Koss Corp. releases new product amid fiscal setbacks

On the heels of Koss Corp.’s announcement that it experienced a drop in sales and is halting production in Mexico, the company has released a new product, the BT540i Wireless Bluetooth headphone.

Featuring state-of-the-art Bluetooth hardware and software integrated with aptX codec technology, the Koss BT540i is said to be the Milwaukee-based company’s most advanced Bluetooth headphone. It features built-in, dual microphones that work in sync to reduce background noise and on-board controls that allow listeners to quickly navigate through songs, play or pause music, volume-up, volume-down and answer incoming calls.

Koss Corp.’s recent fiscal fourth quarter earnings report detailed its setbacks, which included a 12-month net loss of $5.6 million, compared with a net income of $5.4 million a year earlier. In addition, the company’s quarterly sales dipped to $6.2 million from $9.9 million a year earlier.

“The company had extremely disappointing results in the past fiscal year and in the quarter ended June 30, 2014,” said Michael Koss, president and chief executive officer. “We experienced major setbacks in export sales, particularly in Europe. That drop in sales was significant enough for us to suspend operations in Mexico until sales volumes support enough demand for the products being produced there. In addition, with the changes that need to be made to the Striva Wi-Fi headphone technology, we wrote off the capitalized software costs as well as the related tooling and inventory. These three factors resulted in a significant loss in fiscal year 2014.”

Sign up for BizTimes Daily Alerts

Stay up-to-date on the people, companies and issues that impact business in Milwaukee and Southeast Wisconsin

No posts to display