Press Releases
Sales for the first quarter were
"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,”
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.”
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 | |||||||
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 |
Source: Koss Corporation