$KOSS
KOSS CORP

2014 Q1 Form 10-Q Financial Statement

#000005670114000006 Filed on February 14, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q4 2012 Q4
Revenue $4.300M $6.524M $8.642M
YoY Change -48.2% -24.51% -13.5%
Cost Of Revenue $3.207M $4.426M $5.884M
YoY Change -35.84% -24.78% -4.96%
Gross Profit $1.094M -$2.438M $2.758M
YoY Change -66.9% -188.41% -27.42%
Gross Profit Margin 25.43% -37.37% 31.91%
Selling, General & Admin $2.354M $2.862M $3.003M
YoY Change -24.34% -4.72% 2.69%
% of Gross Profit 215.28% 108.92%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $150.0K $210.0K $620.0K
YoY Change -75.0% -66.13% 264.71%
% of Gross Profit 13.72% 22.48%
Operating Expenses $2.123M $2.974M $2.191M
YoY Change -34.95% 35.72% -10.76%
Operating Profit -$1.030M -$5.412M $566.5K
YoY Change -2669.23% -1055.36% -57.86%
Interest Expense $0.00 -$10.00K -$30.00K
YoY Change -66.67% -224.94%
% of Operating Profit -5.3%
Other Income/Expense, Net $70.00K -$8.193K -$27.21K
YoY Change 317.01% -69.89% 13.3%
Pretax Income -$964.0K -$5.420M $539.3K
YoY Change -1795.46% -1105.08% -59.16%
Income Tax -$938.9K -$1.967M $200.6K
% Of Pretax Income 37.19%
Net Earnings -$25.12K -$3.453M $340.0K
YoY Change -120.93% -1115.54% -59.04%
Net Earnings / Revenue -0.58% -52.92% 3.93%
Basic Earnings Per Share $0.00 -$0.47 $0.05
Diluted Earnings Per Share $0.00 -$0.47 $0.05
COMMON SHARES
Basic Shares Outstanding 7.383M shares 7.383M shares 7.383M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q1 2013 Q4 2012 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.750M $2.890M $190.0K
YoY Change 439.22% 1421.05% 5.56%
Cash & Equivalents $2.749M $2.894M $193.3K
Short-Term Investments
Other Short-Term Assets $1.990M $2.400M $2.140M
YoY Change 15.7% 12.15% 27.38%
Inventory $9.668M $9.087M $9.817M
Prepaid Expenses
Receivables $2.349M $4.243M $3.277M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $16.75M $18.63M $15.43M
YoY Change 5.82% 20.71% -5.1%
LONG-TERM ASSETS
Property, Plant & Equipment $2.046M $2.148M $2.532M
YoY Change -15.3% -15.16% -18.62%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $7.330M $6.780M $5.530M
YoY Change 31.6% 22.6% 10.38%
Total Long-Term Assets $9.379M $8.925M $11.57M
YoY Change -15.66% -22.87% -4.1%
TOTAL ASSETS
Total Short-Term Assets $16.75M $18.63M $15.43M
Total Long-Term Assets $9.379M $8.925M $11.57M
Total Assets $26.13M $27.55M $27.00M
YoY Change -3.04% 2.03% -4.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.045M $3.194M $2.405M
YoY Change -34.87% 32.79% -37.58%
Accrued Expenses $3.547M $2.684M $1.809M
YoY Change 82.53% 48.39% -23.2%
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 $6.320M $7.182M $5.360M
YoY Change -5.28% 33.99% -24.82%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $1.200M
YoY Change -100.0% -47.83%
Other Long-Term Liabilities $449.0K $591.1K $754.0K
YoY Change -39.33% -21.61% -2.84%
Total Long-Term Liabilities $2.621M $2.881M $4.434M
YoY Change -19.43% -35.01% -15.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.320M $7.182M $5.360M
Total Long-Term Liabilities $2.621M $2.881M $4.434M
Total Liabilities $8.941M $10.06M $9.794M
YoY Change -9.92% 2.75% -20.97%
SHAREHOLDERS EQUITY
Retained Earnings $13.36M $13.83M $14.25M
YoY Change -4.04% -2.96% 5.65%
Common Stock $3.830M $3.657M $2.956M
YoY Change 23.44% 23.73% 20.98%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $17.19M $17.49M $17.21M
YoY Change
Total Liabilities & Shareholders Equity $26.13M $27.55M $27.00M
YoY Change -3.04% 2.03% -4.68%

Cashflow Statement

Concept 2014 Q1 2013 Q4 2012 Q4
OPERATING ACTIVITIES
Net Income -$25.12K -$3.453M $340.0K
YoY Change -120.93% -1115.54% -59.04%
Depreciation, Depletion And Amortization $150.0K $210.0K $620.0K
YoY Change -75.0% -66.13% 264.71%
Cash From Operating Activities $340.0K -$920.0K $1.970M
YoY Change -78.88% -146.7% -3.9%
INVESTING ACTIVITIES
Capital Expenditures -$40.00K -$200.0K -$80.00K
YoY Change -60.0% 150.0% -82.22%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities -$40.00K -$200.0K -$90.00K
YoY Change -60.0% 122.22% -80.0%
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 -450.0K -1.890M
YoY Change -63.33% -76.19% 14.55%
NET CHANGE
Cash From Operating Activities 340.0K -920.0K 1.970M
Cash From Investing Activities -40.00K -200.0K -90.00K
Cash From Financing Activities -440.0K -450.0K -1.890M
Net Change In Cash -140.0K -1.570M -10.00K
YoY Change -145.16% 15600.0% -80.0%
FREE CASH FLOW
Cash From Operating Activities $340.0K -$920.0K $1.970M
Capital Expenditures -$40.00K -$200.0K -$80.00K
Free Cash Flow $380.0K -$720.0K $2.050M
YoY Change -77.78% -135.12% -18.0%

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CY2012Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
566463 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
1181610 USD
CY2013Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-5411750 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-5275870 USD
us-gaap Payments For Software
PaymentsForSoftware
0 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
1328887 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
885925 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
354317 USD
CY2013Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
568492 USD
CY2013Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
465589 USD
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
0 USD
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
1200000 USD
CY2013Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2147886 USD
CY2013Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2337982 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
6539 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-84482 USD
CY2013Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
18089152 USD
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
13829788 USD
CY2013Q4 us-gaap Sales Revenue Net
SalesRevenueNet
6524215 USD
us-gaap Sales Revenue Net
SalesRevenueNet
13348554 USD
CY2012Q4 us-gaap Sales Revenue Net
SalesRevenueNet
8642031 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
5570849 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
6022239 USD
CY2013Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2745044 USD
us-gaap Share Based Compensation
ShareBasedCompensation
293941 USD
us-gaap Share Based Compensation
ShareBasedCompensation
344352 USD
CY2013Q4 us-gaap Share Based Compensation
ShareBasedCompensation
171822 USD
CY2012Q4 us-gaap Share Based Compensation
ShareBasedCompensation
145439 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
430000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
445000 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
5.64
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
5.29
CY2013Q4 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
550000 USD
CY2013Q2 us-gaap Stockholders Equity
StockholdersEquity
21389674 USD
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
17487094 USD
dei Amendment Flag
AmendmentFlag
false
us-gaap Stockholders Equity Period Increase Decrease
StockholdersEquityPeriodIncreaseDecrease
-3902580 USD
us-gaap Stockholders Equity Period Increase Decrease
StockholdersEquityPeriodIncreaseDecrease
112857 USD
us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
203782 USD
CY2013Q4 us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
203782 USD
CY2013Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
2732524 USD
CY2013Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
860801 USD
CY2013Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
696113 USD
CY2013Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
696113 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
CY2013Q4 koss Accumulatedamortizationandimpairment
Accumulatedamortizationandimpairment
4374477 USD
CY2013Q2 koss Assets Noncurrent Excluding Equipment And Leasehold Improvements
AssetsNoncurrentExcludingEquipmentAndLeaseholdImprovements
7705663 USD
CY2013Q4 koss Assets Noncurrent Excluding Equipment And Leasehold Improvements
AssetsNoncurrentExcludingEquipmentAndLeaseholdImprovements
6777476 USD
koss Capitalizedsoftwareinventoryandrelateditemsimpairmentwritedown
Capitalizedsoftwareinventoryandrelateditemsimpairmentwritedown
4535747 USD
CY2012Q4 koss Capitalizedsoftwareinventoryandrelateditemsimpairmentwritedown
Capitalizedsoftwareinventoryandrelateditemsimpairmentwritedown
0 USD
koss Capitalizedsoftwareinventoryandrelateditemsimpairmentwritedown
Capitalizedsoftwareinventoryandrelateditemsimpairmentwritedown
0 USD
CY2013Q4 koss Capitalizedsoftwareinventoryandrelateditemsimpairmentwritedown
Capitalizedsoftwareinventoryandrelateditemsimpairmentwritedown
4535747 USD
CY2013Q4 koss Derivative Death Benefit Of Life Insurance Policy Company Maintains To Fund Substantial Portion Of Liability
DerivativeDeathBenefitOfLifeInsurancePolicyCompanyMaintainsToFundSubstantialPortionOfLiability
1150000 USD
CY2013Q4 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
CY2013Q4 koss Derivative Years Over Which Company May Execute Promissory Note Payable For Balance At Prime Rate Of Interest
DerivativeYearsOverWhichCompanyMayExecutePromissoryNotePayableForBalanceAtPrimeRateOfInterest
P4Y
koss Gain Contingency Insurance Proceeds
GainContingencyInsuranceProceeds
14322 USD
koss Gain Contingency Insurance Proceeds
GainContingencyInsuranceProceeds
0 USD
CY2013Q4 koss Gain Contingency Insurance Proceeds
GainContingencyInsuranceProceeds
0 USD
CY2012Q4 koss Gain Contingency Insurance Proceeds
GainContingencyInsuranceProceeds
1215 USD
koss Gain Contingency Legal Fees
GainContingencyLegalFees
219984 USD
koss Gain Contingency Legal Fees
GainContingencyLegalFees
152312 USD
CY2013Q4 koss Gain Contingency Legal Fees
GainContingencyLegalFees
112171 USD
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-30
CY2012Q4 koss Gain Contingency Legal Fees
GainContingencyLegalFees
81008 USD
CY2012Q4 koss Gain Contingency Proceeds From Asset Forfeitures
GainContingencyProceedsFromAssetForfeitures
892137 USD
CY2013Q4 koss Gain Contingency Proceeds From Asset Forfeitures
GainContingencyProceedsFromAssetForfeitures
0 USD
koss Gain Contingency Proceeds From Asset Forfeitures
GainContingencyProceedsFromAssetForfeitures
816529 USD
koss Gain Contingency Proceeds From Asset Forfeitures
GainContingencyProceedsFromAssetForfeitures
1333061 USD
koss Gain Contingency Total Recoveries
GainContingencyTotalRecoveries
1347383 USD
CY2013Q4 koss Gain Contingency Total Recoveries
GainContingencyTotalRecoveries
0 USD
koss Gain Contingency Total Recoveries
GainContingencyTotalRecoveries
816529 USD
CY2012Q4 koss Gain Contingency Total Recoveries
GainContingencyTotalRecoveries
893352 USD
koss Increase Decrease In Cash Surrender Value Of Life Insurance
IncreaseDecreaseInCashSurrenderValueOfLifeInsurance
5433 USD
koss Increase Decrease In Cash Surrender Value Of Life Insurance
IncreaseDecreaseInCashSurrenderValueOfLifeInsurance
78666 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
16386 USD
CY2013Q4 koss Interest Expense For Tax Positions Related To Unauthorized Transactions
InterestExpenseForTaxPositionsRelatedToUnauthorizedTransactions
8193 USD
koss Interest Expense For Tax Positions Related To Unauthorized Transactions
InterestExpenseForTaxPositionsRelatedToUnauthorizedTransactions
23880 USD
CY2012Q4 koss Interestexpenserecoveriesrelatedtodebtandtaxpositions
Interestexpenserecoveriesrelatedtodebtandtaxpositions
27206 USD
koss Interestexpenserecoveriesrelatedtodebtandtaxpositions
Interestexpenserecoveriesrelatedtodebtandtaxpositions
56515 USD
koss Interestexpenserecoveriesrelatedtodebtandtaxpositions
Interestexpenserecoveriesrelatedtodebtandtaxpositions
15799 USD
CY2013Q4 koss Interestexpenserecoveriesrelatedtodebtandtaxpositions
Interestexpenserecoveriesrelatedtodebtandtaxpositions
8193 USD
CY2010Q2 koss Line Of Credit Facility Percent Over Libor Depending On Companys Leverage Ratio Maximum
LineOfCreditFacilityPercentOverLiborDependingOnCompanysLeverageRatioMaximum
0.03 Rate
dei Document Type
DocumentType
10-Q
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
CY2013Q4 koss Product Software Development Expenditures Net
ProductSoftwareDevelopmentExpendituresNet
0 USD
CY2013Q2 koss Product Software Development Expenditures Net
ProductSoftwareDevelopmentExpendituresNet
2673291 USD
CY2013Q3 koss Product Software Development Expenditures Net
ProductSoftwareDevelopmentExpendituresNet
2308752 USD
koss Productdesigncostsandassumedliabilities
Productdesigncostsandassumedliabilities
263503 USD
CY2013Q4 koss Productdesigncostsandassumedliabilities
Productdesigncostsandassumedliabilities
263503 USD
CY2013Q4 koss Unauthorized Transaction Related Costs And Recoveries Net
UnauthorizedTransactionRelatedCostsAndRecoveriesNet
112171 USD
CY2012Q4 koss Unauthorized Transaction Related Costs And Recoveries Net
UnauthorizedTransactionRelatedCostsAndRecoveriesNet
-812344 USD
koss Unauthorized Transaction Related Costs And Recoveries Net
UnauthorizedTransactionRelatedCostsAndRecoveriesNet
-596545 USD
koss Unauthorized Transaction Related Costs And Recoveries Net
UnauthorizedTransactionRelatedCostsAndRecoveriesNet
-1195071 USD
koss Writedownofcapitalizedsoftwareinventorytooling
Writedownofcapitalizedsoftwareinventorytooling
0 USD
koss Writedownofcapitalizedsoftwareinventorytooling
Writedownofcapitalizedsoftwareinventorytooling
4535747 USD
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2013-12-31
dei Entity Central Index Key
EntityCentralIndexKey
0000056701
CY2014Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
7382706 shares
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2012Q4 dei Entity Public Float
EntityPublicFloat
12824625 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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0000056701-14-000006-index-headers.html Edgar Link pending
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0000056701-14-000006.txt Edgar Link pending
0000056701-14-000006-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
Financial_Report.xlsx Edgar Link pending
koss-20131231.xml Edgar Link completed
koss-20131231.xsd Edgar Link pending
koss-20131231_cal.xml Edgar Link unprocessable
koss-20131231_def.xml Edgar Link unprocessable
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koss-20131231_pre.xml Edgar Link unprocessable
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