Press Releases
Sales for the first quarter were
"In a year that has seen at least nineteen major retail bankruptcies in the
Koss went on to explain that sales in
"Unfortunately sales to one OEM customer in
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"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
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) | ||||||||
Three Months Ended | ||||||||
2017 | 2016 | |||||||
Net sales | $ | 6,066,630 | $ | 6,348,706 | ||||
Cost of goods sold | 4,392,676 | 4,406,447 | ||||||
Gross profit | 1,673,954 | 1,942,259 | ||||||
Selling, general and administrative expenses | 1,647,706 | 1,775,771 | ||||||
Unauthorized transaction related (recoveries) costs, net | (14,409 | ) | 37,500 | |||||
Interest expense | 2,692 | 846 | ||||||
Income before income tax provision | 37,965 | 128,142 | ||||||
Income tax provision | 20,465 | 43,931 | ||||||
Net income | $ | 17,500 | $ | 84,211 | ||||
Income per common share: | ||||||||
Basic | $ | — | $ | 0.01 | ||||
Diluted | $ | — | $ | 0.01 |
CONTACT: | |
Chairman & CEO | |
(414) 964-5000 | |
mjkoss@koss.com |
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