Koss Corp - KOSS STOCK NEWS

Koss Corporation (NASDAQ: KOSS) reported a 16.2% increase in third-quarter sales, reaching $4,634,552 for the period ending March 31, 2022. The net income stood at $403,204, a notable recovery from a net loss of $474,168 the previous year. Despite a 5% decrease in sales for the nine months ending March 31, 2022, the company achieved a net income of $882,814 compared to $161,651 the prior year. Factors affecting performance included shifts in distribution strategy and ongoing supply chain challenges due to geopolitical issues and COVID-19 impacts.

Koss Corporation (NASDAQ: KOSS) reported a 10.4% decline in second-quarter sales to $4.42 million, down from $4.93 million year-over-year. Despite the sales drop, net income increased to $578,969 from $508,890, resulting in a decrease in EPS to $0.06 from $0.07. Year-to-date sales also fell 13.4% to $8.78 million with net income at $479,610, down from $635,819. The company is shifting focus to direct-to-consumer sales amidst challenges in mass retail and ongoing supply chain disruptions, impacting margins.

John C. Koss, the founder and former Chairman of Koss Corporation, passed away on December 21, 2021, at the age of 91. He introduced the world's first high-fidelity Stereophone in 1958, significantly impacting the global headphone industry. Koss Corporation is known for its iconic audio products, including the Pro/4 Series and Koss Porta Pro headphones. Koss emphasized quality and customer service, launching a No-Questions-Asked Lifetime Warranty Program in 1989. His contributions to audio technology and community service were widely recognized, earning him several prestigious awards.

Koss Corporation (NASDAQ: KOSS) reported a 16.2% decline in sales for Q1 ending September 30, 2021, totaling $4,365,067, down from $5,208,295 in the prior year. The company experienced a net loss of $99,359, a drop from a net income of $126,928. Basic and diluted losses per share were both $0.01, compared to income of $0.02 previously. Sales declines were attributed to loss of retail placement, although online sales and European distribution showed improvement. Freight costs and delays remain concerns.

Koss Corporation (NASDAQ: KOSS) reported a 37.3% increase in fourth-quarter sales, reaching $5,420,471, compared to $3,948,968 last year. Net income for the quarter was $331,943, up from $158,238 a year prior, with basic earnings per share (EPS) rising to $0.04 from $0.02. For the fiscal year ending June 30, 2021, sales rose 6.7% to $19,546,008, and net income flipped to $493,594 from a loss of $465,597. Despite strong performance, concerns were raised about rising freight costs potentially impacting future earnings, though positive cash flow is still expected in 2022.

Koss Corporation (NASDAQ: KOSS) reported a 16.7% decrease in third-quarter sales, totaling $3,987,452 compared to $4,789,441 a year prior. The net loss for the quarter expanded to $474,168, versus $97,373 last year, resulting in a loss per share of $0.06. Despite a 1.7% decline in sales for the nine-month period, net income rose to $161,651 from a loss of $623,835. The company noted a shift from mass retail to direct-to-consumer and distributor channels, contributing to improved gross margins. Freight service disruptions were cited as a key factor in reduced sales.

Koss Corporation (NASDAQ: KOSS) reported Q2 2021 results, showcasing an 18.4% increase in sales to $4,929,789, up from $4,162,659 last year. The company achieved a net income of $508,890, reversing a loss of $215,713. For the six months ending December 31, 2020, sales rose 5.9% to $10,138,084, with a net income of $635,819 compared to a loss of $526,462 previously. Gross margin improved from 28.3% to 32.1%. A PPP loan of $506,700 was forgiven, contributing to other income. Sales growth was driven by U.S. and European distributors, despite a decline in domestic retail sales.

Koss Corporation (NASDAQ: KOSS) reported its first quarter results for the period ending September 30, 2020. Net sales decreased by 3.7% to $5,208,295 from $5,410,762 year-over-year. However, the company achieved a net income of $126,928, recovering from a loss of $310,749 in the previous year. The earnings per share improved to $0.02, compared to a loss of $0.04 last year. CEO Michael J. Koss noted a decline in mass retailer sales but an increase in direct-to-consumer online sales and a rebound in export markets, particularly in Europe.

Koss Corporation (NASDAQ: KOSS) reported a 31.7% decrease in fourth-quarter sales, totaling $3,948,967 compared to $5,785,784 last year. Despite lower sales, net income rose to $158,239 from $23,388 year-over-year. For the fiscal year ending June 30, 2020, total sales dropped 16.2% to $18,311,830, while the company posted a net loss of $465,597 vs. last year's net income of $305,989. Improved margins were reported at 34.5%. CEO Michael Koss indicated a shift towards online sales as the pandemic affected export markets.