8-K Cover FY13 Q1 Earnings Press Release


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
Date of Report (Date of earliest event reported): October 24, 2012
 
Koss Corporation
(Exact name of registrant as specified in its charter)
 
Delaware
 
0-3295
 
39-1168275
(State or other
Jurisdiction of
Incorporation)
 
(Commission File
Number)
 
(IRS Employer
Identification No.)
 
4129 North Port Washington Avenue, Milwaukee, Wisconsin 53212
(Address of principal executive offices)  (Zip code)
 
(414) 964-5000
(Registrant’s telephone number, including area code)
 
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
o            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


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Item 2.02     Results of Operations and Financial Condition.
 
October 24, 2012, Koss Corporation issued a press release announcing its financial results for the quarter ended September 30, 2012.  A copy of the press release is being furnished as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.
 
The information in this report is being furnished pursuant to Item 2.02 Results of Operations and Financial Condition.  In accordance with General Instruction B.2 of Form 8-K, the information in this report shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1934, as amended.
 
Item 9.01     Financial Statements and Exhibits.
 
(d) Exhibits
 
Number
 
Description
 
 
 
Exhibit 99.1
 
Press Release of Koss Corporation dated October 24, 2012.

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SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
Dated: October 24, 2012
KOSS CORPORATION
 
 
 
 
By:
/s/ Michael J. Koss
 
 
Michael J. Koss
 
 
Chief Executive Officer and President

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Exhibit 99.1 FY13 Q1 Earnings Press Release
Exhibit 99.1

FOR IMMEDIATE RELEASE
CONTACT:
Michael J. Koss
October 24, 2012
 
President & CEO
 
 
(414) 964-5000
 
 
mjkoss@koss.com

Koss Sales and Earnings Up on Stronger Domestic Sales
 

Milwaukee, Wisconsin: Koss Corporation (NASDAQ SYMBOL: KOSS), the U.S. based high-fidelity headphone company, has announced results for its first quarter ending September 30, 2012.

Sales for the first quarter were $8,914,862 compared to $8,754,785 for the same period one year ago, a 2% increase. Net income grew by 30% to $366,153, compared to $280,597 for the first quarter last year. Diluted earnings per share for the quarter were $0.05 compared with $0.04 in the same period one year ago.

"Sales to U.S. domestic retailers continued to increase in the quarter due to new customers added late in our fiscal year ended June 30, 2012," Michael J. Koss, President and CEO, told employees here today. "Our European sales continue to be soft based upon the challenging economy there."

The Company will pay a dividend of $0.06 cents per share on December 28, 2012, to shareholders of record on December 14, 2012.

Koss Corporation markets a complete line of high-fidelity headphones, speaker-phones, computer headsets, telecommunications headsets, active noise canceling headphones, wireless headphones, and compact disc recordings of American Symphony Orchestras on the Koss Classics label.
This press release contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "forecasts," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," or "continue" or the negative of such terms and other comparable terminology. These statements are only predictions. Actual events or results may differ materially. In evaluating forward-looking statements, you should specifically consider various factors that may cause actual results to vary from those contained in the forward-looking statements, such as general economic conditions, in particular, consumer demand for the Company's and its customers' products, competitive and technological developments, foreign currency fluctuations, and costs of operations. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are only made as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. In addition, such uncertainties and other operational matters are discussed further in the Company's quarterly and annual filings with the Securities and Exchange Commission.



Exhibit 99.1


KOSS CORPORATION
CONDENSED STATEMENTS OF INCOME
(Unaudited)


 
 
Three Months Ended
 
 
September 30
 
 
2012
 
2011
Net sales
 
$
8,914,862

 
$
8,754,785

Cost of goods sold
 
5,663,690

 
5,426,543

Gross profit
 
3,251,172

 
3,328,242

Operating Expenses:
 
 
 
 
Selling, general and administrative expenses
 
3,018,751

 
2,885,187

Unauthorized transaction related costs and (recoveries), net
 
(382,727
)
 
(50,414
)
Total Operating Expenses
 
2,636,024

 
2,834,773

Income from operations
 
615,148

 
493,469

Other Income (Expense):
 
 
 
 
Interest income
 
10

 

Interest expense
 
(29,309
)
 
(40,526
)
Total Other Income (Expense), net
 
(29,299
)
 
(40,526
)
Income before income tax provision
 
585,849

 
452,943

Income tax provision
 
219,696

 
172,346

Net income
 
$
366,153

 
$
280,597

Income per common share:
 
 
 
 
Basic
 
$
0.05

 
$
0.04

Diluted
 
$
0.05

 
$
0.04

Dividends declared per common share
 
$
0.06

 
$
0.06


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