MILWAUKEE, Aug. 24, 2017 (GLOBE NEWSWIRE) -- Koss Corporation (NASDAQ:KOSS), the U.S. based high-fidelity headphone company, has reported its fourth quarter results for the quarter and year ended June 30, 2017. 

Sales for the fourth quarter were $6,243,863, which is a 13.74% decrease from sales of $7,238,684 for the same three month period one year ago.  The three month net loss was $70,376, compared to net income of $233,487 for the fourth quarter last year.  Diluted and basic loss per common share for the quarter was $0.01 compared to income per common share of $0.03 for the three month period one year ago. 

"Our distributors in Asia and Scandinavia continue to buy at levels below last year as they work to reduce their inventory.  The declines in foreign distribution were partially offset by improved sales in the U.S. through on-line retail, mass retail and certain distributors," Michael J. Koss, Chairman and CEO, told employees here today.  "The lower sales resulted in a decline in earnings causing a loss for the quarter."

Sales for the twelve months ended June 30, 2017, decreased by 7.5% to $24,054,281 compared with $26,001,346 for the same twelve month period a year ago.  Twelve month net loss was $963,636 compared to net income of $1,389,000 for the same twelve months last year.  Diluted and basic loss per common share was $0.13 for the twelve months ended June 30, 2017, compared with income of $0.19 for the same twelve month period a year ago. 

In the twelve months ended June 30, 2017, sales declined to distributors in Scandinavia, Asia and Africa.  These declines were partially offset by improved sales to the OEM customer in Asia combined with improved sales to domestic distributors.  In the domestic market, Koss also had increased sales through mass retail and on-line retail.

"We have seen improvements in our on-line channels especially in the U.S.  However, this is not enough to offset the continued weakness in Asia and Scandinavia," Koss continued. "Our focus continues to be increasing sales through our various channels and driving new products to market."

Koss Corporation markets a complete line of high-fidelity headphones, wireless Bluetooth® speakers, computer headsets, telecommunications headsets, active noise canceling headphones, wireless headphones, and compact disc recordings of American Symphony Orchestras on the Koss Classics® label.

CONTACT:
Michael J. Koss
Chairman & CEO
(414) 964-5000
[email protected]