Koss Corp. (KOSS, Financial) filed Quarterly Report for the period ended 2008-12-31.
KOSS CORP. operates in the audio/video industry segment of the homeentertainment industry through its design manufacture and sale of stereoheadphones audio/video loudspeakers and related accessory products.Co.'s principal product is the design manufacture and sale ofstereophones and related accessories. Koss Corp. has a market cap of $44.34 million; its shares were traded at around $11.98 with a P/E ratio of 14.4 and P/S ratio of 0.94. The dividend yield of Koss Corp. stocks is 4.33%. Koss Corp. had an annual average earning growth of 6.7% over the past 10 years.
From the commencement of the Companys stock repurchase program through December 31, 2008, the Company has purchased a total of 5,473,934 shares for a total gross purchase price of $52,767,311 (representing an average gross purchase price of $9.64 per share) and a total net purchase price of $41,943,568 (representing an average net purchase price of $7.66 per share). The difference between the total gross purchase price and the total net purchase price is the result of the Company receiving from employees cash acquired from such employees pursuant to the Companys stock option program. In determining the dollar amount available for additional purchases under the stock repurchase program, the Company uses the total net purchase price by the Company for all stock purchases, as authorized by the Board of Directors.
For the quarter ended December 31, 2008, income from operations was $526,785 compared to $1,953,099 for the same period in the prior year. Income from operations for the six months ended December 31, 2008 was $1,928,718 compared to $3,961,053 for the same period in 2007, a 51% decrease. Income from operations decreased primarily as a result of decreased net sales for the quarter and six months ended December 31, 2008.
For the quarter ended December 31, 2008, net income decreased 74% to $322,454 from $1,246,552 for the same period in 2007. Net income for the six months ended December 31, 2008, decreased 52% from $2,582,226 in 2007 to $1,236,218 in 2008. Net income decreased primarily as a result of decreased net sales for the quarter and six months ended December 31, 2008.
Interest income for the quarter was $1,446 compared to $46,751 for the same quarter in 2007. For the six month period ended December 31, 2008, interest income was $15,499, compared to $97,191, for the same period in the prior year. Interest income fluctuates in relation to cash balances on hand throughout the year and fluctuations in interest rates earned.
(1) In April of 1995, the Board of Directors approved a stock repurchase program authorizing the Company to purchase from time to time up to $2,000,000 of its common stock for its own account. Subsequently, the Board of Directors periodically has approved increases in the stock repurchase program. The most recent increase was for an additional $2,000,000 in October 2006, for a maximum of $45,500,000 of which $43,372,551 had been expended through December 31, 2008.
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KOSS CORP. operates in the audio/video industry segment of the homeentertainment industry through its design manufacture and sale of stereoheadphones audio/video loudspeakers and related accessory products.Co.'s principal product is the design manufacture and sale ofstereophones and related accessories. Koss Corp. has a market cap of $44.34 million; its shares were traded at around $11.98 with a P/E ratio of 14.4 and P/S ratio of 0.94. The dividend yield of Koss Corp. stocks is 4.33%. Koss Corp. had an annual average earning growth of 6.7% over the past 10 years.
Highlight of Business Operations:
For the quarter ended December 31, 2008, the Company purchased 3,830 shares of its common stock at an average net price of $10.98 per share, for a total net purchase price of $42,057. For the six months ended December 31, 2008, the Company purchased 3,830 shares of its common stock at an average net price of $10.98 per share, for a total net purchase price of $42,057.From the commencement of the Companys stock repurchase program through December 31, 2008, the Company has purchased a total of 5,473,934 shares for a total gross purchase price of $52,767,311 (representing an average gross purchase price of $9.64 per share) and a total net purchase price of $41,943,568 (representing an average net purchase price of $7.66 per share). The difference between the total gross purchase price and the total net purchase price is the result of the Company receiving from employees cash acquired from such employees pursuant to the Companys stock option program. In determining the dollar amount available for additional purchases under the stock repurchase program, the Company uses the total net purchase price by the Company for all stock purchases, as authorized by the Board of Directors.
For the quarter ended December 31, 2008, income from operations was $526,785 compared to $1,953,099 for the same period in the prior year. Income from operations for the six months ended December 31, 2008 was $1,928,718 compared to $3,961,053 for the same period in 2007, a 51% decrease. Income from operations decreased primarily as a result of decreased net sales for the quarter and six months ended December 31, 2008.
For the quarter ended December 31, 2008, net income decreased 74% to $322,454 from $1,246,552 for the same period in 2007. Net income for the six months ended December 31, 2008, decreased 52% from $2,582,226 in 2007 to $1,236,218 in 2008. Net income decreased primarily as a result of decreased net sales for the quarter and six months ended December 31, 2008.
Interest income for the quarter was $1,446 compared to $46,751 for the same quarter in 2007. For the six month period ended December 31, 2008, interest income was $15,499, compared to $97,191, for the same period in the prior year. Interest income fluctuates in relation to cash balances on hand throughout the year and fluctuations in interest rates earned.
(1) In April of 1995, the Board of Directors approved a stock repurchase program authorizing the Company to purchase from time to time up to $2,000,000 of its common stock for its own account. Subsequently, the Board of Directors periodically has approved increases in the stock repurchase program. The most recent increase was for an additional $2,000,000 in October 2006, for a maximum of $45,500,000 of which $43,372,551 had been expended through December 31, 2008.
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