Koss Corp. (NASDAQ: KOSS) stock gains by 14.9% at last check during current market trading. Koss Corp is an American company that deals with the manufacturing and designing of headphones. Not just in the USA but also around the globe Apple is considered as the top best company for manufacturing audio accessories but in 2021 Koss Corp has become a bigger name than Apple.
AMC Entertainment, GameStop, and Koss all gained on Monday, indicating that the struggle between individual investors and larger institutional investors may be resuming. On Monday, the hashtag #AMCSqueeze was trending on Twitter, indicating that the stock may be undergoing another short squeeze, driving the stock upward.
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On May 13, KOSS released its third quarter ended March 2021, financial results. Given below is the summary:
- Sales in the third quarter were $3,987,452, down 16.7% from $4,789,441 in the same three-month period a year ago.
- The net loss for the third quarter was $474,168, relative to a net loss of $97,373 in the same period last year.
- For the quarter, the basic and diluted loss per common share was $0.06, relative to a loss per common share of $0.01 for the same three-month period a year earlier.
Michael J. Koss, Chairman, and CEO commented:
The composition of net sales in the first nine months differed from the previous year. KOSS noticed a change in distribution to US distributors, European distributors, and domestic direct to consumer sales, as well as a steep fall in US mass retail. KOSS’s focus has changed away from mass-market retailers and toward consumer direct, specialty and distributor-based platforms. The periodic service disruptions of freight carriers are mostly to blame for the quarter’s net reduction in sales revenue.
With the change in sales, gross margins are improving. Domestic mass merchants often have lower gross margins than other distribution channels. There were some odd non-recurring factors in the quarter’s net loss which raised the administrative costs.