Koss Corporation Reports Fiscal Q4 and Year-End Results
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Koss Corporation Reports Financial Results
Koss Corporation (NASDAQ: KOSS), a leader in high-fidelity headphones, has released its results for the fourth quarter and fiscal year ending June 30, 2024. The company noted a notable decrease in sales during the fourth fiscal quarter as compared to the previous year.
Financial Performance Overview
Sales for the fourth fiscal quarter of 2024 totaled $2,893,401, which represents a drop of 5.9% from the previous year’s sales of $3,073,350 for the same period. The company experienced a net loss of $110,369 in this quarter as compared to a loss of $259,839 documented in the corresponding quarter of the prior fiscal year. Subsequently, both basic and diluted loss per share for the quarter concluded at $0.01, an improvement from the $0.03 loss per share a year prior.
Insights from the Chairman and CEO
Michael J. Koss, Chairman and CEO, attributed the sales decline primarily to reduced orders from their largest European distributor. This shortfall was partially alleviated by significant growth in sales to the Education sector, which increased approximately 60%, and a 16% rise in Direct-to-Consumer sales, which benefited from new product introductions and a resurgence of popular headphone models.
Fiscal Year Comprehensive Results
For the fiscal year 2024, Koss Corporation reported annual sales of $12,265,069, which reflects a decline of $834,582, or 6.4%, from $13,099,651 in the previous year. A substantial net loss of $950,911 was registered for the year, contrasting sharply with a net income of $8,319,212 recorded in the prior fiscal year. Consequently, both basic and diluted losses per share for fiscal year 2024 are registered at $0.10, compared to incomes of $0.90 and $0.85 for the prior year.
Factors Influencing Sales Performance
The downturn in annual sales was largely due to decreased orders from export markets, particularly in Europe and Asia, compounded by lower sales to an original equipment manufacturer of metal detectors. There was also a near 20% decline in Direct-to-Consumer sales as customer spending became more selective, affected by inflation and competing financial commitments. On a brighter note, sales to E-tailers surged nearly 50%, and significant orders for custom headphones from a new client partially mitigated the overall sales decline.
Market Outlook and Challenges
The ongoing apprehension regarding inflation, soaring energy costs, rising interest rates, and the current labor market conditions have posed challenges for Koss Corporation’s sales, both domestically and internationally. The company remains focused on navigating these hurdles and responding to shifting consumer demand in the evolving market landscape.
About Koss Corporation
Koss Corporation specializes in a comprehensive range of audio products, including high-fidelity headphones, wireless Bluetooth speakers, and various headsets. The company is committed to delivering quality sound experiences through its cutting-edge audio technology.
Contact Information
For further inquiries, you can reach:
Michael J. Koss
Chairman & CEO
(414) 964-5000
mjkoss@koss.com
Frequently Asked Questions
What financial results did Koss Corporation release?
Koss Corporation reported a decrease in sales for both the fourth quarter and fiscal year 2024, with significant net losses for both periods.
How did Koss Corporation's sales perform in its largest markets?
Sales decreased, particularly in Europe, while the Education sector and Direct-to-Consumer sales saw increases.
What were the main challenges Koss faced in fiscal 2024?
Challenges included high inflation, rising energy costs, and subdued consumer purchasing behavior affecting sales.
What is Koss Corporation's specialty?
Koss Corporation specializes in a variety of audio products, primarily focusing on high-fidelity headphones and related audio gear.
How can I contact Koss Corporation for more information?
For inquiries, contact Michael J. Koss at (414) 964-5000 or via email at mjkoss@koss.com.
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