Koss recovers from loss with higher sales

Milwaukee-based Koss Corp. reported fiscal third quarter net income of $57,218, or 1 cent per share, compared with a net loss of $25,121, or 0 cents per share, in the third quarter of 2014.

The high-fidelity headphone manufacturer’s operating income was $115,804, compared with an operating loss of $1 million in the same period a year ago.

Revenue totaled $6 million, up 40 percent from $4.3 million in the third quarter of 2014.

“We experienced increased sales in our domestic markets of approximately $1,613,000 or 66 percent and an increase of approximately $90,000 or 5 percent in the export markets. It was nice to see increases in both areas and to finally see the export markets start to show renewed life,” said Michael Koss, president and chief executive officer of Koss Corp.

“We are pleased to see a year-to-date sales increase compared to last year. Coupled with our cost reduction efforts, this has helped us record a tremendous improvement in Earnings Before Interest, Taxes, Depreciation and Amortization from operations,” Koss continued.

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