Koss Q2 sales drop 25.9%, net loss of $1.15M vs prior year profit

KOSS CORP

2023-Q2 EPS reported $0.90 revenue$6,626,460

Sales $3.27M, down 25.9% from $4.42M in prior year Q2.
Net loss $1.15M vs prior year net income $0.58M; diluted EPS -$0.12 vs +$0.06.
Six-month net income $8.80M vs $0.48M; basic EPS $0.96 vs $0.05 (includes non-recurring items).
CEO blames distributor overstock, Europe conflict, high energy costs, and unfavorable sales mix.
Legal fees recorded in Q2 were the main contributor to the quarterly net loss.

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 the second quarter ended December 31, 2022 results: revenue $3,271,931, net income $1,146,879, EPS $0.12.

Period: the second quarter ended December 31, 2022
Revenue: $3,271,931
Net income: $1,146,879
EPS: $0.12
Result: reported results

Exact text from the filing

Sales for the second quarter ended December 31, 2022 were $3,271,931 , a decline of 25.9 % compared to $ 4, 415,886 for the same period in the prior year . The net loss for the three months was $1,146,879 compared to net income of $578,969 for the second quarter of the prior year. B asic and diluted loss per common share for the quarter was $ 0.12 compared to basic and diluted income per common share of $0.06 for the same three-month period one year ago .

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Source: SEC EDGAR

accession 0000056701-23-000005

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