Koss First Quarter Sales Drop 9% (Marketwire)

Monday October 6, 5:15 pm ET MILWAUKEE, WI--(MARKET WIRE)--Oct 6, 2008 -- Koss Corporation , the U.S. based high-fidelity stereophone company, has announced results for its first quarter for the period ending September 30, 2008. Sales for the first quarter were $11,486,034 compared with $12,637,606 for the same period one year ago, a 9% reduction. Net income dropped by 32% to $913,764 compared with $1,335,674. Diluted earnings per share were $0.25 compared with $0.36 one year ago. "The drop in our first quarter sales and net income is the result of soft U.S. retail sales," Michael J. Koss, President and CEO said here today. "We expect difficult trends in the U.S. to continue through the holiday season." The Company also reported that sales to Europe had increased by 24%... [read full story]