Milwaukee-based headphone manufacturer Koss Corp. has reported fiscal fourth quarter net income of $354,800, or 5 cents per share, compared with a net loss of $1.5 million, or 29 cents lost per share, in the fourth quarter of 2014.
Operating income was $230,205, compared with an operating loss of $3.7 million in the same period a year ago.
Revenue totaled $5.7 million, down 7.6 percent from $6.2 million in the fourth quarter of 2014.
Koss reduced the cost of goods sold from $5.7 million in the fourth quarter of 2014 to $3.6 million in the most recent quarter. It also had a $1.8 million impairment charge in the fourth quarter of 2014 that was not repeated in the fourth quarter of 2015.
For the full year, Koss reported net income of $482,613, compared with a net loss of $5.6 million in 2014.
Operating income was $512,801, compared with an operating loss of $10 million a year ago.
And revenue totaled $24.2 million in 2015, up from $23.8 million in 2014.
“Sales softened some in the quarter, as we did not receive the normal year-end orders from our export customers,” said Michael J. Koss, president and chief executive officer. “We think this was driven by the export rebate program. Orders are typically stronger at year end in order for our export customers to reach their incentive rebate targets. This year, many struggled and were not able to reach the prior year’s sales figures.”
