Koss Q1 Net Sales Dip and Supply Chain Woes Continue
28 Outubro 2021 - 6:15PM
Koss Corporation (NASDAQ SYMBOL: KOSS), the U.S. based
high-fidelity headphone company, has reported its results for
the first quarter ended September 30, 2021.
Sales for the first quarter were $4,365,067, which is a 16.2%
decrease from sales of $5,208,295 for the same three month period
one year ago. The three month net loss was $99,359, compared to net
income of $126,928 for the first quarter last year. Basic loss per
common share for the quarter was $0.01 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 $0.01 compared
to diluted income per common share of $0.02 for the three month
period one year ago.
"The loss of placement at US mass retail caused the decline in
sales as we shift to a model more based on distribution and online
sales,” Michael J. Koss Chairman and CEO said today. "Improvements
in European distribution offset some softness in certain US based
distributors. The online business has continued to grow.”
Koss reiterated concerns about recent increased freight rates
and delays. "The increased cost of freight as well as the extended
time in transit has become a major source of concern. Although the
freight costs had an immaterial impact on the first quarter
results, the shipping delays resulted in backorders that should be
fulfilled in the next fiscal quarter.”
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 |
|
2021 |
|
|
2020 |
|
Net sales |
$ |
4,365,067 |
|
|
$ |
5,208,295 |
|
Cost of goods sold |
|
2,783,230 |
|
|
|
3,572,067 |
|
Gross profit |
|
1,581,837 |
|
|
|
1,636,228 |
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
1,780,798 |
|
|
|
1,505,772 |
|
|
|
|
|
|
|
(Loss) income from operations |
|
(198,961 |
) |
|
|
130,456 |
|
|
|
|
|
|
|
Other income |
|
100,000 |
|
|
|
— |
|
Interest income (expense) |
|
633 |
|
|
|
(2,051 |
) |
|
|
|
|
|
|
(Loss) income before income tax provision |
|
(98,328 |
) |
|
|
128,405 |
|
|
|
|
|
|
|
Income tax provision |
|
1,031 |
|
|
|
1,477 |
|
|
|
|
|
|
|
Net (loss) income |
$ |
(99,359 |
) |
|
$ |
126,928 |
|
|
|
|
|
|
|
(Loss) income per common
share: |
|
|
|
|
|
Basic |
$ |
(0.01 |
) |
|
$ |
0.02 |
|
Diluted |
$ |
(0.01 |
) |
|
$ |
0.02 |
|
|
|
|
|
|
|
Weighted-average number of
shares: |
|
|
|
|
|
Basic |
|
8,843,946 |
|
|
|
7,404,831 |
|
Diluted |
|
8,843,946 |
|
|
|
7,408,685 |
|
Koss (NASDAQ:KOSS)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024
Koss (NASDAQ:KOSS)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024