Koss Corp. (KOSS, Financial) filed Quarterly Report for the period ended 2009-03-31.
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 $48.5 million; its shares were traded at around $13.14 with a P/E ratio of 18.2 and P/S ratio of 1. The dividend yield of Koss Corp. stocks is 4%. 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 March 31, 2009, the Company has purchased a total of 5,474,102 shares for a total gross purchase price of $52,768,873 (representing an average gross purchase price of $9.64 per share) and a total net purchase price of $41,945,130 (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
For the quarter ended March 31, 2009, income from operations was $225,825 compared to $963,002 for the same period in the prior year. Income from operations for the nine months ended March 31, 2009 was $2,154,541 compared to $4,924,055 for the same period in 2008, a 56% decrease. Income from operations decreased primarily as a result of decreased net sales for the quarter and nine months ended March 31, 2009.
For the quarter ended March 31, 2009, net income decreased 79% to $137,767 from $647,997 for the same period in 2008. Net income for the nine months ended March 31, 2009, decreased 57% from $3,230,223 in 2008 to $1,373,985 in 2009. Net income decreased primarily as a result of decreased net sales for the quarter and nine months ended March 31, 2009.
Interest income for the quarter was $2 compared to $11,929 for the same quarter in 2008. For the nine month period ended March 31, 2009, interest income was $15,501, compared to $109,120, 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 $43,374,113 had been expended through March 31, 2009.
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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 $48.5 million; its shares were traded at around $13.14 with a P/E ratio of 18.2 and P/S ratio of 1. The dividend yield of Koss Corp. stocks is 4%. Koss Corp. had an annual average earning growth of 6.7% over the past 10 years.
Highlight of Business Operations:
For the quarter ended March 31, 2009, the Company purchased 168 shares of its common stock at an average net price of $9.30 per share, for a total net purchase price of $1,562. For the nine months ended March 31, 2009, the Company purchased 3,998 shares of its common stock at an average net price of $10.91 per share, for a total net purchase price of $43,620.From the commencement of the Companys stock repurchase program through March 31, 2009, the Company has purchased a total of 5,474,102 shares for a total gross purchase price of $52,768,873 (representing an average gross purchase price of $9.64 per share) and a total net purchase price of $41,945,130 (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
For the quarter ended March 31, 2009, income from operations was $225,825 compared to $963,002 for the same period in the prior year. Income from operations for the nine months ended March 31, 2009 was $2,154,541 compared to $4,924,055 for the same period in 2008, a 56% decrease. Income from operations decreased primarily as a result of decreased net sales for the quarter and nine months ended March 31, 2009.
For the quarter ended March 31, 2009, net income decreased 79% to $137,767 from $647,997 for the same period in 2008. Net income for the nine months ended March 31, 2009, decreased 57% from $3,230,223 in 2008 to $1,373,985 in 2009. Net income decreased primarily as a result of decreased net sales for the quarter and nine months ended March 31, 2009.
Interest income for the quarter was $2 compared to $11,929 for the same quarter in 2008. For the nine month period ended March 31, 2009, interest income was $15,501, compared to $109,120, 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 $43,374,113 had been expended through March 31, 2009.
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