Koss Third Quarter Net Income Nearly Doubles on 16% Sales Increase
05 Maio 2022 - 06:15PM
Koss Corporation (NASDAQ: KOSS) (the “Company”), the U.S. based
high-fidelity headphone company, has reported its results for
the third quarter ended March 31, 2022.
Sales for the third fiscal quarter were
$4,634,552, which is a 16.2% increase from sales of $3,987,452 for
the same three-month period one year ago. The three-month net
income was $403,204, compared to a net loss of $474,168 for the
third fiscal quarter in the prior year. Diluted income per common
share for the quarter was $0.04 compared to a diluted loss per
common share of $0.06 for the three-month period one year ago.
Sales for the nine months ended March 31,
2022 decreased 5% from $14,125,537 in the same period in
the prior year to $13,415,506 in the current year. The
nine-month net income was $882,814 compared to net income
of $161,651 for the same period in the prior year.
Diluted income per common share was $0.09 for the nine
months ended March 31, 2022 compared to income per common
share of $0.02 for the same nine-month period one year
ago.
"The year over year decline in sales was a
result of lower sales to certain domestic distributors and the
complete withdrawal of a non-branded model from a single US mass
retailer. Direct-to Consumer (DTC) sales continue to grow following
a shift in the business away from ‘brick and mortar’ retail stores
to more consumer direct, online selling,” Michael J. Koss, Chairman
and CEO, said today. "While sales to European distributors have
exceeded the first three quarters of the prior year, the export
gains were offset by a contraction in sales to distributors in
Asia.”
“Gross margin improvement for the three and nine
months ended March 31, 2022 can be attributed to last year’s shift
away from traditional mass retail stores which has resulted in a
more favorable mix of product within growing market classes”, Koss
continued. “Inconsistent worldwide response to the persistence of
COVID-19 and the war in Eastern Europe continued to cause
disruptions in the supply chain and exacerbate the negative impact
the current administration’s policy has had on energy costs.” These
political factors are offsetting some of the company’s gross margin
favorability. While the increased energy costs are expected to
linger and inflate our material costs, the company has continued to
make an investment in its finished goods inventory and utilized a
freight forwarding partner to secure some improvement in the
quarter’s freight rates.”
About Koss Corporation
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.
Forward-Looking Statements
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, the impacts of the COVID-19
pandemic, geopolitical instability and war, 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
OPERATIONS(Unaudited)
|
Three Months Ended |
|
Nine Months Ended |
|
March 31 |
|
March 31 |
|
2022 |
|
2021 |
|
|
2022 |
|
2021 |
|
Net sales |
$ |
4,634,552 |
|
$ |
3,987,452 |
|
|
$ |
13,415,506 |
|
$ |
14,125,537 |
|
Cost of goods sold |
|
2,671,336 |
|
|
2,569,900 |
|
|
|
8,320,759 |
|
|
9,453,860 |
|
Gross profit |
|
1,963,216 |
|
|
1,417,552 |
|
|
|
5,094,747 |
|
|
4,671,677 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
1,566,430 |
|
|
2,271,615 |
|
|
|
4,576,521 |
|
|
5,393,211 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations |
|
396,786 |
|
|
(854,063 |
) |
|
|
518,226 |
|
|
(721,534 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Other income |
|
6,415 |
|
|
378,805 |
|
|
|
362,389 |
|
|
885,505 |
|
Interest income |
|
3,578 |
|
|
1,139 |
|
|
|
7,837 |
|
|
1,748 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income tax provision |
|
406,779 |
|
|
(474,119 |
) |
|
|
888,452 |
|
|
165,719 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision |
|
3,575 |
|
|
49 |
|
|
|
5,638 |
|
|
4,068 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
403,204 |
|
$ |
(474,168 |
) |
|
$ |
882,814 |
|
$ |
161,651 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per common
share: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.04 |
|
$ |
(0.06 |
) |
|
$ |
0.10 |
|
$ |
0.02 |
|
Diluted |
$ |
0.04 |
|
$ |
(0.06 |
) |
|
$ |
0.09 |
|
$ |
0.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number of
shares: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
9,147,795 |
|
|
8,100,730 |
|
|
|
9,044,532 |
|
|
7,633,722 |
|
Diluted |
|
9,888,083 |
|
|
8,100,730 |
|
|
|
10,024,473 |
|
|
9,188,002 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONTACT: |
Michael J. Koss |
|
Chairman & CEO |
|
(414) 964-5000 |
|
mjkoss@koss.com |
Koss (NASDAQ:KOSS)
Gráfico Histórico do Ativo
De Fev 2024 até Mar 2024
Koss (NASDAQ:KOSS)
Gráfico Histórico do Ativo
De Mar 2023 até Mar 2024