MILWAUKEE, WI – Koss Corporation (NASDAQ: KOSS), the U.S. based high-fidelity headphone company, has reported its third quarter results for the quarter ended March 31, 2015.
Sales for the third quarter were $6,001,556 compared to $4,300,373 for the same three month period one year ago, a 39.6% increase. The three month net income was $57,218, compared to a net loss of $25,121 for the third quarter last year. Diluted income per common share for the quarter was $0.01 compared with diluted loss per common share of $0.00 for the same three month period one year ago.
“We experienced increased sales in our domestic markets of approximately $1,613,000 or 66% and an increase of approximately $90,000 or 5% in the export markets. It was nice to see increases in both areas and to finally see the export markets start to show renewed life,” Michael J. Koss, President and CEO, told employees here today.
Sales for the nine months ended March 31, 2015 increased by 4.9% to $18,511,192 compared with $17,648,927 for the same nine month period a year ago. Nine month net income was $127,806 compared to a net loss of $3,398,560 for the same nine months last year. Diluted income per common share was $0.02 compared with diluted loss per common share of $0.46 for the same nine month period a year ago.
“We are pleased to see a year-to-date sales increase compared to last year. Coupled with our cost reduction efforts, this has helped us record a tremendous improvement in Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) from operations,” Koss continued. Koss also noted that EBITDA from operations, which excludes unauthorized transaction related costs and recoveries as well as stock-based compensation expense and impairment charges, was $381,436 for the current quarter, compared to a loss of $941,376 for the same quarter last year. For the nine months ended March 31, 2015, EBITDA from operations increased $2,419,987 on a net sales increase of $862,265 for the same nine month period last year.*
* EBITDA from operations is a non-GAAP financial measure for which reconciliation is provided along with the financial statements accompanying this release.