Koss Q1 sales down 23.2% to $3.35M; net income swings to $9.94M from loss

KOSS CORP

2023-Q1 EPS reported $1.01 revenue$3,354,529

Sales $3,354,529, down 23.2% from $4,365,067; net income $9,944,743 vs loss of $99,359.
Basic EPS $1.09, diluted EPS $1.01; prior year basic/diluted loss $0.01 per share.
CEO cites tighter inventory management, fading COVID stimulus, and European slowdown; growth in other U.S. distributors and DTC offset some decline.
Gross margins slightly below prior year due to higher freight costs on older inventory; lower container rates helped but rail strike risk noted.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

KOSS CORP reported first quarter ended September 30, 2022 results: revenue 3,354,529, net income 9,944,743, EPS 1.09.

Period: first quarter ended September 30, 2022
Revenue: 3,354,529
Net income: 9,944,743
EPS: 1.09
Result: reported results

Exact text from the filing

Koss Corporation (NASDAQ: KOSS) (the “Company”) , the U.S. based high-fidelity head phone company, has reported its results for the f irst quarter ended September 30 , 20 2 2 . Sales for the f irst quarter of the current fiscal year were $ 3,354,529 , a decline of 2 3 . 2 % compared to $ 4,365,067 for the same period in the prior year . N et income for the three months ended September 30, 2022 increased to $ 9,944,743 , compared to a net loss of $99,359 for the same three-month period one year ago. Basic income per common share for the quarter was $1.09 compared to basic loss per common share of $0.01 for the three-month period one year ago

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Source: SEC EDGAR

accession 0000056701-22-000032

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