Singing Machine Announces 40% Increase in Sales in First Quarter Earnings Report
(firmenpresse) - FORT LAUDERDALE, FL -- (Marketwired) -- 08/15/16 -- ("Singing Machine" or the "Company") (OTCQX: SMDM) -- the North American leader in consumer karaoke products -- today announced its financial results for its first quarter ended June 30, 2016.
Net sales for the June 30, 2016 quarter increased by 40% from $3.5 million to $4.9 million, compared to the same period from last year.
EBITDA for the period improved by approximately $0.2 million compared to the same period last year.
Related party debt paid down by $1.3 million compared to the same period last year.
Singing Machine reports net sales of approximately $4.9 million for the quarter-ended June 30, 2016 period, an increase of 40% from the prior year ($3.5 million). The increase in net sales is attributable to an increase in sales to one major retailer for a new holiday program.
Gross profit increased by approximately $0.3 million to $1.1 million, or 23.5% of net sales compared to approximately $0.85 million or 24.8% of net sales reported in the prior year. The decrease in gross profit margin is due to one retailer taking delivery of their holiday promotional goods earlier than usual.
Total operating expenses increased to $1.7 million compared to $1.6 million in the prior year.
As a result, the Company reported a decrease of $167,000 in loss from operations to $571,000 compared to a loss from operations of approximately $739,000 in the same period in the prior year. Loss before income taxes improved by approximately $200,000 compared to the prior year due to the increase in sales and the aforementioned reasons. Net loss for the period decreased to $437,000 compared to $495,000 in the prior year representing a loss of $0.01 per share on a fully diluted basis.
Gary Atkinson, Singing Machine CEO commented, "The Company continues to see strong growth in in our first quarter -- which is historically one of our slowest quarters. We grew sales 40% year over year in our first quarter and reduced our loss before taxes by approximately $200,000. Last year, first quarter sales represented approximately 7% of overall sales for the fiscal year ended March 31, 2016."
Atkinson added, "As we look toward our upcoming holiday season, we continue to have the best and biggest names of retail partners and the largest market share for consumer karaoke products in North America. We also anticipate to ship 500% more digital download machines than we did in the prior year with 99% of our total product fleet to include Bluetooth® access to our mobile karaoke app. Additionally, our backlog of purchase indications from our customers exceeds those held at this same time last year."
The Company will host a conference call today, Monday, August 15, beginning at 10:00 am Eastern time to discuss these results and answer questions. If you would like to participate on the call, please dial 877-876-9175 and use conference ID: SMDM.
An audio rebroadcast of the call will be available later in the day after the earnings call and can be heard at: .
Based in the U.S., Singing Machine® is the North American leader in consumer karaoke products. The first to provide karaoke systems for home entertainment in the United States, the Company sells its products worldwide through major mass merchandisers and on-line retailers. We offer the industry''s widest line of at-home karaoke entertainment products, which allow consumers to find a machine that suits their needs and skill level. As the most recognized brand in karaoke, Singing Machine products incorporate the latest technology for singing practice, music listening, entertainment and social sharing. The Singing Machine provides consumers the best warranties in the industry and access to over 12,000 songs for streaming and download. Singing Machine products are sold through most major retailers in North America and also internationally. See for more details.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current expectations, estimates and projections about the Company''s business based, in part, on assumptions made by management and include, but are not limited to statements about our financial statements for the fiscal year ended March 31, 2016. You should review our risk factors in our SEC filings which are incorporated herein by reference. Such forward-looking statements speak only as of the date on which they are made and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.
Brendan Hopkins
(407) 645-5295
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 15.08.2016 - 05:00 Uhr
Sprache: Deutsch
News-ID 1452529
Anzahl Zeichen: 2416
contact information:
Contact person:
Town:
FORT LAUDERDALE, FL
Phone:
Kategorie:
Recreation
Typ of Press Release:
type of sending:
Date of sending:
Anmerkungen:
Diese Pressemitteilung wurde bisher 189 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Singing Machine Announces 40% Increase in Sales in First Quarter Earnings Report
"
steht unter der journalistisch-redaktionellen Verantwortung von
The Singing Machine Company, Inc. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
