Koss Corporation(NASDAQ: KOSS), the U.S. based high-fidelity headphone company, hasreported its results for the quarter ended March 31, 2012. Salesfor the third quarter were $8,232,526 compared to $8,419,663 forthe same three month period one year ago, a 2% decrease. Net incomeincreased to $896,715, compared to $640,962 for the third quarterlast year. Diluted income per common share was $0.12 compared with$0.09 one year ago.
Sales for the nine months ended March 31, 2012 trended down by 14%to $26,978,082 compared with $31,252,603 for the same nine monthperiod a year ago. Nine month net income declined to $2,008,524compared to $2,585,934 for the same nine months last year. Dilutedincome per common share was $0.27 compared with $0.35 one year ago. "Europe rebounded in the quarter to show a small increase over lastyear, but it is still behind last year through the nine months.
Itwas great to see the increase in activity and we hope it will carryinto our fourth quarter," Michael J. Koss, President and CEO saidhere today. "We continued to see lower than expected orders fromseveral major U.S. retailers which contributed to the small declinein this quarter compared to last year. API Check Valves
The additions of newcustomers and products has helped to offset the impact from theseU.S. retailers." Koss went on to note that the Company has continued to benegatively impacted by higher costs from suppliers in China but hasbeen able to partially offset the impact through alternatesuppliers and pricing. These costs have hurt margins this year. "We saw increased activity late in the quarter," Koss said. Pneumatic And Hydraulic Actuators
"Rightnow we have a lot of new and exciting products hitting the market.The most exciting of these is Striva, which was announced earlierthis week. The two Striva products are the world's first Wi-Fiheadphones to receive music directly from the internet. Therevolution is in the air." The Company will pay a dividend of $0.06 cents per share on July16, 2012, to shareholders of record on June 29, 2012. Koss Corporation markets a complete line of high-fidelityheadphones, speaker-phones, computer headsets, telecommunicationsheadsets, active noise canceling headphones, wireless headphones,and compact disc recordings of American Symphony Orchestras on theKoss Classics label. This press release contains forward-looking statements. China Pneumatic Gate Valves
Thesestatements relate to future events or our future financialperformance. In some cases, you can identify forward-lookingstatements by terminology such as "may," "will," "should,""forecasts," "expects," "plans," "anticipates," "believes,""estimates," "predicts," "potential," or "continue" or the negativeof such terms and other comparable terminology. These statementsare only predictions. Actual events or results may differmaterially.
In evaluating forward-looking statements, you shouldspecifically consider various factors that may cause actual resultsto vary from those contained in the forward-looking statements,such as general economic conditions, in particular, consumer demandfor the Company's and its customers' products, competitive andtechnological developments, foreign currency fluctuations, andcosts of operations. Shareholders, potential investors and otherreaders are urged to consider these factors carefully in evaluatingthe forward-looking statements and are cautioned not to place unduereliance on such forward-looking statements. The forward-lookingstatements made herein are only made as of the date of this pressrelease and the Company undertakes no obligation to publicly updatesuch forward-looking statements to reflect subsequent events orcircumstances. In addition, such uncertainties and otheroperational matters are discussed further in the Company'squarterly and annual filings with the Securities and ExchangeCommission.
Sales for the nine months ended March 31, 2012 trended down by 14%to $26,978,082 compared with $31,252,603 for the same nine monthperiod a year ago. Nine month net income declined to $2,008,524compared to $2,585,934 for the same nine months last year. Dilutedincome per common share was $0.27 compared with $0.35 one year ago. "Europe rebounded in the quarter to show a small increase over lastyear, but it is still behind last year through the nine months.
Itwas great to see the increase in activity and we hope it will carryinto our fourth quarter," Michael J. Koss, President and CEO saidhere today. "We continued to see lower than expected orders fromseveral major U.S. retailers which contributed to the small declinein this quarter compared to last year. API Check Valves
The additions of newcustomers and products has helped to offset the impact from theseU.S. retailers." Koss went on to note that the Company has continued to benegatively impacted by higher costs from suppliers in China but hasbeen able to partially offset the impact through alternatesuppliers and pricing. These costs have hurt margins this year. "We saw increased activity late in the quarter," Koss said. Pneumatic And Hydraulic Actuators
"Rightnow we have a lot of new and exciting products hitting the market.The most exciting of these is Striva, which was announced earlierthis week. The two Striva products are the world's first Wi-Fiheadphones to receive music directly from the internet. Therevolution is in the air." The Company will pay a dividend of $0.06 cents per share on July16, 2012, to shareholders of record on June 29, 2012. Koss Corporation markets a complete line of high-fidelityheadphones, speaker-phones, computer headsets, telecommunicationsheadsets, active noise canceling headphones, wireless headphones,and compact disc recordings of American Symphony Orchestras on theKoss Classics label. This press release contains forward-looking statements. China Pneumatic Gate Valves
Thesestatements relate to future events or our future financialperformance. In some cases, you can identify forward-lookingstatements by terminology such as "may," "will," "should,""forecasts," "expects," "plans," "anticipates," "believes,""estimates," "predicts," "potential," or "continue" or the negativeof such terms and other comparable terminology. These statementsare only predictions. Actual events or results may differmaterially.
In evaluating forward-looking statements, you shouldspecifically consider various factors that may cause actual resultsto vary from those contained in the forward-looking statements,such as general economic conditions, in particular, consumer demandfor the Company's and its customers' products, competitive andtechnological developments, foreign currency fluctuations, andcosts of operations. Shareholders, potential investors and otherreaders are urged to consider these factors carefully in evaluatingthe forward-looking statements and are cautioned not to place unduereliance on such forward-looking statements. The forward-lookingstatements made herein are only made as of the date of this pressrelease and the Company undertakes no obligation to publicly updatesuch forward-looking statements to reflect subsequent events orcircumstances. In addition, such uncertainties and otheroperational matters are discussed further in the Company'squarterly and annual filings with the Securities and ExchangeCommission.