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The Singing Machine Company, Inc. (SMDM)

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0.26000.0000 (0.00%)
As of 2:47PM EDT. Market open.
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Neutralpattern detected
Previous Close0.2600
Open0.2600
BidN/A x N/A
AskN/A x N/A
Day's Range0.2600 - 0.2600
52 Week Range0.0800 - 0.4400
Volume5,600
Avg. Volume9,136
Market Cap10.025M
Beta (5Y Monthly)1.05
PE Ratio (TTM)N/A
EPS (TTM)-0.0570
Earnings DateAug 13, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est0.00
  • GlobeNewswire

    Singing Machine To Hold Virtual Shareholder Meeting Friday, October 16, 2020

    Fort Lauderdale, FL, Oct. 14, 2020 (GLOBE NEWSWIRE) -- The Singing Machine Company, Inc. (“Singing Machine” or the “Company”) (OTCQX: SMDM) – the worldwide leader in consumer karaoke products – will host its annual shareholder meeting virtually on Friday, October 16, 2020 at 10:00 a.m. EST.Record holders and beneficial owners as of August 17, 2020 may attend the Annual Meeting (via webinar or phone call). Set forth below is a summary of the information you need to attend the virtual Annual Meeting: * Access the virtual meeting webinar by visiting www.singingmachine.vote and following the webinar registration link; * Access the audio-only conference call by calling 877-407-3088 (Toll Free) or +1 877-407-3088 (International);As a reminder, in order to vote and attend the meeting, record holders will need their unique control number, which was mailed to them with the proxy card.Beneficial holders (i.e. your shares are held in an account at a brokerage firm, bank, or similar agent) will need to provide their legal proxy (given by the broker who holds shares for them) no later than 5:00 p.m. EST on October 14, 2020. Once you have received a legal proxy from your broker, bank or other agent, it should be emailed to our transfer agent, Equity Stock Transfer, at proxy@equitystock.com and should be labeled “Legal Proxy” in the subject line.An audio rebroadcast of the call will be available later in the day after the meeting and can be heard at: www.singingmachine.vote.About Singing MachineBased in the U.S., Singing Machine® is the North American leader in consumer karaoke products. The first to provide karaoke systems for home entertainment in the United States, the Company sells its products worldwide through major mass merchandisers and on-line retailers. We offer the industry's widest line of at-home karaoke entertainment products, which allow consumers to find a machine that suits their needs and skill level. As the most recognized brand in karaoke, Singing Machine products incorporate the latest technology for singing practice, music listening, entertainment and social sharing. The Singing Machine provides consumers the best warranties in the industry and access to over 13,000 songs for streaming and download. Singing Machine products are sold through most major retailers in North America and also internationally. See www.singingmachine.com for more details.Investor Relations Contact: Brendan Hopkins (407) 645-5295 investors@singingmachine.com www.singingmachine.com www.singingmachine.com/investorsForward-Looking Statements This press release contains forward‑looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward‑looking statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by management and include, but are not limited to statements about our financial statements for the fiscal year ended March 31, 2020. You should review our risk factors in our SEC filings which are incorporated herein by reference. Such forward‑looking statements speak only as of the date on which they are made and the company does not undertake any obligation to update any forward‑looking statement to reflect events or circumstances after the date of this release.

  • GlobeNewswire

    Carpool Karaoke Microphone to be Featured on Amazon’s Prime Day

    The season’s must-have Microphone to be featured on Prime Day Fort Lauderdale, FL, Oct. 07, 2020 (GLOBE NEWSWIRE) -- The Singing Machine Company, Inc. (“Singing Machine” or the “Company”) (OTCQX: SMDM) – the worldwide leader in consumer karaoke products – today announced its Carpool Karaoke Microphone will be featured on Amazon’s Prime Day, occurring on October 13-14, 2020.Amazon recently announced its annual Prime Day event is back in time for the holidays on October 13-14. The two-day shopping event delivers Prime members incredible savings and deep discounts on over one million deals across every category. Prime Day kicks off at midnight PT on Tuesday, October 13 and runs through Wednesday, October 14, for Prime members in the U.S.The Carpool Karaoke Mic has quickly become this year’s viral, must-have product after being featured by countless users worldwide on social media. The Carpool Mic videos have garnered hundreds of millions of views and “likes” on Tik Tok and other social media platforms.Inspired by the segment that has become a global, viral sensation on THE LATE LATE SHOW WITH JAMES CORDEN, Carpool Karaoke The Mic will allow friends and family to sing along to their favorite songs in their cars and recreate their favorite moments from the show. The Mic is one of the first sing along microphones designed specifically for use in the car.Management Commentary: Gary Atkinson, Singing Machine CEO, commented, “We're thrilled to participate in Amazon’s upcoming Prime Day event, anticipated to be one of the biggest shopping days of the year. We can’t divulge too much detail yet, but we’re excited to be a part of the big day. More details will be announced on the day.”Where to Buy:Carpool Karaoke Microphone is now available at Amazon.com.Visit www.CarpoolKaraokeTheMic.com for more information.About The Singing MachineBased in the U.S., Singing Machine® is the North American leader in consumer karaoke products. The first to provide karaoke systems for home entertainment in the United States, the Company sells its products worldwide through major mass merchandisers and on-line retailers. We offer the industry's widest line of at-home karaoke entertainment products, which allow consumers to find a machine that suits their needs and skill level. As the most recognized brand in karaoke, Singing Machine products incorporate the latest technology for singing practice, music listening, entertainment and social sharing. The Singing Machine provides consumers the best warranties in the industry and access to over 13,000 songs for streaming and download. Singing Machine products are sold through most major retailers in North America and also internationally. See www.singingmachine.com for more details.Investor Relations Contact: Brendan Hopkins (407) 645-5295 investors@singingmachine.com www.singingmachine.com www.singingmachine.com/investors Forward-Looking Statements This press release contains forward‑looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward‑looking statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by management and include, but are not limited to statements about our financial statements for the fiscal year ended March 31, 2020. You should review our risk factors in our SEC filings which are incorporated herein by reference. Such forward‑looking statements speak only as of the date on which they are made and the company does not undertake any obligation to update any forward‑looking statement to reflect events or circumstances after the date of this release.

  • GlobeNewswire

    Singing Machine Announces First Quarter 2021 Earnings Report

    Fort Lauderdale, FL, Aug. 19, 2020 (GLOBE NEWSWIRE) -- The Singing Machine Company, Inc. (“Singing Machine” or the “Company”) (OTCQX: SMDM) – the worldwide leader in consumer karaoke products – today announced its financial results for its first quarter ended June 30, 2020. First Quarter Snapshot: * Net sales decreased to $3.3 million due to timing of a large promotional shipment that was delayed due to COVID-19. * Regular non-promotional sales increased by $1.8 million (125%) compared to the same period last year. * Gross margin increased by 15.8 margin points to 37.1% compared to 21.3% in the prior year. * Gross Profit improved to $1.2 million for the quarter. * Recovery of $0.5 million due to settlement of damaged goods claim from prior year. * Loss Before Income Tax of $0.29 million compared to $1.1 million in the prior year. * Net loss of $0.2 million for the quarter or $0.01 per diluted share.Singing Machine reported net sales of approximately $3.3 million for the quarter-ended June 30, 2020 period compared to $4.8 million in the same quarter of the prior year. The decrease in net sales was primarily due to delayed shipments of goods to a major retailer for its upcoming holiday promotions. However, the Company reported an increase of $1.8 million in regular, non-promotional sales during the first quarter which drove the gross margin increase to 37.1% (increase of 15.8 margin points compared to the prior year). Under Other Income, the Company reported approximately $0.52 million gain in income from settlements of the insurance claim from the damaged goods shipment in the prior year. The Company anticipates recognizing another $0.85 million gain in the second quarter ended September 30, 2020 due to the timing of receipt of the insurance settlement. Total operating expenses held flat at approximately $2.0 million for the quarter. As a result, the Company reported a loss before income tax of $0.29 million compared to a net loss before income tax of $1.1 million in the prior year. Management Commentary: Gary Atkinson, Singing Machine CEO, commented, “We’re thrilled with the results of the first quarter. During the pandemic, consumer spending habits shifted dramatically to stay-at-home entertainment where we saw significant growth in karaoke sales. Many of our major retailers reported 50% to 100% year-over-year growth in karaoke. That rising demand generated new and replenishment orders by more than 125% over last year, which helped drive margin growth by almost 16%. Digital sales remained very strong, contributing over 200% increase in unit sales YoY.” Atkinson added, “We’re also excited at the ongoing momentum behind our Carpool Karaoke Microphone which has exploded all over social media as the hot summer must-have item.” Earnings Call Information:The Company will host a conference call today, on Wednesday, August 19, beginning at 4:00 pm Eastern time to discuss these results and answer questions. If you would like to participate on the call, please dial 877-876-9176 and use conference ID: SMDM. An audio rebroadcast of the call will be available later in the day after the earnings call and can be heard at: www.singingmachine.com/investors.About The Singing MachineBased in the U.S., Singing Machine® is the North American leader in consumer karaoke products. The first to provide karaoke systems for home entertainment in the United States, the Company sells its products worldwide through major mass merchandisers and on-line retailers. We offer the industry's widest line of at-home karaoke entertainment products, which allow consumers to find a machine that suits their needs and skill level. As the most recognized brand in karaoke, Singing Machine products incorporate the latest technology for singing practice, music listening, entertainment and social sharing. The Singing Machine provides consumers the best warranties in the industry and access to over 13,000 songs for streaming and download. Singing Machine products are sold through most major retailers in North America and also internationally. See www.singingmachine.com for more details. Investor Relations Contact: Brendan Hopkins (407) 645-5295 investors@singingmachine.com www.singingmachine.com www.singingmachine.com/investorsForward-Looking Statements This press release contains forward‑looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward‑looking statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by management and include, but are not limited to statements about our financial statements for the fiscal year ended March 31, 2020. You should review our risk factors in our SEC filings which are incorporated herein by reference. Such forward‑looking statements speak only as of the date on which they are made and the company does not undertake any obligation to update any forward‑looking statement to reflect events or circumstances after the date of this release.