Koss Corp. the Milwaukee-based based high-fidelity stereophone company, today reported fiscal second quarter net income of $1.4 million, or 18 cents per share, which was a vast improvement over a net loss of $1.8 million, or 25 cents per share, in the same period a year ago.
"We noted some very conservative replenishment orders in the U.S. and Europe during the first six months of the fiscal year," Michael J. Koss, president and chief executive officer. "We are encouraged by the renewed strength of export shipments in the second quarter and with our solid net income."
Koss noted that the quarter softened notably in the United States toward the end of the calendar year and speculated that U.S. retailers were watching their inventory very closely. He also noted that the company had sharply reduced its accounts payable balances.
"Overall we are very pleased with our performance," Koss said. "We continue to monitor the retail landscape closely for any shifts in order patterns and the future threat of increased vendor costs most notably relating to rising energy prices."
The company will pay a dividend of $0.06 per share on April 15, 2011, to shareholders of record on March 31, 2011.
Koss returns to profitability
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