Koss(KOSS) ZACKS·2024-09-02 16:50Core Insights - Koss Corporation reported a narrower loss per share of 1 cent for Q4 fiscal 2024, compared to a loss of 3 cents in Q4 fiscal 2023, with a net loss of $0.1 million versus $0.3 million in the prior year [1] - Revenues for the quarter decreased by 5.9% to $2.9 million from $3.1 million year-over-year [1] Financial Performance - The decline in sales was primarily due to reduced orders from the largest European distributor, linked to delayed inventory replenishments, although this was partially offset by a 60% increase in sales in the Education sector and a 16% rise in Direct-to-Consumer sales [2] - Koss faced financial struggles due to reduced sales in key export markets, particularly Europe and Asia, with European sales impacted by higher living costs and interest rates [3] - In Asia, decreased sales from an original equipment manufacturer of metal detectors negatively affected overall figures, but a nearly 50% increase in e-tailer sales and significant orders for custom headphones from a new client helped mitigate declines [4] Cost Management - The company's gross profit for the quarter was $1.2 million, an increase from $0.8 million in the previous year, indicating improved cost management despite lower sales volume [5] - Selling, general, and administrative expenses rose slightly to $1.5 million from $1.4 million, reflecting ongoing operational challenges [5] Full-Year Update - For fiscal 2024, Koss recorded revenues of $12.3 million, a 6.4% decrease from $13.1 million in the previous year, ending the fiscal year with a significant net loss of $1 million compared to a net income of $8.3 million in the prior year [6] - The company incurred a loss of 10 cents per share against earnings of 85 cents per share in fiscal 2023 [6]