Thanks for your interest in Koss Corporation. Below is our most recent
press release. If you need any further information please feel free to
call me at 414-964-5000 (800-USA-KOSS) or by e-mail.
FOR IMMEDIATE RELEASE CONTACT: MICHAEL J. KOSS
JULY 23, 1997 (414) 964-5000
Koss Net Income Up 52% on Record Sales
Earnings Per Share Jump 60%
Milwaukee, Wisconsin: Koss Corporation (NASDAQ: ?KOSS?), the U.S. based
leader in high fidelity stereophones has announced the results of its
fiscal year ending June 30, 1997.
Net sales for the 12 months ending June 30, 1997 reached $39,554,720,
compared to $36,422,377 in fiscal year 1996, an increase of 8.6%. Pretax
income reached $5,968,688 compared with $3,915,963 in 1996. Net income was
up by 52% at $3,587,688 compared to $2,360,963 in 1996. Earnings per share
rose to $1.07 compared to $.67 last year, a 60% increase.
?This year set new records in terms of sales and earnings,? Michael J. Koss
President and C.E.O. told employees here today. ?But the real story lies
in our dedication and focus on the long term success of the core
stereophone business we created nearly 40 years ago.?
Koss went on to say that the months of April and May had been soft but that
June had been strong leaving the company with a surprising million dollar
backorder position on June 30, 1997. Net sales for the fourth quarter
ending June 30, 1997 were $ 7.79mm compared to $8.48mm during 1996. Net
income for the quarter rose to $735k compared to $583k last year on strong
increases in gross margins. Earnings per share rose to $.21 from $.17
posted one year ago.
?Orders already appear strong for fiscal year 1998 as we begin our third
consecutive record breaking year,? Michael Koss said.
Koss went on to explain that the company had finalized an assignment of its
licensing agreement for electronics from Trabelco, N.V., a subsidiary of
Hagemeyer N.V. to Jaingsu Electronics, a subsidiary of Orient Power
Holdings Limited of Hong Kong. The agreement calls for fixed increases in
minimum royalty payments and contemplates the addition of several
extensions to the product categories currently under license.
Koss also announced that the firm's Board of Directors had authorized the
company to spend up to 5 million dollars to re-purchase shares in Koss
Corporation stock.
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?In recent months the market price of shares in Koss Corporation has not
matched historical multiple-of- earnings ratios,? Michael Koss said. ?We
believe that the current market price for Koss Corporation stock is
undervalued and does not properly reflect the company's record breaking
performance. We will therefore continue to repurchase shares as long as
the price remains undervalued.?
Koss Corporation, located in Milwaukee, Wisconsin, markets an entire range
of stereophones, tele-communications headsets, active noise canceling
headsets, multi-media loudspeakers, and compact disc recordings of American
Symphony Orchestras. |
