Koss Corporation (KOSS) has reported a 63.76 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $0.14 million, or $0.02 a share in the quarter, compared with $0.39 million, or $0.05 a share for the same period last year. Revenue during the quarter dropped 7.49 percent to $6.69 million from $7.23 million in the previous year period. Gross margin for the quarter contracted 384 basis points over the previous year period to 33 percent. Total expenses were 96.67 percent of quarterly revenues, up from 91.20 percent for the same period last year. That has resulted in a contraction of 547 basis points in operating margin to 3.33 percent.
Operating income for the quarter was $0.22 million, compared with $0.64 million in the previous year period.
"It was a difficult quarter with softening of sales to Scandinavia and Asia as well as certain European markets. The declines were partially offset by strong sales in the export OEM business as well as improved sales in the U.S.," Michael J. Koss, chairman and chief executive officer, told employees here today. "Earnings were negatively impacted by this change in sales mix."
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