Press Releases
Sales for the second fiscal quarter were
Sales for the six months ended December 31, 2021 decreased 13.4% from $10,138,084 in the same period in the prior year to $8,780,953 in the current year. The six-month net income was $479,610 compared to net income of $635,819 for the same period in the prior year. Diluted and basic income per common share was $0.05 for the six months ended December 31, 2021 compared to income per common share of $0.09 for the same six-month period one year ago.
"The lower sales to certain domestic distributors and the loss of placement at US mass retail drove the decline in sales. Direct-to Consumer (DTC) sales have grown as the business shifts to more consumer direct, online selling,”
“The shift in sales from lower margin mass retail to higher margin DTC sales contributed to the improvement in gross margins for the three and six months ended
Additionally, the Company has announced that
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
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) |
||||||||||||
Three Months Ended | Six Months Ended | |||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||
Net sales | $ | 4,415,886 | $ | 4,929,789 | $ | 8,780,953 | $ | 10,138,084 | ||||
Cost of goods sold | 2,866,193 | 3,311,892 | 5,649,423 | 6,883,960 | ||||||||
Gross profit | 1,549,693 | 1,617,897 | 3,131,530 | 3,254,124 | ||||||||
Selling, general and administrative expenses | 1,229,294 | 1,615,824 | 3,010,091 | 3,121,595 | ||||||||
Income from operations | 320,399 | 2,073 | 121,439 | 132,529 | ||||||||
Other income | 255,975 | 506,700 | 355,975 | 506,700 | ||||||||
Interest income | 3,626 | 2,660 | 4,258 | 609 | ||||||||
Income before income tax provision | 580,000 | 511,433 | 481,672 | 639,838 | ||||||||
Income tax provision | 1,031 | 2,543 | 2,062 | 4,019 | ||||||||
Net income | $ | 578,969 | $ | 508,890 | $ | 479,610 | $ | 635,819 | ||||
Income per common share: | ||||||||||||
Basic | $ | 0.06 | $ | 0.07 | $ | 0.05 | $ | 0.09 | ||||
Diluted | $ | 0.06 | $ | 0.07 | $ | 0.05 | $ | 0.09 | ||||
Weighted-average number of shares: | ||||||||||||
Basic | 9,144,099 | 7,405,758 | 8,994,023 | 7,405,295 | ||||||||
Diluted | 10,064,713 | 7,453,450 | 10,062,915 | 7,424,239 |
CONTACT: | |
Chairman & CEO | |
(414) 964-5000 | |
mjkoss@koss.com |
Source: Koss Corporation