This is a sinking ship. Sinking faster than I thought. Mike Koss now blaming the Ukraine situation? Oh brother, how weak. He just will never get it. Now KOSS will not distribute dividends this quarter? Apple buying into the headphone business now too. There is NOTHING that will make Koss a buy. The Koss family is the only thing propping up PPS. Their fortune is plummeting. Why would any investor hold shares here?
Below is a copy and paste from Koss website. Pitiful....
"The Company has experienced continued low sales across its network of European distributors as well as with one OEM customer in Asia. The situation has worsened with recent political turmoil in Russia and Ukraine," Michael J. Koss, President and CEO, told employees here today. "The sales in the U.S. have fared better but are also lower than last year," Koss continued.
Sales for the third quarter were $4,300,373 compared to $8,302,113 for the same three month period one year ago, a 48.2% decrease. The three month net loss was $25,121, compared to net income of $115,441 for the third quarter last year. Diluted loss per common share for the quarter was $0.00 compared with diluted income per common share of $0.02 for the same three month period one year ago.
Sales for the nine months ended March 31, 2014 trended down by 31.7% to $17,648,927 compared with $25,859,006 for the same nine month period a year ago. Nine month net loss was $3,398,560 compared to $820,282 of net income for the same nine months last year. Diluted loss per common share was $0.46 compared with diluted income per common share of $0.11 for the same nine month period a year ago.
"Weak economies appear to be the main reason for lower sales in Europe along with some challenges of properly balancing inventories," Koss said.
The Company determined that based on the financial results, the Company would not distibute dividends.
actually, a little bit funny. where else could such an inept, backwards, silly, CEO with the track record Michael Koss has continue to keep his position other than with a family controlled company? he is the laughing "stock" of Milwaukee.
other than Koss family members, i simply can not believe anyone would hold this stock.