss Corporation (NASDAQ SYMBOL: KOSS), the U.S. based
high-fidelity headphone company, has reported its third
quarter results for the quarter ended March 31, 2021.
Sales for the third
quarter were $3,987,452, which is a 16.7% decrease
from sales of $4,789,441 for the same three month period one
year ago. The three month net loss was $474,168, compared
to a net loss of $97,373 for the third
quarter last year. Diluted and basic loss per common
share for the quarter was $0.06 compared to a loss per
common share of $0.01 for the same three month period one
year ago.
Sales for the nine months ended March 31, 2021,
decreased 1.7% to $14,125,537 compared to $14,362,862 in the same
period last year. The nine month net income was $161,651 compared
to a net loss of $623,835 for the same period last year. Diluted
and basic income per common share was $0.02 for the nine months
ended March 31, 2021 compared to a loss per common share of $0.08
for the same nine month period one year ago.
"Net sales in the first nine months had a
different composition than last year. We saw a shift to US
distributors, European distributors and domestic direct to consumer
sales and a sharp decline in US mass retail," Michael J. Koss,
Chairman and CEO, said today. "The business has shifted away from a
concentration in mass market retailers to more consumer direct,
specialty and distributor based channels. The net decline in the
quarter's sales revenue can largely be attributed to the sporadic
service disruptions of freight carriers."
"Gross margins are improving with the shift in
sales," Koss explained. "Domestic mass mart retailers typically
yield lower gross margins than the other channels. The net loss in
the quarter included some unusual non-recurring items that
increased administrative costs."
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 |
|
Nine Months Ended |
|
March 31 |
|
March 31 |
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Net sales |
$ |
3,987,452 |
|
|
$ |
4,789,441 |
|
|
$ |
14,125,537 |
|
|
$ |
14,362,862 |
|
Cost of goods sold |
|
2,569,900 |
|
|
|
3,199,665 |
|
|
|
9,453,860 |
|
|
|
10,061,544 |
|
Gross profit |
|
1,417,552 |
|
|
|
1,589,776 |
|
|
|
4,671,677 |
|
|
|
4,301,318 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
2,271,615 |
|
|
|
1,687,676 |
|
|
|
5,393,211 |
|
|
|
4,938,983 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from operations |
|
(854,063 |
) |
|
|
(97,900 |
) |
|
|
(721,534 |
) |
|
|
(637,665 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Other income |
|
378,805 |
|
|
|
— |
|
|
|
885,505 |
|
|
|
— |
|
Interest income |
|
1,139 |
|
|
|
6,631 |
|
|
|
1,748 |
|
|
|
19,955 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income before income tax provision |
|
(474,119 |
) |
|
|
(91,269 |
) |
|
|
165,719 |
|
|
|
(617,710 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision |
|
49 |
|
|
|
6,104 |
|
|
|
4,068 |
|
|
|
6,125 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
$ |
(474,168 |
) |
|
$ |
(97,373 |
) |
|
$ |
161,651 |
|
|
$ |
(623,835 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income per common
share: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.06 |
) |
|
$ |
(0.01 |
) |
|
$ |
0.02 |
|
|
$ |
(0.08 |
) |
Diluted |
$ |
(0.06 |
) |
|
$ |
(0.01 |
) |
|
$ |
0.02 |
|
|
$ |
(0.08 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number of
shares: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
8,100,730 |
|
|
|
7,404,831 |
|
|
|
7,633,722 |
|
|
|
7,404,831 |
|
Diluted |
|
8,100,730 |
|
|
|
7,404,831 |
|
|
|
9,188,002 |
|
|
|
7,404,831 |
|
CONTACT: |
Michael J. Koss |
|
Chairman & CEO |
|
(414) 964-5000 |
|
mjkoss@koss.com |
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