My main concern from the AGM was that there was too much emphasis on this Home product. Gary was questioned and he replied that the company sold 2000 units units last year. That equals $600,000 in sales. Why not concentrate on the most important part of the company which is 98% of the company sales. I believe that this is where management needs A wake up call. Gary also answered that there was a wi-fi problem with the home unit and that returns were about 30%.
The real problem is the loss for the year ending March 31, 2014, a real lack of public relations and a bad job glossing over manufacturing and quality problems.
First time attend share holder meeting and meet team of management and boad members. SMDM show first year positive earning under CEO, Gary, the trial of new productes , sihning maching home as a music center sold all at Best buy even had problem at wi-fi hard ware in some modle . They may try to fix the problem and rull out as a volume coming years, very positive for future earning. Also, cfo mentioned company still have 1.6 million $ from before lost tax credity ........ The management and boad member also brifly discussed undervalue stock price and feel some kind pressure ......
Dear All, no one in this company is backing away from our bread and butter. The Singing Machine classics garner most of our attention and will continue to do so. I know it is easy to make comments in a message board, but if you do some research we are or will be in every major and most regional retailers in the US and Canada. That business comes from our Classic line. Maybe we haven't done the best job explaining the vision for the company, but the classics remain a focus for us and the reason most of the retail shelf allocated to Karaoke will be filled with singing machine product. To the home - the reason this is such a HUGE product launch for Singing Machine, is that it solves two glaring holes in our business model. The home targets that key demographic 18-44 male and female that we are mostly missing now. It also adds a revenue from the streaming services that will help the bottom line for many years to come. I agree that we need to do better PR with you guys, but we run a tight ship so our efforts are focused on making business happen more than it is responding to message boards. If i get enough interest i will personally hold a Q&A conference call to answer all your questions in a group format. For now, back to work and making the world a happier place one karaoke machine at a time...
Instead of a "Q&A conference call to answer all your questions in a group format" may I respectfully suggest that the SM webmaster create a blog as part of the SM website? It could be moderated by you, to keep out spammers. These questions do not really belong on a message board, and only reflect the lack of communication with stockholders, which I see you wish to correct. Think positively. It could lead to more sales!
Good to hear from you, Mr. Melo. For those who don't know, he is Vice President of Global Sales and Marketing since 2008. I think that what irks us most is the hype of the Home machine, and the fact that it needs a fix. Is something being done about this, Mr. Melo?
I plan to write a letter to the board members and make a few suggestions. I have a considerable investment in Singing Machine shares and I am very disappointed in the way SM goes about their business. The investor relations is worse than any company I have ever seen. When the CEO comments about a quarter and virtually says nothing about the year the company is having, there is a great deal of alarm. Yes, this year is going to be another disaster and it is not pleasant to discuss, but at least talk about what you are going to do to correct the mistakes made. If not, bring in management that knows how to operate a company and act like a public company.