Koss Corporation (KOSS) swung to a net loss for the quarter ended Mar. 31, 2017. The company has made a net loss of $1.12 million, or $ 0.15 a share in the quarter, against a net profit of $0.87 million, or $0.12 a share in the last year period. Revenue during the quarter dropped 20.46 percent to $4.77 million from $6 million in the previous year period. Gross margin for the quarter contracted 1529 basis points over the previous year period to 19.91 percent. Operating margin for the quarter stood at negative 22.10 percent as compared to a positive 22.78 percent for the previous year period.
Operating loss for the quarter was $1.06 million, compared with an operating income of $1.37 million in the previous year period.
"Sales were weak in the quarter with continued decrease in orders from distributors in Asia and Scandinavia as well as lower demand for the OEM products in Asia. The lower order volume is driven by distributors working off inventory levels as well as the continued strength of the dollar," Michael J. Koss, chairman and chief executive officer, told employees here today. "Earnings were negatively impacted by the low export sales and a charge to earnings to write down the inventory value on a group of products."
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
