World News: 12:00 GMT Wednesday 14th August 2019. [The Singing Machine Company, Inc. via Globe Newswire via SPi World News]
Fort Lauderdale, FL, Aug. 14, 2019 (GLOBE NEWSWIRE) -- (“Singing Machine” or the “Company”) (OTCQX: ) – the North American leader in consumer karaoke products – today announced its financial results for its first quarter ended June 30, 2019.
Singing Machine reports net sales of approximately $4.8 million for the quarter ended June 30, 2019 period compared to $1.8 million in the comparable quarter of the prior year. The increase in net sales was primarily due to earlier shipments of goods to a major retailer for its upcoming holiday promotions.
Gross profit margin decreased by 0.8% to 20.5% net sales compared to approximately 21.3% of net sales reported in the prior year. The decrease in gross margin was mainly due to a heavier mix of promotional product for a retailer’s Black Friday event.
Total operating expenses increased to $2.1 million compared to $1.7 million in the prior year. The increase in expenses was primarily due to an increase in variable selling expenses of $0.2 million related to the overall increase in sales.
As a result, the Company reported a net loss of $0.87 million compared to a net loss of $1.1 million in the prior year.
Gary Atkinson, Singing Machine CEO, commented, “We are thrilled to see a strong start to the fiscal year with a 166% increase in YoY first-quarter net sales. Our new “Carpool Karaoke Mic” has gotten off to a strong start garnering millions of digital impressions and fantastic media coverage along with overwhelmingly positive consumer feedback. We look forward to continuing to leverage the popularity of music and singing into the coming holiday season with anticipated stronger distribution and national exposure.”
The Company will host a conference call today, Wednesday, August 14, beginning at 10:00 am Eastern Time to discuss these results and answer questions. If you would like to participate in the call, please dial 877-876-9174 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 .
For access to the full report, including financial tables,
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 13,000 songs for streaming and download. Singing Machine products are sold through most major retailers in North America and also internationally. See for more details.
Globe Newswire: 12:00 GMT Wednesday 14th August 2019
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