Business
Koss Corporation Q4 Net Sales Jump 37%, Closing Fiscal Year with a 7% Gain
MILWAUKEE, Aug. 19, 2021 (GLOBE NEWSWIRE) -- Koss Corporation (NASDAQ SYMBOL: KOSS), the U.S. based high-fidelity headphone company, has reported its results
About this update from Koss Corporation
[{"type":"text","content":"MILWAUKEE, Aug. 19, 2021 (GLOBE NEWSWIRE) -- Koss Corporation (NASDAQ SYMBOL: KOSS), the U.S. based high-fidelity headphone company, has reported its results for the fourth quarter ended June 30, 2021. Sales for the fourth quarter were $5,420,471, which is a 37.3% increase from sales of $3,948,968 for the same three month period one year ago. The three month net income was $331,943, compared to net income of $158,238 for the fourth quarter last year. Basic income per common share for the quarter was $0.04 compared to basic income per common share of $0.02 for the three month period one year ago. Diluted income per common share for the quarter was $0.03 compared to diluted income per common share of $0.02 for the three month period one year ago. \"This year we saw solid improvements across a number of distinct channels. Export markets, US based distributors, and our own Direct to Consumer business increased significantly,” Michael J. Koss Chairman and CEO said today. \"Setbacks occurred domestically at traditional brick and mortar locations.\" Koss went on to explain that the distribution shift had also helped to create a more favorable model mix. Sales for the year ended June 30, 2021 increased 6.7% from $18,311,830 in the same period last year to $19,546,008 in the current year. The net income for the fiscal year ended June 30, 2021, was $493,594 compared to net loss of $465,597 for the same period last year. Basic income per common share for the year was $0.06 compared to basic loss per common share of $0.06 last year. Diluted income per common share for the year was $0.05 compared to diluted loss per common share of $0.06 for the same period last year. \"We dialed in the right channels and products for 2021. Our gross margins increased by over a million dollars for the twelve months on a net sales increase of $1.2 million,\" Koss said. Koss added concerns about recent increased freight rates and delays. \"It is clear that we are in a worldwide demand surge with a shortage of supply. If the premium rates we have experienced in July continue beyond February, it is conceivable that the increased expenses of freight will consume most of next year's expected net income. Despite this potential impact, the company believes it will still produce positive cash flow in 2022.\" Koss Corporation markets a complete line of high-fidelity h...