Singing Machine Reports $47.5 million in net sales; $0.14 EPS
Fort Lauderdale, FL, July 14, 2022 (GLOBE NEWSWIRE) — The Singing Machine Company, Inc. (“Singing Machine” or the “Company”) (NASDAQ: MICS) – the worldwide leader in consumer karaoke products – today announced its full year financial results for its fiscal year ended March 31, 2022. During the fiscal year, the Company successfully navigated the global supply chain crisis and sold over 1,000,000 karaoke devices worldwide. Singing Machine successfully grew market share by driving strong domestic sales within its world class retail partner network, as well as re-emerging demand in select international markets.
Additional details for the full year fiscal 2022 are as follows:
Full Year Financial Highlights:
- Net sales for the fiscal year increased by $1.7 million from $45.8 million to $47.5 million representing an approximate 4% increase over the prior year.
- Gross profit decreased to $10.8 million from $12.3 million in the prior year. Gross profit margin decreased by 400 basis points from 26.8% to 22.8% primarily due to approximately $2.4 million in unanticipated shipping and logistics costs related to pandemic driven global supply chain disruption.
- Net income for the fiscal year was approximately $0.2 million compared to $2.2 million.
- The Company generated $0.14 in earnings per share as a result of these developments.
Additional Corporate Highlights:
- Successfully raised $10 million in a…
