Koss Corp. sales continue climb in 3Q
Sales volumes continued to rise at Koss Corp. in the fiscal third quarter, thanks to a jump in U.S. numbers and a small hike in international sales that contributed to the second consecutive quarter of profits for the struggling company.
Sales for the Milwaukee stereo headphone firm in the fiscal third quarter of 2015 were slightly more than $6 million, compared with $4.3 million for the third quarter in 2014. Net income was $57,218, or 1 cent per share, in the third quarter, compared with a net loss of $25,121, or a loss of zero cents per share, for the same quarter last year, Koss (Nasdaq: KOSS) reported late Thursday.
U.S. sales saw the biggest boost, growing about 66 percent to roughly $1.6 million, CEO Michael Koss said in a press release. Overseas sales, which have particularly struggled, grew by about 5 percent this quarter.
Michael Koss attributed the growth to an export market that has “finally” begun to show some life, as well as cost reductions made by the company, which has included shuttering its Mexican production facility.