$KOSS
KOSS CORP

2013 Q1 Form 10-Q Financial Statement

#000005670113000007 Filed on February 01, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q4 2011 Q4
Revenue $8.302M $8.642M $9.991M
YoY Change 0.85% -13.5% -21.95%
Cost Of Revenue $4.998M $5.884M $6.191M
YoY Change -1.63% -4.96% -18.43%
Gross Profit $3.304M $2.758M $3.800M
YoY Change 4.84% -27.42% -27.09%
Gross Profit Margin 39.8% 31.91% 38.03%
Selling, General & Admin $3.112M $3.003M $2.925M
YoY Change 3.13% 2.69% 12.98%
% of Gross Profit 94.19% 108.92% 76.98%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $600.0K $620.0K $170.0K
YoY Change 252.94% 264.71% 6.25%
% of Gross Profit 18.16% 22.48% 4.47%
Operating Expenses $3.264M $2.191M $2.455M
YoY Change 35.97% -10.76% -12.11%
Operating Profit $40.07K $566.5K $1.344M
YoY Change -94.67% -57.86% -44.39%
Interest Expense $0.00 -$30.00K $24.01K
YoY Change -100.0% -224.94% -77.63%
% of Operating Profit 0.0% -5.3% 1.79%
Other Income/Expense, Net $16.79K -$27.21K -$24.01K
YoY Change -93.06% 13.3% -77.63%
Pretax Income $56.86K $539.3K $1.320M
YoY Change -94.28% -59.16% -42.84%
Income Tax -$58.58K $200.6K $489.1K
% Of Pretax Income -103.03% 37.19% 37.04%
Net Earnings $120.0K $340.0K $830.0K
YoY Change -86.67% -59.04% -39.86%
Net Earnings / Revenue 1.45% 3.93% 8.31%
Basic Earnings Per Share $0.02 $0.05 $0.11
Diluted Earnings Per Share $0.02 $0.05 $0.11
COMMON SHARES
Basic Shares Outstanding 7.383M shares 7.383M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q1 2012 Q4 2011 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $510.0K $190.0K $180.0K
YoY Change 325.0% 5.56% -14.29%
Cash & Equivalents $506.0K $193.3K $182.1K
Short-Term Investments
Other Short-Term Assets $1.720M $2.140M $1.680M
YoY Change 32.31% 27.38% 7.69%
Inventory $9.989M $9.817M $9.612M
Prepaid Expenses
Receivables $3.618M $3.277M $4.374M
Other Receivables $0.00 $0.00 $420.0K
Total Short-Term Assets $15.83M $15.43M $16.26M
YoY Change 7.44% -5.1% 3.24%
LONG-TERM ASSETS
Property, Plant & Equipment $2.415M $2.532M $3.111M
YoY Change -18.03% -18.62% 28.02%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.570M $5.530M $5.010M
YoY Change -7.78% 10.38% -15.51%
Total Long-Term Assets $11.12M $11.57M $12.07M
YoY Change -15.65% -4.1% 7.55%
TOTAL ASSETS
Total Short-Term Assets $15.83M $15.43M $16.26M
Total Long-Term Assets $11.12M $11.57M $12.07M
Total Assets $26.95M $27.00M $28.33M
YoY Change -3.47% -4.68% 5.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.140M $2.405M $3.853M
YoY Change -8.03% -37.58% -12.23%
Accrued Expenses $1.943M $1.809M $2.355M
YoY Change 0.99% -23.2% -21.48%
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 $6.672M $5.360M $7.129M
YoY Change -3.68% -24.82% -14.41%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $1.200M $2.300M
YoY Change -100.0% -47.83% -8.0%
Other Long-Term Liabilities $740.0K $754.0K $776.1K
YoY Change -4.65% -2.84% -70.93%
Total Long-Term Liabilities $3.254M $4.434M $5.263M
YoY Change -27.79% -15.76% 1.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.672M $5.360M $7.129M
Total Long-Term Liabilities $3.254M $4.434M $5.263M
Total Liabilities $9.926M $9.794M $12.39M
YoY Change -13.18% -20.97% -8.13%
SHAREHOLDERS EQUITY
Retained Earnings $13.92M $14.25M $13.49M
YoY Change -0.14% 5.65%
Common Stock $3.102M $2.956M $2.443M
YoY Change 21.96% 20.98%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $17.03M $17.21M $15.93M
YoY Change
Total Liabilities & Shareholders Equity $26.95M $27.00M $28.33M
YoY Change -3.47% -4.68% 5.03%

Cashflow Statement

Concept 2013 Q1 2012 Q4 2011 Q4
OPERATING ACTIVITIES
Net Income $120.0K $340.0K $830.0K
YoY Change -86.67% -59.04% -39.86%
Depreciation, Depletion And Amortization $600.0K $620.0K $170.0K
YoY Change 252.94% 264.71% 6.25%
Cash From Operating Activities $1.610M $1.970M $2.050M
YoY Change 11.81% -3.9% 1.49%
INVESTING ACTIVITIES
Capital Expenditures -$100.0K -$80.00K -$450.0K
YoY Change -61.54% -82.22% -2.17%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities -$100.0K -$90.00K -$450.0K
YoY Change -61.54% -80.0% -2.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.200M -1.890M -1.650M
YoY Change -3.23% 14.55% 8.55%
NET CHANGE
Cash From Operating Activities 1.610M 1.970M 2.050M
Cash From Investing Activities -100.0K -90.00K -450.0K
Cash From Financing Activities -1.200M -1.890M -1.650M
Net Change In Cash 310.0K -10.00K -50.00K
YoY Change -616.67% -80.0% -225.0%
FREE CASH FLOW
Cash From Operating Activities $1.610M $1.970M $2.050M
Capital Expenditures -$100.0K -$80.00K -$450.0K
Free Cash Flow $1.710M $2.050M $2.500M
YoY Change 0.59% -18.0% 0.81%

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us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
900000 USD
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
1200000 USD
CY2012Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2531706 USD
CY2012Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2735026 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
6539 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
14718 USD
CY2012Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
14433286 USD
CY2012Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
14252202 USD
CY2012Q4 us-gaap Sales Revenue Net
SalesRevenueNet
8642031 USD
CY2011Q4 us-gaap Sales Revenue Net
SalesRevenueNet
9990771 USD
us-gaap Sales Revenue Net
SalesRevenueNet
18745556 USD
us-gaap Sales Revenue Net
SalesRevenueNet
17556893 USD
CY2012Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3003488 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5809919 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
6022239 USD
CY2011Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2924733 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
440000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
430000 shares
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
5.14
CY2011Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
6.30
CY2012Q4 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
500000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
261928 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
293941 USD
CY2012Q2 us-gaap Stockholders Equity
StockholdersEquity
17095239 USD
CY2012Q4 us-gaap Stockholders Equity
StockholdersEquity
17208096 USD
us-gaap Stockholders Equity Period Increase Decrease
StockholdersEquityPeriodIncreaseDecrease
112857 USD
us-gaap Stockholders Equity Period Increase Decrease
StockholdersEquityPeriodIncreaseDecrease
487812 USD
CY2012Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
1146051 USD
CY2012Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
1146051 USD
CY2012Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1146051 USD
CY2012Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1146051 USD
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7382706 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7382706 shares
CY2012Q4 koss Assets Noncurrent Excluding Equipment And Leasehold Improvements
AssetsNoncurrentExcludingEquipmentAndLeaseholdImprovements
9040331 USD
CY2012Q2 koss Assets Noncurrent Excluding Equipment And Leasehold Improvements
AssetsNoncurrentExcludingEquipmentAndLeaseholdImprovements
9890600 USD
koss Gain Contingency Total Recoveries
GainContingencyTotalRecoveries
1347383 USD
CY2012Q4 koss Capitalized Computer Software Amortization Period
CapitalizedComputerSoftwareAmortizationPeriod
P3Y
CY2012Q4 koss Derivative Death Benefit Of Life Insurance Policy Company Maintains To Fund Substantial Portion Of Liability
DerivativeDeathBenefitOfLifeInsurancePolicyCompanyMaintainsToFundSubstantialPortionOfLiability
1150000 USD
CY2012Q4 koss Derivative Minimum Percent Company May Elect To Pay In Cash Upon Exercise Of Put
DerivativeMinimumPercentCompanyMayElectToPayInCashUponExerciseOfPut
0.25 Rate
koss Derivative Repurchase Price Percent Of Fair Market Value
DerivativeRepurchasePricePercentOfFairMarketValue
0.95 Rate
CY2012Q4 koss Derivative Years Over Which Company May Execute Promissory Note Payable For Balance At Prime Rate Of Interest
DerivativeYearsOverWhichCompanyMayExecutePromissoryNotePayableForBalanceAtPrimeRateOfInterest
P4Y
koss Gain Contingency401 K And Kesot Proceeds
GainContingency401KAndKesotProceeds
175528 USD
CY2011Q4 koss Gain Contingency401 K And Kesot Proceeds
GainContingency401KAndKesotProceeds
175528 USD
CY2012Q4 koss Gain Contingency401 K And Kesot Proceeds
GainContingency401KAndKesotProceeds
0 USD
koss Gain Contingency401 K And Kesot Proceeds
GainContingency401KAndKesotProceeds
0 USD
koss Gain Contingency Ceo Bonus Reimbursements
GainContingencyCeoBonusReimbursements
0 USD
koss Gain Contingency Ceo Bonus Reimbursements
GainContingencyCeoBonusReimbursements
242419 USD
CY2012Q4 koss Gain Contingency Ceo Bonus Reimbursements
GainContingencyCeoBonusReimbursements
0 USD
CY2011Q4 koss Gain Contingency Ceo Bonus Reimbursements
GainContingencyCeoBonusReimbursements
242419 USD
CY2011Q4 koss Gain Contingency Insurance Proceeds
GainContingencyInsuranceProceeds
279840 USD
CY2012Q4 koss Gain Contingency Insurance Proceeds
GainContingencyInsuranceProceeds
1215 USD
koss Gain Contingency Insurance Proceeds
GainContingencyInsuranceProceeds
779160 USD
koss Gain Contingency Insurance Proceeds
GainContingencyInsuranceProceeds
14322 USD
koss Gain Contingency Legal Fees
GainContingencyLegalFees
677174 USD
CY2011Q4 koss Gain Contingency Legal Fees
GainContingencyLegalFees
228268 USD
CY2012Q4 koss Gain Contingency Legal Fees
GainContingencyLegalFees
81008 USD
koss Gain Contingency Legal Fees
GainContingencyLegalFees
152312 USD
CY2012Q4 koss Gain Contingency Proceeds From Asset Forfeitures
GainContingencyProceedsFromAssetForfeitures
892137 USD
koss Gain Contingency Proceeds From Asset Forfeitures
GainContingencyProceedsFromAssetForfeitures
0 USD
koss Gain Contingency Proceeds From Asset Forfeitures
GainContingencyProceedsFromAssetForfeitures
1333061 USD
CY2011Q4 koss Gain Contingency Proceeds From Asset Forfeitures
GainContingencyProceedsFromAssetForfeitures
0 USD
CY2012Q4 koss Gain Contingency Total Recoveries
GainContingencyTotalRecoveries
893352 USD
CY2011Q4 koss Gain Contingency Total Recoveries
GainContingencyTotalRecoveries
697787 USD
koss Gain Contingency Total Recoveries
GainContingencyTotalRecoveries
1197107 USD
koss Increase Decrease In Cash Surrender Value Of Life Insurance
IncreaseDecreaseInCashSurrenderValueOfLifeInsurance
3870 USD
koss Increase Decrease In Cash Surrender Value Of Life Insurance
IncreaseDecreaseInCashSurrenderValueOfLifeInsurance
5433 USD
CY2012Q4 koss Interest Expense For Tax Positions Related To Unauthorized Transactions
InterestExpenseForTaxPositionsRelatedToUnauthorizedTransactions
11940 USD
koss Interest Expense For Tax Positions Related To Unauthorized Transactions
InterestExpenseForTaxPositionsRelatedToUnauthorizedTransactions
32074 USD
koss Interest Expense For Tax Positions Related To Unauthorized Transactions
InterestExpenseForTaxPositionsRelatedToUnauthorizedTransactions
23880 USD
CY2011Q4 koss Interest Expense For Tax Positions Related To Unauthorized Transactions
InterestExpenseForTaxPositionsRelatedToUnauthorizedTransactions
0 USD
koss Interest Expense Related To Debt And Tax Positions
InterestExpenseRelatedToDebtAndTaxPositions
56515 USD
CY2012Q4 koss Interest Expense Related To Debt And Tax Positions
InterestExpenseRelatedToDebtAndTaxPositions
27206 USD
koss Interest Expense Related To Debt And Tax Positions
InterestExpenseRelatedToDebtAndTaxPositions
64538 USD
CY2011Q4 koss Interest Expense Related To Debt And Tax Positions
InterestExpenseRelatedToDebtAndTaxPositions
24012 USD
koss Interest Reversals For Tax Positions Related To Unauthorized Transactions
InterestReversalsForTaxPositionsRelatedToUnauthorizedTransactions
-18906 USD
CY2012Q4 koss Interest Reversals For Tax Positions Related To Unauthorized Transactions
InterestReversalsForTaxPositionsRelatedToUnauthorizedTransactions
0 USD
koss Interest Reversals For Tax Positions Related To Unauthorized Transactions
InterestReversalsForTaxPositionsRelatedToUnauthorizedTransactions
0 USD
CY2011Q4 koss Interest Reversals For Tax Positions Related To Unauthorized Transactions
InterestReversalsForTaxPositionsRelatedToUnauthorizedTransactions
0 USD
CY2010Q2 koss Line Of Credit Facility Percent Over Libor Depending On Companys Leverage Ratio Maximum
LineOfCreditFacilityPercentOverLiborDependingOnCompanysLeverageRatioMaximum
0.03 Rate
CY2010Q2 koss Line Of Credit Facility Percent Over Libor Depending On Companys Leverage Ratio Minimum
LineOfCreditFacilityPercentOverLiborDependingOnCompanysLeverageRatioMinimum
0.02 Rate
CY2010Q2 koss Line Of Credit Facility Percent Over Prime Depending On Companys Leverage Ratio Maximum
LineOfCreditFacilityPercentOverPrimeDependingOnCompanysLeverageRatioMaximum
0.0075 Rate
CY2010Q2 koss Line Of Credit Facility Percent Over Prime Depending Upon Company Leverage Ratio Minimum
LineOfCreditFacilityPercentOverPrimeDependingUponCompanyLeverageRatioMinimum
0 Rate
CY2010Q2 koss Line Of Credit Facility Unused Capacity Commitment Fee Percentage Maximum
LineOfCreditFacilityUnusedCapacityCommitmentFeePercentageMaximum
0.0045 Rate
CY2010Q2 koss Line Of Credit Facility Unused Capacity Commitment Fee Percentage Minimum
LineOfCreditFacilityUnusedCapacityCommitmentFeePercentageMinimum
0.003 Rate
CY2012Q4 koss Product Software Development Cost Net
ProductSoftwareDevelopmentCostNet
3514302 USD
CY2012Q2 koss Product Software Development Cost Net
ProductSoftwareDevelopmentCostNet
4231609 USD
CY2013Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
7382706 shares
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2011Q4 dei Entity Public Float
EntityPublicFloat
11497395 USD
dei Entity Registrant Name
EntityRegistrantName
KOSS CORP
dei Entity Voluntary Filers
EntityVoluntaryFilers
No
dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
koss Unauthorized Transaction Related Costs And Recoveries Net
UnauthorizedTransactionRelatedCostsAndRecoveriesNet
-519933 USD
koss Unauthorized Transaction Related Costs And Recoveries Net
UnauthorizedTransactionRelatedCostsAndRecoveriesNet
-1195071 USD
CY2011Q4 koss Unauthorized Transaction Related Costs And Recoveries Net
UnauthorizedTransactionRelatedCostsAndRecoveriesNet
-469519 USD
CY2012Q4 koss Unauthorized Transaction Related Costs And Recoveries Net
UnauthorizedTransactionRelatedCostsAndRecoveriesNet
-812344 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-30
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
dei Document Period End Date
DocumentPeriodEndDate
2012-12-31
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000056701

Files In Submission

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0000056701-13-000007-index-headers.html Edgar Link pending
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0000056701-13-000007.txt Edgar Link pending
0000056701-13-000007-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
koss-20121231.xml Edgar Link completed
koss-20121231.xsd Edgar Link pending
koss-20121231_cal.xml Edgar Link unprocessable
koss-20121231_def.xml Edgar Link unprocessable
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koss-20121231_pre.xml Edgar Link unprocessable
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