$KOSS
KOSS CORP

2012 Q4 Form 10-Q Financial Statement

#000005670112000027 Filed on November 02, 2012

View on sec.gov

Income Statement

Concept 2012 Q4 2012 Q3 2011 Q3
Revenue $8.642M $8.915M $8.755M
YoY Change -13.5% 1.83% -12.71%
Cost Of Revenue $5.884M $5.664M $5.427M
YoY Change -4.96% 4.37% -4.29%
Gross Profit $2.758M $3.251M $3.328M
YoY Change -27.42% -2.32% -23.66%
Gross Profit Margin 31.91% 36.47% 38.02%
Selling, General & Admin $3.003M $3.019M $2.885M
YoY Change 2.69% 4.63% -6.93%
% of Gross Profit 108.92% 92.85% 86.69%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $620.0K $215.0K $166.3K
YoY Change 264.71% 29.28% 3.94%
% of Gross Profit 22.48% 6.61% 5.0%
Operating Expenses $2.191M $2.636M $2.835M
YoY Change -10.76% -7.01% -8.56%
Operating Profit $566.5K $615.1K $493.5K
YoY Change -57.86% 24.66% -60.84%
Interest Expense -$30.00K -$30.00K -$40.00K
YoY Change -224.94% -25.0% -60.0%
% of Operating Profit -5.3% -4.88% -8.11%
Other Income/Expense, Net -$27.21K -$29.30K -$40.53K
YoY Change 13.3% -27.7%
Pretax Income $539.3K $585.8K $452.9K
YoY Change -59.16% 29.34% -49.11%
Income Tax $200.6K $219.7K $172.3K
% Of Pretax Income 37.19% 37.5% 38.05%
Net Earnings $340.0K $370.0K $280.0K
YoY Change -59.04% 32.14% -50.0%
Net Earnings / Revenue 3.93% 4.15% 3.2%
Basic Earnings Per Share $0.05 $0.05 $0.04
Diluted Earnings Per Share $0.05 $0.05 $0.04
COMMON SHARES
Basic Shares Outstanding 7.383M shares 7.383M shares 7.383M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2012 Q4 2012 Q3 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $190.0K $200.0K $230.0K
YoY Change 5.56% -13.04% 35.29%
Cash & Equivalents $193.3K $195.2K $233.6K
Short-Term Investments
Other Short-Term Assets $2.140M $1.990M $1.660M
YoY Change 27.38% 19.88% -4.05%
Inventory $9.817M $9.121M $8.710M
Prepaid Expenses
Receivables $3.277M $4.813M $5.260M
Other Receivables $0.00 $0.00 $250.0K
Total Short-Term Assets $15.43M $16.12M $16.11M
YoY Change -5.1% 0.06% -2.48%
LONG-TERM ASSETS
Property, Plant & Equipment $2.532M $2.814M $3.340M
YoY Change -18.62% -15.74% 40.93%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.530M $5.710M $5.650M
YoY Change 10.38% 1.06% -6.77%
Total Long-Term Assets $11.57M $12.41M $12.44M
YoY Change -4.1% -0.24% 12.27%
TOTAL ASSETS
Total Short-Term Assets $15.43M $16.12M $16.11M
Total Long-Term Assets $11.57M $12.41M $12.44M
Total Assets $27.00M $28.53M $28.55M
YoY Change -4.68% -0.07% 3.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.405M $2.396M $3.700M
YoY Change -37.58% -35.24% -31.23%
Accrued Expenses $1.809M $2.034M $2.100M
YoY Change -23.2% -3.15% -33.75%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.360M $6.019M $6.720M
YoY Change -24.82% -10.43% -25.25%
LONG-TERM LIABILITIES
Long-Term Debt $1.200M $2.200M $3.500M
YoY Change -47.83% -37.14% -2.23%
Other Long-Term Liabilities $754.0K $754.0K $2.920M
YoY Change -2.84% -74.18% 11.88%
Total Long-Term Liabilities $4.434M $5.343M $6.420M
YoY Change -15.76% -16.77% 3.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.360M $6.019M $6.720M
Total Long-Term Liabilities $4.434M $5.343M $6.420M
Total Liabilities $9.794M $11.36M $13.14M
YoY Change -20.97% -13.53% -13.44%
SHAREHOLDERS EQUITY
Retained Earnings $14.25M $14.36M
YoY Change 5.65%
Common Stock $2.956M $2.810M
YoY Change 20.98%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $17.21M $17.17M $15.41M
YoY Change
Total Liabilities & Shareholders Equity $27.00M $28.53M $28.55M
YoY Change -4.68% -0.07% 3.44%

Cashflow Statement

Concept 2012 Q4 2012 Q3 2011 Q3
OPERATING ACTIVITIES
Net Income $340.0K $370.0K $280.0K
YoY Change -59.04% 32.14% -50.0%
Depreciation, Depletion And Amortization $620.0K $215.0K $166.3K
YoY Change 264.71% 29.28% 3.94%
Cash From Operating Activities $1.970M -$1.040M -$610.0K
YoY Change -3.9% 70.49% -42.99%
INVESTING ACTIVITIES
Capital Expenditures -$80.00K $294.3K $420.4K
YoY Change -82.22% -30.01% -200.1%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$260.0K -$350.0K
YoY Change -25.71% 0.0%
Cash From Investing Activities -$90.00K -$570.0K -$980.0K
YoY Change -80.0% -41.84% 27.27%
FINANCING ACTIVITIES
Cash Dividend Paid $443.0K $443.0K
YoY Change 0.0% 0.0%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.890M 1.760M 1.660M
YoY Change 14.55% 6.02% -11.7%
NET CHANGE
Cash From Operating Activities 1.970M -1.040M -610.0K
Cash From Investing Activities -90.00K -570.0K -980.0K
Cash From Financing Activities -1.890M 1.760M 1.660M
Net Change In Cash -10.00K 150.0K 70.00K
YoY Change -80.0% 114.29% 75.0%
FREE CASH FLOW
Cash From Operating Activities $1.970M -$1.040M -$610.0K
Capital Expenditures -$80.00K $294.3K $420.4K
Free Cash Flow $2.050M -$1.334M -$1.030M
YoY Change -18.0% 29.48% 58.53%

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StockholdersEquity
17095239 USD
CY2012Q3 us-gaap Stockholders Equity
StockholdersEquity
17166932 USD
CY2012Q3 us-gaap Stockholders Equity Period Increase Decrease
StockholdersEquityPeriodIncreaseDecrease
71693 USD
CY2011Q3 us-gaap Stockholders Equity Period Increase Decrease
StockholdersEquityPeriodIncreaseDecrease
-37694 USD
CY2012Q3 us-gaap Taxes Payable Current
TaxesPayableCurrent
1146051 USD
CY2012Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
1146051 USD
CY2012Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1146051 USD
CY2012Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1146051 USD
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7382706 shares
CY2011Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7382706 shares
CY2012Q3 koss Assets Noncurrent Excluding Equipment And Leasehold Improvements
AssetsNoncurrentExcludingEquipmentAndLeaseholdImprovements
9595688 USD
CY2012Q2 koss Assets Noncurrent Excluding Equipment And Leasehold Improvements
AssetsNoncurrentExcludingEquipmentAndLeaseholdImprovements
9890600 USD
CY2012Q3 koss Capitalized Computer Software Amortization Period
CapitalizedComputerSoftwareAmortizationPeriod
P3Y
CY2012Q3 koss Derivative Death Benefit Of Life Insurance Policy Company Maintains To Fund Substantial Portion Of Liability
DerivativeDeathBenefitOfLifeInsurancePolicyCompanyMaintainsToFundSubstantialPortionOfLiability
1150000 USD
CY2012Q3 koss Derivative Minimum Percent Company May Elect To Pay In Cash Upon Exercise Of Put
DerivativeMinimumPercentCompanyMayElectToPayInCashUponExerciseOfPut
0.25 Rate
CY2012Q3 koss Derivative Repurchase Price Percent Of Fair Market Value
DerivativeRepurchasePricePercentOfFairMarketValue
0.95 Rate
CY2012Q3 koss Derivative Years Over Which Company May Execute Promissory Note Payable For Balance At Prime Rate Of Interest
DerivativeYearsOverWhichCompanyMayExecutePromissoryNotePayableForBalanceAtPrimeRateOfInterest
P4Y
CY2012Q3 koss Gain Contingency Insurance Proceeds
GainContingencyInsuranceProceeds
13108 USD
CY2011Q3 koss Gain Contingency Insurance Proceeds
GainContingencyInsuranceProceeds
499320 USD
CY2012Q3 koss Gain Contingency Legal Fees
GainContingencyLegalFees
71304 USD
CY2011Q3 koss Gain Contingency Legal Fees
GainContingencyLegalFees
448906 USD
CY2011Q3 koss Gain Contingency Proceeds From Asset Forfeitures
GainContingencyProceedsFromAssetForfeitures
0 USD
CY2012Q3 koss Gain Contingency Proceeds From Asset Forfeitures
GainContingencyProceedsFromAssetForfeitures
440923 USD
CY2012Q3 koss Gain Contingency Total Recoveries
GainContingencyTotalRecoveries
454031 USD
CY2011Q3 koss Gain Contingency Total Recoveries
GainContingencyTotalRecoveries
499320 USD
CY2012Q3 koss Increase Decrease In Cash Surrender Value Of Life Insurance
IncreaseDecreaseInCashSurrenderValueOfLifeInsurance
6102 USD
CY2011Q3 koss Increase Decrease In Cash Surrender Value Of Life Insurance
IncreaseDecreaseInCashSurrenderValueOfLifeInsurance
5889 USD
CY2011Q3 koss Interest Expense For Tax Positions Related To Unauthorized Transactions
InterestExpenseForTaxPositionsRelatedToUnauthorizedTransactions
32074 USD
CY2012Q3 koss Interest Expense For Tax Positions Related To Unauthorized Transactions
InterestExpenseForTaxPositionsRelatedToUnauthorizedTransactions
11940 USD
CY2011Q3 koss Interest Expense Related To Debt And Tax Positions
InterestExpenseRelatedToDebtAndTaxPositions
40526 USD
CY2012Q3 koss Interest Expense Related To Debt And Tax Positions
InterestExpenseRelatedToDebtAndTaxPositions
29309 USD
CY2011Q3 koss Interest Reversals For Tax Positions Related To Unauthorized Transactions
InterestReversalsForTaxPositionsRelatedToUnauthorizedTransactions
-18906 USD
CY2012Q3 koss Interest Reversals For Tax Positions Related To Unauthorized Transactions
InterestReversalsForTaxPositionsRelatedToUnauthorizedTransactions
0 USD
CY2012Q2 koss Line Of Credit Facility Percent Over Libor Depending On Companys Leverage Ratio Maximum
LineOfCreditFacilityPercentOverLiborDependingOnCompanysLeverageRatioMaximum
0.03 Rate
CY2012Q2 koss Line Of Credit Facility Percent Over Libor Depending On Companys Leverage Ratio Minimum
LineOfCreditFacilityPercentOverLiborDependingOnCompanysLeverageRatioMinimum
0.02 Rate
CY2012Q2 koss Line Of Credit Facility Percent Over Prime Depending On Companys Leverage Ratio Maximum
LineOfCreditFacilityPercentOverPrimeDependingOnCompanysLeverageRatioMaximum
0.0075 Rate
CY2012Q2 koss Line Of Credit Facility Percent Over Prime Depending Upon Company Leverage Ratio Minimum
LineOfCreditFacilityPercentOverPrimeDependingUponCompanyLeverageRatioMinimum
0 Rate
CY2012Q2 koss Line Of Credit Facility Unused Capacity Commitment Fee Percentage Maximum
LineOfCreditFacilityUnusedCapacityCommitmentFeePercentageMaximum
0.0045 Rate
CY2012Q2 koss Line Of Credit Facility Unused Capacity Commitment Fee Percentage Minimum
LineOfCreditFacilityUnusedCapacityCommitmentFeePercentageMinimum
0.003 Rate
CY2012Q3 koss Product Software Development Cost Net
ProductSoftwareDevelopmentCostNet
3889649 USD
CY2012Q2 koss Product Software Development Cost Net
ProductSoftwareDevelopmentCostNet
4231609 USD
CY2012Q3 koss Unauthorized Transaction Related Costs And Recoveries Net
UnauthorizedTransactionRelatedCostsAndRecoveriesNet
-382727 USD
CY2011Q3 koss Unauthorized Transaction Related Costs And Recoveries Net
UnauthorizedTransactionRelatedCostsAndRecoveriesNet
-50414 USD
CY2012Q3 koss Unauthorized Transactions Total Approximate Fy2005 Through December2009
UnauthorizedTransactionsTotalApproximateFy2005ThroughDecember2009
31500000 USD
CY2012Q3 dei Amendment Flag
AmendmentFlag
false
CY2012Q3 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-30
CY2012Q3 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2012Q3 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
CY2012Q3 dei Document Period End Date
DocumentPeriodEndDate
2012-09-30
CY2012Q3 dei Document Type
DocumentType
10-Q
CY2012Q3 dei Entity Central Index Key
EntityCentralIndexKey
0000056701
CY2012Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
7382706 shares
CY2012Q3 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2012Q3 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2011Q4 dei Entity Public Float
EntityPublicFloat
11497395 USD
CY2012Q3 dei Entity Registrant Name
EntityRegistrantName
KOSS CORP
CY2012Q3 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2012Q3 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No

Files In Submission

Name View Source Status
0000056701-12-000027-index-headers.html Edgar Link pending
0000056701-12-000027-index.html Edgar Link pending
0000056701-12-000027.txt Edgar Link pending
0000056701-12-000027-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
koss-20120930.xml Edgar Link completed
koss-20120930.xsd Edgar Link pending
koss-20120930_cal.xml Edgar Link unprocessable
koss-20120930_def.xml Edgar Link unprocessable
koss-20120930_lab.xml Edgar Link unprocessable
koss-20120930_pre.xml Edgar Link unprocessable
kossexhibit31109302012.htm Edgar Link pending
kossexhibit31209302012.htm Edgar Link pending
kossexhibit32109302012.htm Edgar Link pending
kossexhibit32209302012.htm Edgar Link pending
q1fy1310-q.htm Edgar Link pending
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