Emerson Radio Corp. Reports Fiscal 2012 First Quarter Results
(firmenpresse) - MOONACHIE, NJ -- (Marketwire) -- 08/15/11 -- Emerson Radio Corp. (NYSE Amex: MSN) today reported financial results for its first quarter ended June 30, 2011.
Net revenues for the first quarter of fiscal 2012 were $51.5 million, a decrease of $15.7 million, or 23.3%, from the first quarter of fiscal 2011 net revenues of $67.2 million.
Operating income for the first quarter of fiscal 2012 was $3.9 million, a decrease of $3.5 million, or 48.0%, from the first quarter of fiscal 2011 operating income of $7.4 million. The decline in year-over-year operating income was driven by the lower year-over-year net sales as well as higher year-over-year landed product costs as a percent of selling price, partially offset by lower year-over-year selling, general and administrative expenses.
Net income for the first quarter of fiscal 2012 was $3.3 million, a decrease of $2.6 million, or 43.2%, from the first quarter of fiscal 2011 net income of $5.9 million, and was aided by a realized gain of $0.8 million recorded in the first quarter of fiscal 2012 on the sale of a marketable security. Diluted earnings per share for the first quarter of fiscal 2012 were $0.12 as compared to $.22 for the first quarter of fiscal 2011, a decrease of $0.10, or 45.5%.
Duncan Hon, Deputy Chief Executive Officer of Emerson Radio, commented, "As expected, in the first quarter of fiscal 2012, we faced a challenging and highly competitive sales environment, as well as higher product costs due to the continuing appreciation of the renminbi and increases in costs of production in China. These factors led to the year-over-year declines in net revenues and net income for the first quarter. Looking forward, we see these factors continuing throughout the fiscal year. As always, we will remain focused on keeping our costs as low as possible and providing the consumer with the highest level of value in the marketplace on the products we offer."
Emerson Radio Corporation (NYSE Amex: MSN), founded in 1948, is headquartered in Moonachie, N.J. The Company designs, sources, imports and markets a variety of houseware and consumer electronic products, and licenses its trademarks to others on a worldwide basis for a variety of products. For more information, please visit Emerson Radio's Web site at .
This release contains "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management's current knowledge, assumptions, judgment and expectations regarding future performance or events. Although management believes that the expectations reflected in such statements are reasonable, they give no assurance that such expectations will prove to be correct and you should be aware that actual results could differ materially from those contained in the forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, including the risk factors detailed in the Company's reports as filed with the Securities and Exchange Commission. The Company assumes no obligation to update the information contained in this news release.
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85 Oxford Drive
Moonachie, NJ 07074
Robert Maffei
Investor Relations Manager
(973) 428-2098
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Datum: 15.08.2011 - 14:30 Uhr
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