Milwaukee-based Koss Corp. posted a first quarter profit for the first time since 2013 as sales increased 15 percent.
The headphone and speaker maker’s net income for the quarter was $84,211 with earnings of 1 cent per diluted share. Last year the company reported a loss of $100,804 or 1 cent per share during the same period.
Revenue was up 15 percent to $6.4 million, with chairman and chief executive officer Michael J. Koss saying the addition of an export original equipment manufacturer customer in fiscal 2016 had a “big impact” on growing sales.
“It is encouraging to see the continued increases in sales compared to the prior year,” he said. “Although we still see some choppiness in the sales by customer, region and market, the trend overall has been positive.”
Koss said the company has new products in the pipeline that will help grow sales along with geographic expansion.