Emerson Radio Corp. Reports Fiscal 2012 Third Quarter Results
(firmenpresse) - MOONACHIE, NJ -- (Marketwire) -- 02/15/12 -- Emerson Radio Corp. (NYSE Amex: MSN) today reported financial results for its third quarter and nine month period ended December 31, 2011.
Net revenues for the third quarter of fiscal 2012 were $43.5 million, an increase of $2.9 million, or 7.1%, from the third quarter of fiscal 2011 net revenues of $40.6 million, principally driven by an increase in sales of microwave ovens, partially offset by a decrease in sales of audio products, compact refrigerators, toaster ovens, coffee makers and wine coolers. Net revenues for the nine month period of fiscal 2012 were $136.4 million, a decrease of $23.3 million, or 14.6%, from the nine month period of fiscal 2011 net revenues of $159.7 million, principally driven by a decrease in sales of microwave ovens in the first two quarters of fiscal 2012, as well as a decrease in sales of audio products, toaster ovens, wine coolers and coffee makers, partially offset by an increase in sales of compact refrigerators and by the increase in sales in microwave ovens in the third quarter of fiscal 2012.
Operating income for the third quarter of fiscal 2012 was $4.5 million, a decrease of $0.5 million, or 10.4%, from the third quarter of fiscal 2011 operating income of $5.0 million. Operating income for the nine month period of fiscal 2012 was $10.0 million, a decrease of $5.7 million, or 36.3%, from the nine month period of fiscal 2011 operating income of $15.7 million. The decline in year-over-year operating income for the third quarter of fiscal 2012 was driven by higher year-over-year landed product costs as a percent of selling price and higher year-over-year selling, general and administrative expenses, partially offset by the higher year-over-year net revenue. The decline in year-over-year operating income for the nine month period of fiscal 2012 was driven by the lower year-over-year net revenue, higher year-over-year landed product costs as a percent of selling price, and higher year-over-year selling, general and administrative expenses.
Net income for the third quarter of fiscal 2012 was $3.2 million, a decrease of $1.0 million, or 24.2%, from the third quarter of fiscal 2011 net income of $4.2 million. Net income for the nine month period of fiscal 2012 was $8.3 million, a decrease of $5.0 million, or 37.7%, from the nine month period of fiscal 2011 net income of $13.3 million. Diluted earnings per share for the third quarter of fiscal 2012 were $0.12 as compared to $0.15 for the third quarter of fiscal 2011, a decrease of $0.03, or 20.0%. Diluted earnings per share for the nine month period of fiscal 2012 were $0.30 as compared to $0.49 for the nine month period of fiscal 2011, a decrease of $0.19, or 38.8%.
Duncan Hon, Chief Executive Officer of Emerson Radio, commented, "Although we saw a modest increase in net revenues in the third quarter of fiscal 2012, which we do not expect to repeat in the fourth quarter of fiscal 2012, and which was accompanied by higher year-over-year product costs, our nine month results were still negatively affected by a continuation of the challenging and highly competitive sales environment that we operate within, and higher year-over-year 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 income for the third quarter and nine month periods, as well as the year-over-year decline in net revenue for the nine month period. Looking forward, we continue to anticipate that these factors will persist throughout the remainder of the fiscal year."
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.
Robert Maffei
Investor Relations Manager
(973) 428-2098
.
85 Oxford Drive
Moonachie, NJ 07074
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Datum: 15.02.2012 - 15:10 Uhr
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