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The Singing Machine Company (SMDM) has launched its Carpool Karaoke Microphone 2.0, featuring enhanced capabilities to engage social media consumers. Key updates include two new color options, duet functionality, six voice changer effects, and lead vocal removal technology. The original microphone saw significant revenue growth, capitalizing on the viral Carpool Karaoke trend, which has amassed over 2.5 billion views. CEO Gary Atkinson expressed optimism about the microphone's potential to boost sales and brand awareness, following positive consumer feedback.
The Singing Machine Company (OTCQX: SMDM) announced a buyback of 19,623,155 shares from its former majority shareholder, funded by approximately $7,100,000 from a recent $10,000,000 private placement. This strategic move aims to enhance shareholder value and governance as the company prepares for future growth. CEO Gary Atkinson emphasized that this transaction provides operational flexibility and resolves governance issues, paving the way for a potential uplisting on a National Exchange.
The Singing Machine Company (OTCQX: SMDM) reported a 98% increase in net sales to $6.1 million for Q1 of fiscal 2022, up from $3.1 million in the same period last year. This surge was fueled by strong spring re-orders and timely holiday shipments. Gross profit rose 66% to $1.6 million, though gross profit margins fell by 550 basis points due to a higher proportion of promotional products. The net loss was narrowed to $0.12 million, compared to $0.21 million in the previous year. Management is addressing ongoing supply chain challenges while pursuing a strategic transformation towards a technology-driven model.
Singing Machine Company (SMDM) announced earnings for Q1 fiscal 2022 will be released on August 16, 2021. A conference call to discuss these results is scheduled for August 17, 2021, at 9:00 AM ET. As a leader in the karaoke market, Singing Machine provides a wide range of products and boasts access to over 24,000 songs for streaming and download. The company emphasizes customer satisfaction with industry-leading warranties. More information is available on their investor page.
The Singing Machine Company (SMDM) announced that Stingray Group Inc. has invested in a private placement, acquiring a minority stake and joining its board of directors. This collaboration aims to enhance the integration of karaoke hardware and music content.
Stingray, with over 400 million subscribers globally, is a leading provider of music and karaoke content, and the partnership intends to boost downloads and revenues for Stingray's karaoke services. Both companies express excitement about innovating the karaoke experience.
The Singing Machine Company (OTCQX: SMDM) announced a private placement agreement with institutional investors, expecting to raise approximately $10 million. The deal includes the sale of 16,500,000 shares of common stock and 16,833,333 pre-funded warrants. Each common stock is priced at $0.30, while the pre-funded warrants are priced at $0.29. The expected closing date is around August 10, 2021, pending customary conditions. The securities will not be registered under the Securities Act, and the company plans to file registration statements with the SEC.
Singing Machine (OTCQX: SMDM) reported a 19% increase in net sales for fiscal year ending March 31, 2021, from $38.5 million to $45.8 million. The rise was driven by strong demand, particularly for the Carpool Karaoke Microphone, which contributed 37% of the growth. Gross profit surged from $8.2 million to $12.3 million, with margins improving by 560 basis points to 26.8%. Net income stood at $2.2 million, reversing last year's loss of $2.9 million, translating to earnings per share of $0.06.
Singing Machine Company (SMDM) will announce its fiscal year 2021 earnings on July 14, 2021. A conference call with management will follow at 3:00 PM ET to discuss the financial results and provide business updates.
The company is known for its consumer karaoke products, being a leader in North America. Products are sold globally through major retailers, featuring over 13,000 songs for streaming and download. More details can be found on their official website.
Singing Machine Company (OTCQX: SMDM) reported strong financial results for Q3 ended December 31, 2020. Net sales increased by $3.1 million (22%) to $16.9 million, driven by high demand for karaoke products. Gross profit margin rose to 29.3%, reflecting a $2.6 million increase in gross profit. The company posted a net income of $1.2 million, a significant recovery from a loss of $0.8 million in the same quarter last year. Additionally, year-to-date earnings per share reached $0.09. The inventory decreased to $5.3 million from $8.1 million the year prior.
The Singing Machine Company (OTCQX: SMDM) will release its third quarter earnings for the period ending December 31, 2020, on February 22, 2021. This announcement includes a conference call at 1:00 PM ET on the same day to discuss the financial results. The Singing Machine is recognized as the leading provider of consumer karaoke products in North America, offering a wide range of entertainment products and over 13,000 songs for streaming. For more information, visit the investor relations page.
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