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Sales for the fourth quarter were
"Sales softened some in the quarter as we did not receive the normal year-end orders from our export customers. We think this was driven by the export rebate program. Orders are typically stronger at year end in order for our export customers to reach their incentive rebate targets. This year many struggled and were not able to reach the prior year's sales figures,"
Sales for the twelve months ended
"It was good to see a sales increase even though it was smaller than we hoped. We are beginning to see some more positive signs although orders from our export customers are still a little choppy. Our cost reduction efforts continued to show in our results as Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) from operations increased significantly," Koss continued. Koss noted that EBITDA from operations was
* EBITDA from operations is a non-GAAP financial measure for which reconciliation is provided along with the financial statements accompanying this release.
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 OPERATIONS | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||
Net sales | $ | 5,718,865 | $ | 6,191,955 | $ | 24,230,056 | $ | 23,840,882 | |||||||||||
Cost of goods sold | 3,638,434 | 5,670,934 | 15,781,489 | 17,816,754 | |||||||||||||||
Impairment of capitalized software, inventory and related items | -- | 1,770,200 | -- | 6,305,947 | |||||||||||||||
Gross profit (loss) | 2,080,431 | (1,249,179 | ) | 8,448,567 | (281,819 | ) | |||||||||||||
Operating expenses: | |||||||||||||||||||
Selling, general and administrative expenses | 1,897,769 | 2,368,231 | 7,904,739 | 10,468,708 | |||||||||||||||
Unauthorized transaction related costs (recoveries), net | (47,543 | ) | 81,912 | 31,027 | (745,795 | ) | |||||||||||||
Total operating expenses | 1,850,226 | 2,450,143 | 7,935,766 | 9,722,913 | |||||||||||||||
Income (loss) from operations | 230,205 | (3,699,322 | ) | 512,801 | (10,004,732 | ) | |||||||||||||
Other expense (income): | |||||||||||||||||||
Interest expense (income) | -- | 148 | 12,813 | (49,589 | ) | ||||||||||||||
Income (loss) before income tax provision (benefit) | 230,205 | (3,699,470 | ) | 499,988 | (9,955,143 | ) | |||||||||||||
Income tax provision (benefit) | (124,603 | ) | (1,544,476 | ) | 17,375 | (4,401,589 | ) | ||||||||||||
Net income (loss) | $ | 354,808 | $ | (2,154,994 | ) | $ | 482,613 | $ | (5,553,554 | ) | |||||||||
Income (loss) per common share: | |||||||||||||||||||
Basic | $ | 0.05 | $ | (0.29 | ) | $ | 0.07 | $ | (0.75 | ) | |||||||||
Diluted | $ | 0.05 | $ | (0.29 | ) | $ | 0.07 | $ | (0.75 | ) | |||||||||
Dividends declared per common share | $ | -- | $ | -- | $ | -- | $ | 0.18 | |||||||||||
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA FROM OPERATIONS | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Net income (loss) | $ | 354,808 | $ | (2,154,994 | ) | $ | 482,613 | $ | (5,553,554 | ) | ||||||
Interest expense (income) | -- | 148 | 12,813 | (49,589 | ) | |||||||||||
Income tax provision (benefit) | (124,603 | ) | (1,544,476 | ) | 17,375 | (4,401,589 | ) | |||||||||
Unauthorized transaction related costs (recoveries), net | (47,543 | ) | 81,912 | 31,027 | (745,795 | ) | ||||||||||
Depreciation of equipment and leasehold improvements | 122,287 | 165,637 | 559,631 | 734,664 | ||||||||||||
Amortization of product software development expenditures | -- | -- | -- | 364,539 | ||||||||||||
Impairment of capitalized software, inventory and related items | -- | 1,770,200 | -- | 6,305,947 | ||||||||||||
Stock-based compensation expense | 156,038 | 167,725 | 630,539 | 684,554 | ||||||||||||
EBITDA from operations | $ | 460,987 | $ | (1,513,848 | ) | $ | 1,733,998 | $ | (2,660,823 | ) |
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