Singing Machine Q2 revenue $17.1M; YTD sales up 23% to $28.8M

Algorhythm Holdings, Inc.

2023-Q2 EPS reported $0.09 revenue$28,806,000

Net sales $17.1M for quarter; fiscal YTD revenue $28.8M (+23% YoY).
Gross profit $3.9M (23% margin) vs $3.3M (19%) prior year, a 4% increase.
Income from operations $0.6M for the quarter; diluted EPS $0.08 quarterly, $0.11 YTD.
Refinanced $15M senior secured credit line with Fifth Third Bank on Oct 14, 2022.
Management cited improved supply chain strategy and strong retail partnerships.

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

Algorhythm Holdings, Inc. reported the three months ended September 30, 2022 results: revenue $17.1 million, EPS $0.08.

Period: the three months ended September 30, 2022
Revenue: $17.1 million
EPS: $0.08
Result: reported results

Exact text from the filing

Second Quarter Highlights: ● Net sales for the quarter of $17.1 million; fiscal year-to-date revenue of $28.8 million (an increase of 23% over the same period in the prior year). ● Gross profit increased by approximately $0.6 million to $3.9 million (representing a 23% gross margin) compared to $3.3 million (or 19% gross margin) in the prior year (an overall increase of 4% compared to the prior year same period). The improvement was in part due to lower inbound logistics and transportation expenses. ● Income from Operations of approximately $0.6 million for the quarter; the Company continues to demonstrate ability to produce profitable quarters. ● Strengthened balance sheet with a successful $15 million senior secured line of credit refinancing with Fifth Third Bank on October 14, 2022. ● Fully diluted EPS of $0.08 for the quarter and $0.11 for the year-to-date period.

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Source: SEC EDGAR

accession 0001493152-22-032140

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