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Koss Reports Good Fiscal Year, But Lower Q4

7/18/2006 10:33:00 AM Eastern

Milwaukee — Koss reported slightly lower sales and net earnings for its fiscal fourth quarter, but higher marks in both areas for its fiscal year, ended June 30.

For the year, Koss posted sales of $50.9 million, compared with $40.3 million in the previous fiscal year. Net income for the year was $6.22 million, up from the previous year’s $4.5 million.

For the fourth quarter, sales trended down based on weaker quarterly export shipments. The company recorded shipments for its final quarter of $10.3 million, compared with the record-setting $11.3 million in shipments for the same period one year ago. Net income for the same period was $1.25 million, compared with $1.5 million for the previous fourth quarter.

Michael J. Koss, president/CEO, said that three out of four quarters during the year had set new revenue records but that some slight softening had occurred in the fourth quarter.