Koss Corp. reported that its fiscal first quarter net income dropped by 32 to $913,764, or 25 cents per share, from $1.3 million, or 36 cents per share, in the same period a year ago.
The Milwaukee-based high-fidelity stereophone company said its quarterly sales fell 9 percent to $11.5 million from $12.6 million a year ago.
"The drop in our first quarter sales and net income is the result of soft U.S. retail sales," said Michael Koss, president and chief executive officer of the firm. "We expect difficult trends in the U.S. to continue through the holiday season."
The company also reported that its sales in Europe had increased by 24 percent during the quarter, and the firm is closely monitoring the changing credit environment for its European distributors.
Koss said the company is continuing to invest in new product development and marketing, despite the general market slowdown.
"We believe it is critical to continue our forward progress on several key new products to remain competitive," Koss said.
Koss expects 'difficult' holiday season
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