$KOSS
KOSS CORP

2019 Q2 Form 10-Q Financial Statement

#000005670119000016 Filed on May 10, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 Q1 2018 Q1
Revenue $5.790M $4.860M $4.327M
YoY Change -20.03% 12.33% -9.37%
Cost Of Revenue $4.110M $3.205M $3.377M
YoY Change -20.66% -5.09% -11.68%
Gross Profit $1.670M $1.655M $1.013M
YoY Change -18.93% 63.33% 6.64%
Gross Profit Margin 28.84% 34.06% 23.42%
Selling, General & Admin $1.650M $1.540M $1.771M
YoY Change -4.07% -13.04% -9.89%
% of Gross Profit 98.8% 93.06% 174.78%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $90.00K $90.00K $130.0K
YoY Change -35.71% -30.77% 0.0%
% of Gross Profit 5.39% 5.44% 12.83%
Operating Expenses $1.660M $1.540M $1.771M
YoY Change -3.49% -13.04% -9.89%
Operating Profit $10.00K $114.9K -$757.9K
YoY Change -97.06% -115.16% -25.36%
Interest Expense $0.00 $0.00 $0.00
YoY Change
% of Operating Profit 0.0% 0.0%
Other Income/Expense, Net
YoY Change
Pretax Income $20.00K $114.9K -$757.9K
YoY Change -94.12% -115.16% -28.17%
Income Tax $0.00 -$23.02K $4.274K
% Of Pretax Income 0.0% -20.04%
Net Earnings $20.00K $137.9K -$762.2K
YoY Change -94.29% -118.09% -31.8%
Net Earnings / Revenue 0.35% 2.84% -17.62%
Basic Earnings Per Share $0.02 -$0.10
Diluted Earnings Per Share $2.699K $0.02 -$0.10
COMMON SHARES
Basic Shares Outstanding 7.405M shares 7.405M 7.383M shares
Diluted Shares Outstanding 7.405M 7.383M shares

Balance Sheet

Concept 2019 Q2 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.230M $2.720M $1.570M
YoY Change 106.48% 73.25% 109.33%
Cash & Equivalents $2.228M $2.723M $1.570M
Short-Term Investments
Other Short-Term Assets $130.0K $280.0K $330.0K
YoY Change -38.1% -15.15% -10.81%
Inventory $6.851M $6.730M $6.356M
Prepaid Expenses
Receivables $3.655M $2.812M $3.009M
Other Receivables $40.00K $40.00K $30.00K
Total Short-Term Assets $12.91M $12.58M $11.29M
YoY Change 6.12% 11.42% -6.57%
LONG-TERM ASSETS
Property, Plant & Equipment $890.1K $913.8K $1.273M
YoY Change -21.38% -28.22% -14.98%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $9.431M $9.458M $6.337M
YoY Change -0.48% 49.24% -29.67%
Total Long-Term Assets $10.32M $10.37M $7.611M
YoY Change -2.71% 36.28% -27.58%
TOTAL ASSETS
Total Short-Term Assets $12.91M $12.58M $11.29M
Total Long-Term Assets $10.32M $10.37M $7.611M
Total Assets $23.24M $22.95M $18.90M
YoY Change 2.01% 21.43% -16.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.436M $1.207M $828.5K
YoY Change 0.48% 45.7% -41.45%
Accrued Expenses $650.5K $741.1K $1.507M
YoY Change -17.55% -50.83% 19.3%
Deferred Revenue $645.5K
YoY Change -6.58%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.998M $2.817M $2.336M
YoY Change -5.25% 20.61% -12.79%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $5.170M $5.220M $159.4K
YoY Change 3175.38% -4.34%
Total Long-Term Liabilities $5.165M $5.220M $2.479M
YoY Change -4.53% 110.57% 5.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.998M $2.817M $2.336M
Total Long-Term Liabilities $5.165M $5.220M $2.479M
Total Liabilities $8.163M $8.038M $4.815M
YoY Change -4.79% 66.93% -4.4%
SHAREHOLDERS EQUITY
Retained Earnings $8.702M $8.788M $8.382M
YoY Change 3.42% 4.85% -31.21%
Common Stock $6.370M $6.128M $5.706M
YoY Change 10.04% 7.39% 6.19%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $15.07M $14.92M $14.09M
YoY Change
Total Liabilities & Shareholders Equity $23.24M $22.95M $18.90M
YoY Change 2.01% 21.43% -16.34%

Cashflow Statement

Concept 2019 Q2 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $20.00K $137.9K -$762.2K
YoY Change -94.29% -118.09% -31.8%
Depreciation, Depletion And Amortization $90.00K $90.00K $130.0K
YoY Change -35.71% -30.77% 0.0%
Cash From Operating Activities -$430.0K $490.0K $1.130M
YoY Change -12.24% -56.64% -5750.0%
INVESTING ACTIVITIES
Capital Expenditures -$70.00K -$10.00K -$20.00K
YoY Change -50.0% -33.33%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities -$70.00K $0.00 -$20.00K
YoY Change -100.0% -33.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -430.0K 490.0K 1.130M
Cash From Investing Activities -70.00K 0.000 -20.00K
Cash From Financing Activities 0.000 0.000 0.000
Net Change In Cash -500.0K 490.0K 1.110M
YoY Change 2.04% -55.86% -2320.0%
FREE CASH FLOW
Cash From Operating Activities -$430.0K $490.0K $1.130M
Capital Expenditures -$70.00K -$10.00K -$20.00K
Free Cash Flow -$360.0K $500.0K $1.150M
YoY Change -26.53% -56.52% 11400.0%

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us-gaap Revenue Recognition Sales Of Goods
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">REVENUE RECOGNITION &#8212; In May 2014, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) 2014-09 (Topic 606), Revenue from Contracts with Customers. This new standard supersedes nearly all existing revenue recognition guidance and provides a five-step analysis to determine when and how revenue is recognized. The underlying principle is to recognize revenue when promised goods or services transfer to the customer. The amount of revenue recognized is to reflect the consideration expected to be received for those goods or services.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company adopted the requirements of the new standard on July 1, 2018 using the full retrospective transition method. Prior period consolidated financial statements were restated to reflect full retrospective adoption beginning with the Quarterly Report on Form 10-Q for the quarter ended September 30, 2018. </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Revenues from product sales are recognized when the customer obtains control of the product, which typically occurs upon shipment from the Company's facility. There are a very limited number of customers for which control does not pass until they have received the products at their facility. Revenue from product sales is adjusted for estimated warranty obligations and variable consideration, which are detailed below.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Warranties - </font><font style="font-family:inherit;font-size:10pt;">The Company offers a lifetime warranty to consumers in the United States and certain other countries. This lifetime warranty creates a future performance obligation. There are also certain foreign distributors that receive warranty repair parts and replacement headphones to satisfy warranty obligations in those countries. The Company defers revenue to recognize the future obligations related to these warranties. The deferred revenue is based on historical analysis of warranty claims relative to sales. This deferred revenue reflects the Company's best estimates of the amount of warranty returns and repairs it will experience during those future periods. If future warranty activity varies from the estimates, the Company will adjust the estimated deferred revenue, which would affect net sales and operating results in the period that such adjustment becomes known. </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Reserves for Variable Consideration - </font><font style="font-family:inherit;font-size:10pt;">Revenue from product sales is recorded at the net sales price, which includes estimates of variable consideration for which reserves are established and which result from returns, rebates, and co-pay assistance that are offered within contracts between the Company and its customers. Overall, these reserves reflect the Company's best estimates of the amount of consideration to which it is entitled based on the terms of the contract. If actual results in the future vary from the estimates, the Company will adjust these estimates, which would affect net sales and operating results in the period such variances become known.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Product Returns - </font><font style="font-family:inherit;font-size:10pt;">The Company generally offers customers a limited right of return. The Company estimates the amount of product sales that may be returned by its customers and records the estimate as a reduction of revenue in the period the related product revenue is recognized. Product return liabilities are estimated using historical sales and returns information. If actual results in the future vary from the estimates, the Company will adjust these estimates, which would affect net sales and operating results in the period such variances become known.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Volume Rebates - </font><font style="font-family:inherit;font-size:10pt;">The Company offers volume rebates to certain customers in the United Sates and certain foreign distributors. These volume rebates are tied to sales volume within specified periods.</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">The amount of revenue is reduced for variable consideration related to customer rebates, which are calculated using expected values and is based on program specific factors such as expected rebate percentages and expected volumes. Changes in such accruals may be required if actual sales volume differs from estimated sales volume, which would affect net sales and operating results in the period such variances become known.</font></div></div>

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