$KOSS
KOSS CORP

2013 Q2 Form 10-Q Financial Statement

#000005670113000017 Filed on May 10, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2013 Q1 2012 Q1
Revenue $9.910M $8.302M $8.233M
YoY Change -9.0% 0.85% -2.22%
Cost Of Revenue $5.810M $4.998M $5.081M
YoY Change -12.5% -1.63% 1.09%
Gross Profit $4.090M $3.304M $3.152M
YoY Change -3.76% 4.84% -7.13%
Gross Profit Margin 41.27% 39.8% 38.28%
Selling, General & Admin $4.220M $3.112M $3.018M
YoY Change 28.27% 3.13% 11.53%
% of Gross Profit 103.18% 94.19% 95.75%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $610.0K $600.0K $170.0K
YoY Change 84.85% 252.94% 30.77%
% of Gross Profit 14.91% 18.16% 5.39%
Operating Expenses $4.210M $3.264M $2.400M
YoY Change 28.35% 35.97% 3.07%
Operating Profit -$120.0K $40.07K $751.1K
YoY Change -112.37% -94.67% -29.44%
Interest Expense -$10.00K $0.00 -$212.7K
YoY Change -50.0% -100.0% -293.85%
% of Operating Profit 0.0% -28.32%
Other Income/Expense, Net $100.0K $16.79K $242.0K
YoY Change -93.06% -350.71%
Pretax Income $6.520M $56.86K $993.2K
YoY Change 413.39% -94.28% 2.6%
Income Tax $1.910M -$58.58K $96.44K
% Of Pretax Income 29.29% -103.03% 9.71%
Net Earnings $4.610M $120.0K $900.0K
YoY Change 395.7% -86.67% 40.63%
Net Earnings / Revenue 46.52% 1.45% 10.93%
Basic Earnings Per Share $0.02 $0.12
Diluted Earnings Per Share $624.7K $0.02 $0.12
COMMON SHARES
Basic Shares Outstanding 7.383M shares 7.383M shares 7.383M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q2 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $860.0K $510.0K $120.0K
YoY Change 1620.0% 325.0% -7.69%
Cash & Equivalents $859.6K $506.0K $119.4K
Short-Term Investments
Other Short-Term Assets $1.640M $1.720M $1.300M
YoY Change 21.48% 32.31% -15.58%
Inventory $10.50M $9.989M $9.153M
Prepaid Expenses
Receivables $12.19M $3.618M $4.160M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $25.18M $15.83M $14.74M
YoY Change 56.19% 7.44% -8.87%
LONG-TERM ASSETS
Property, Plant & Equipment $2.338M $2.415M $2.946M
YoY Change -14.52% -18.03% 9.12%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.030M $5.570M $6.040M
YoY Change -11.13% -7.78% 6.53%
Total Long-Term Assets $10.04M $11.12M $13.19M
YoY Change -20.45% -15.65% 15.66%
TOTAL ASSETS
Total Short-Term Assets $25.18M $15.83M $14.74M
Total Long-Term Assets $10.04M $11.12M $13.19M
Total Assets $35.23M $26.95M $27.92M
YoY Change 22.53% -3.47% 1.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.686M $3.140M $3.414M
YoY Change -41.67% -8.03% -4.38%
Accrued Expenses $4.705M $1.943M $1.924M
YoY Change 98.17% 0.99% -34.99%
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 $10.57M $6.672M $6.927M
YoY Change 23.33% -3.68% -7.14%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $1.500M
YoY Change -100.0% -58.33%
Other Long-Term Liabilities $740.0K $740.0K $776.1K
YoY Change -1.86% -4.65% -71.57%
Total Long-Term Liabilities $3.270M $3.254M $4.505M
YoY Change 5.98% -27.79% -28.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.57M $6.672M $6.927M
Total Long-Term Liabilities $3.270M $3.254M $4.505M
Total Liabilities $13.84M $9.926M $11.43M
YoY Change 18.73% -13.18% -17.1%
SHAREHOLDERS EQUITY
Retained Earnings $18.09M $13.92M $13.94M
YoY Change 25.33% -0.14%
Common Stock $3.301M $3.102M $2.544M
YoY Change 23.99% 21.96%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $21.39M $17.03M $16.49M
YoY Change
Total Liabilities & Shareholders Equity $35.23M $26.95M $27.92M
YoY Change 22.53% -3.47% 1.27%

Cashflow Statement

Concept 2013 Q2 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income $4.610M $120.0K $900.0K
YoY Change 395.7% -86.67% 40.63%
Depreciation, Depletion And Amortization $610.0K $600.0K $170.0K
YoY Change 84.85% 252.94% 30.77%
Cash From Operating Activities $960.0K $1.610M $1.440M
YoY Change -52.71% 11.81% -2980.0%
INVESTING ACTIVITIES
Capital Expenditures -$160.0K -$100.0K -$260.0K
YoY Change 0.0% -61.54% -58.73%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities -$150.0K -$100.0K -$260.0K
YoY Change -6.25% -61.54% -58.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -440.0K -1.200M -1.240M
YoY Change -77.32% -3.23% -303.28%
NET CHANGE
Cash From Operating Activities 960.0K 1.610M 1.440M
Cash From Investing Activities -150.0K -100.0K -260.0K
Cash From Financing Activities -440.0K -1.200M -1.240M
Net Change In Cash 370.0K 310.0K -60.00K
YoY Change -628.57% -616.67% -14.29%
FREE CASH FLOW
Cash From Operating Activities $960.0K $1.610M $1.440M
Capital Expenditures -$160.0K -$100.0K -$260.0K
Free Cash Flow $1.120M $1.710M $1.700M
YoY Change -48.86% 0.59% 193.1%

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PrepaidExpenseAndOtherAssetsCurrent
798873 USD
CY2012Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
387066 USD
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
0 USD
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
100000 USD
CY2013Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2415186 USD
CY2012Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2735026 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-632 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-6017 USD
CY2013Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
13924681 USD
CY2012Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
14433286 USD
CY2013Q1 us-gaap Sales Revenue Net
SalesRevenueNet
8302113 USD
CY2012Q1 us-gaap Sales Revenue Net
SalesRevenueNet
8232526 USD
us-gaap Sales Revenue Net
SalesRevenueNet
26978082 USD
us-gaap Sales Revenue Net
SalesRevenueNet
25859006 USD
CY2013Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3111919 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
8827422 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
9134158 USD
CY2012Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3017502 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
480000 shares
koss Gain Contingency Legal Fees
GainContingencyLegalFees
814145 USD
CY2012Q2 us-gaap Stockholders Equity
StockholdersEquity
17095239 USD
koss Derivative Repurchase Price Percent Of Fair Market Value
DerivativeRepurchasePricePercentOfFairMarketValue
0.95 Rate
CY2013Q1 koss Derivative Years Over Which Company May Execute Promissory Note Payable For Balance At Prime Rate Of Interest
DerivativeYearsOverWhichCompanyMayExecutePromissoryNotePayableForBalanceAtPrimeRateOfInterest
P4Y
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
6.24
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
5.14
CY2013Q1 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
1000000 USD
CY2013Q1 us-gaap Stockholders Equity
StockholdersEquity
17027167 USD
us-gaap Stockholders Equity Period Increase Decrease
StockholdersEquityPeriodIncreaseDecrease
1042208 USD
us-gaap Stockholders Equity Period Increase Decrease
StockholdersEquityPeriodIncreaseDecrease
-68072 USD
CY2013Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
1146051 USD
CY2012Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
1146051 USD
CY2013Q1 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
CY2012Q2 koss Assets Noncurrent Excluding Equipment And Leasehold Improvements
AssetsNoncurrentExcludingEquipmentAndLeaseholdImprovements
9890600 USD
CY2013Q1 koss Assets Noncurrent Excluding Equipment And Leasehold Improvements
AssetsNoncurrentExcludingEquipmentAndLeaseholdImprovements
8706016 USD
CY2013Q1 koss Capitalized Computer Software Amortization Period
CapitalizedComputerSoftwareAmortizationPeriod
P3Y
CY2013Q1 koss Derivative Death Benefit Of Life Insurance Policy Company Maintains To Fund Substantial Portion Of Liability
DerivativeDeathBenefitOfLifeInsurancePolicyCompanyMaintainsToFundSubstantialPortionOfLiability
1150000 USD
CY2013Q1 koss Derivative Minimum Percent Company May Elect To Pay In Cash Upon Exercise Of Put
DerivativeMinimumPercentCompanyMayElectToPayInCashUponExerciseOfPut
0.25 Rate
koss Gain Contingency401 K And Kesot Proceeds
GainContingency401KAndKesotProceeds
175528 USD
CY2012Q1 koss Gain Contingency401 K And Kesot Proceeds
GainContingency401KAndKesotProceeds
0 USD
CY2013Q1 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
CY2013Q1 koss Gain Contingency Ceo Bonus Reimbursements
GainContingencyCeoBonusReimbursements
0 USD
CY2012Q1 koss Gain Contingency Ceo Bonus Reimbursements
GainContingencyCeoBonusReimbursements
0 USD
CY2012Q1 koss Gain Contingency Insurance Proceeds
GainContingencyInsuranceProceeds
113691 USD
CY2013Q1 koss Gain Contingency Insurance Proceeds
GainContingencyInsuranceProceeds
692 USD
koss Gain Contingency Insurance Proceeds
GainContingencyInsuranceProceeds
892851 USD
koss Gain Contingency Insurance Proceeds
GainContingencyInsuranceProceeds
15014 USD
CY2012Q1 koss Gain Contingency Legal Fees
GainContingencyLegalFees
136972 USD
CY2013Q1 koss Gain Contingency Legal Fees
GainContingencyLegalFees
180295 USD
koss Gain Contingency Legal Fees
GainContingencyLegalFees
332608 USD
CY2013Q1 koss Gain Contingency Proceeds From Asset Forfeitures
GainContingencyProceedsFromAssetForfeitures
27602 USD
koss Gain Contingency Proceeds From Asset Forfeitures
GainContingencyProceedsFromAssetForfeitures
640383 USD
koss Gain Contingency Proceeds From Asset Forfeitures
GainContingencyProceedsFromAssetForfeitures
1360664 USD
CY2012Q1 koss Gain Contingency Proceeds From Asset Forfeitures
GainContingencyProceedsFromAssetForfeitures
640384 USD
CY2013Q1 koss Gain Contingency Total Recoveries
GainContingencyTotalRecoveries
28294 USD
CY2012Q1 koss Gain Contingency Total Recoveries
GainContingencyTotalRecoveries
754075 USD
koss Gain Contingency Total Recoveries
GainContingencyTotalRecoveries
1375678 USD
koss Gain Contingency Total Recoveries
GainContingencyTotalRecoveries
1951181 USD
koss Increase Decrease In Cash Surrender Value Of Life Insurance
IncreaseDecreaseInCashSurrenderValueOfLifeInsurance
15604 USD
koss Increase Decrease In Cash Surrender Value Of Life Insurance
IncreaseDecreaseInCashSurrenderValueOfLifeInsurance
12706 USD
CY2013Q1 koss Interest Expense For Tax Positions Related To Unauthorized Transactions
InterestExpenseForTaxPositionsRelatedToUnauthorizedTransactions
11941 USD
koss Interest Expense For Tax Positions Related To Unauthorized Transactions
InterestExpenseForTaxPositionsRelatedToUnauthorizedTransactions
73894 USD
koss Interest Expense For Tax Positions Related To Unauthorized Transactions
InterestExpenseForTaxPositionsRelatedToUnauthorizedTransactions
35821 USD
CY2012Q1 koss Interest Expense For Tax Positions Related To Unauthorized Transactions
InterestExpenseForTaxPositionsRelatedToUnauthorizedTransactions
0 USD
koss Interest Expense Related To Debt And Tax Positions
InterestExpenseRelatedToDebtAndTaxPositions
39730 USD
CY2013Q1 koss Interest Expense Related To Debt And Tax Positions
InterestExpenseRelatedToDebtAndTaxPositions
-16785 USD
koss Interest Expense Related To Debt And Tax Positions
InterestExpenseRelatedToDebtAndTaxPositions
-148161 USD
CY2012Q1 koss Interest Expense Related To Debt And Tax Positions
InterestExpenseRelatedToDebtAndTaxPositions
-212699 USD
koss Interest Reversals For Tax Positions Related To Unauthorized Transactions
InterestReversalsForTaxPositionsRelatedToUnauthorizedTransactions
-293305 USD
CY2013Q1 koss Interest Reversals For Tax Positions Related To Unauthorized Transactions
InterestReversalsForTaxPositionsRelatedToUnauthorizedTransactions
-33742 USD
koss Interest Reversals For Tax Positions Related To Unauthorized Transactions
InterestReversalsForTaxPositionsRelatedToUnauthorizedTransactions
-33742 USD
CY2012Q1 koss Interest Reversals For Tax Positions Related To Unauthorized Transactions
InterestReversalsForTaxPositionsRelatedToUnauthorizedTransactions
-232579 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
CY2013Q1 koss Product Software Development Cost Net
ProductSoftwareDevelopmentCostNet
3138955 USD
CY2012Q2 koss Product Software Development Cost Net
ProductSoftwareDevelopmentCostNet
4231609 USD
koss Unauthorized Transaction Related Costs And Recoveries Net
UnauthorizedTransactionRelatedCostsAndRecoveriesNet
-1137036 USD
koss Unauthorized Transaction Related Costs And Recoveries Net
UnauthorizedTransactionRelatedCostsAndRecoveriesNet
-1043070 USD
CY2012Q1 koss Unauthorized Transaction Related Costs And Recoveries Net
UnauthorizedTransactionRelatedCostsAndRecoveriesNet
-617103 USD
CY2013Q1 koss Unauthorized Transaction Related Costs And Recoveries Net
UnauthorizedTransactionRelatedCostsAndRecoveriesNet
152001 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-30
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
dei Document Period End Date
DocumentPeriodEndDate
2013-03-31
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000056701
CY2013Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
7382664 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

Files In Submission

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0000056701-13-000017-index-headers.html Edgar Link pending
0000056701-13-000017-index.html Edgar Link pending
0000056701-13-000017.txt Edgar Link pending
0000056701-13-000017-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
koss-20130331.xml Edgar Link completed
koss-20130331.xsd Edgar Link pending
koss-20130331_cal.xml Edgar Link unprocessable
koss-20130331_def.xml Edgar Link unprocessable
koss-20130331_lab.xml Edgar Link unprocessable
koss-20130331_pre.xml Edgar Link unprocessable
kossexhibit31103312013.htm Edgar Link pending
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