Koss Corporation Releases Fourth Quarter and Full Year Results

Core Insights - Koss Corporation reported a decline in sales and a net loss for the fourth quarter and fiscal year ended June 30, 2024, indicating challenges in the market [2][3][4] Financial Performance - Fourth quarter sales were $2,893,401, down 5.9% from $3,073,350 in the same period last year [2] - The net loss for the fourth quarter was $110,369, an improvement from a net loss of $259,839 in the prior year [2] - For the fiscal year, total sales were $12,265,069, a decrease of $834,582 or 6.4% from $13,099,651 in the previous year [3] - The fiscal year net loss was $950,911, a significant decline from a net income of $8,319,212 in the prior year [3] Sales Breakdown - The decline in sales was primarily due to reduced sales to the largest European distributor, with a 60% increase in sales to the Education sector and a 16% increase in Direct-to-Consumer (DTC) sales [3] - DTC sales experienced a nearly 20% decline, attributed to consumers being more selective in discretionary spending due to inflation [4] - Sales to E-tailers increased by almost 50%, partially offsetting the overall sales decline [4] Operational Insights - The cost of goods sold for the fourth quarter was $1,725,607, leading to a gross profit of $1,167,794 [6] - Selling, general, and administrative expenses were $1,485,557 for the fourth quarter, resulting in a loss from operations of $317,763 [6] - Interest income for the fourth quarter was $211,162, contributing to a net loss before tax of $106,601 [6]