UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 13, 2007 (November 6, 2007)
Koss Corporation
(Exact name of registrant as specified in its charter)
Delaware |
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0-3295 |
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39-1168275 |
(State or other |
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(Commission File |
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(IRS Employer |
4129 North Port Washington Avenue, Milwaukee, Wisconsin 53212
(Address of principal executive offices) (Zip code)
(414) 964-5000
(Registrants telephone number, including area code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14D-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 8.01: Other Events
On November 6, 2007, Registrant issued a press release announcing that it will distribute a special cash dividend of $1.00 per share on December 17, 2007 to shareholders of record on November 16, 2007.
Item 9.01: Financial Statements and Exhibits
(a) Not applicable
(b) Not applicable
(c) Not applicable
(d) EXHIBITS
Exhibit |
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99.1 |
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Press release of Koss Corporation, dated November 6, 2007 |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Koss Corporation |
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Date: November 12, 2007 |
By: |
/s/ Michael J. Koss |
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Michael J. Koss |
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Chief
Executive Officer, President and Chief |
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EXHIBITS
Exhibit |
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99.1 |
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Press release of Koss Corporation, dated November 6, 2007 |
Exhibit 99.1
FOR IMMEDIATE RELEASE |
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CONTACT: MICHAEL J. KOSS |
November 6, 2007 |
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(414) 964-5000 |
Koss Declares $1.00 Special Dividend
Milwaukee, Wisconsin: Koss Corporation (NASDAQ SYMBOL: KOSS), the U.S. based high fidelity stereophone leader, has announced that it will distribute a special cash dividend of $1.00 per share on December 17, 2007 to shareholders of record November 16, 2007.
The past two years performance has significantly strengthened our cash position, Michael J. Koss, President and CEO said here today. We believe that a special dividend at this time reconfirms our commitment to shareholders.
Koss further explained that the timing of the additional special cash dividend was a factor in the Boards decision.
We have examined the Companys cash requirements for the immediate future and find ourselves in the positive position of a surplus. We are disappointed that Congress will allow the 15% dividend tax rate established by President Bushs tax relief package in 2003 to expire at the conclusion of the 2009 tax year, Koss continued. We feel that the tax cuts on dividends and capital gains have had a very positive affect on the U.S. economy. We do not wish to see our shareholders unnecessarily punished with higher rates on a special cash distribution in the future when we are in a position to distribute a special cash dividend at todays lower tax rates.
Koss went on to say that after the last election, making the tax cuts permanent did not appear to be probable, and that management did not feel it would be prudential to risk the value of the shareholders cash distributions should the current law be accelerated into effect following the 2008 presidential elections.
With our cash and inventory levels in such a solid condition, and no special increase in short term capital investments required, Koss continued, we have become more concerned about the timing of a special distribution. We believe that the impending change in the current tax law favors action today, and our action reflects a careful consideration of the most tax efficient conveyance of cash to shareholders possible.
Koss Corporation markets a complete line of high-fidelity stereophones, speaker-phones, computer headsets, telecommunications headsets, active noise canceling stereophones, wireless stereophones, and compact disc recordings of American Symphony Orchestras on the Koss Classics label.
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 may, will, should, forecasts, expects, plans, anticipates, believes, estimates, predicts, potential, or continue or the negative of such terms and other comparable terminology. These statements are only predictions. 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 Companys 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. In addition, such uncertainties and other operational matters are discussed further in the Companys quarterly and annual filings with the Securities and Exchange Commission.
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