SINGING MACHINE COMPANY INC - Big Showing At Amazon
Singing Machine Unveils Toy Line and Karaoke Products at
Distoy Show in London
These share are
rebounding nicely despite the recent Toys R' Us bankruptcy.
Amazon , much larger than Toys R' Us , are picking up the
increasing demand for the product.
We
expect Q3 to be profitable and have placed these shares on
our buy list WITH A TARGET PRICE OF $0.75
Subscribers should place these shares on your buy list
.
The New Kids Karaoke Pedestal and Other New Kids Series
Products Help Kids Develop Language Skills, Build Confidence
and Have Fun
With a superior management team directing this $100 million
in sales karaoke
and streaming music / entertainment company we feel that
these shares should be placed on your Buy List
.
This company offers streaming multiplatform
music service and digital experiences for, IOS ,
Android , pay TV operators, commercial establishments, OTT
providers, mobile operators, and more.
Product Line
FORT LAUDERDALE, Fla., June 28, 2018 (GLOBE NEWSWIRE) -- The
Singing Machine Company, Inc. (“Singing
Machine” or the “Company”) (OTCQX:SMDM) – the North American
leader in consumer karaoke products – today announced its
financial results for its full fiscal year ended March 31,
2018.
Full Fiscal 2018 Highlights:
- Net sales for the fiscal year increased by 15% to
$60.8 million.
- The Company wrote off $3.1 million bad debt expense
due to the Toys ‘R’ Us bankruptcy and liquidation.
- Gross profit of $15.7 million.
- Income from operations $1.0 million for the fiscal
year.
- Positive net income of $0.15 million.
- Reduced $1.2 million of related-party debt during
the fiscal year.
Singing Machine reports net sales of approximately $60.8
million for the March 31, 2018 fiscal year-end period,
compared to approximately $52.9 million in the prior year.
The increase in net sales is primarily due to an increase in
hardware sales to the Company’s top North American
retailers, new distribution into a brand new national mass
market electronics retailer, strong demand online for
karaoke products, and expanded international growth in the
United Kingdom.
Gross profit margin decreased slightly by 0.3% from 26.1% to
25.8%. Due to the increase in net sales, gross profit
increased to $15.7 million compared to $13.8 million in the
prior year.
Total operating expenses increased from $10.9 million in the
prior year to approximately $14.7 million for Fiscal 2018.
A majority of the increase was due to the bankruptcy of Toys
‘R’ Us who announced Chapter 7 liquidation in April 2018.
The Company wrote off $3.1 million, which represents its
total exposure to the Toys ‘R’ Us bankruptcy.
As a result of the above, income from operations decreased
to $1.0 million from $3.0 million in the prior year. The
Company reported an income tax provision of $0.54 million
which included a one-time valuation adjustment to its
deferred tax assets of approximately $0.33 million due to
the newly signed Tax Cuts and Jobs Act. The Company still
retains approximately $0.9 million in deferred tax assets
going forward.
Despite writing off $3.1 million from the Toys ‘R’ Us
bankruptcy, the Company still reported positive net income
for the year of $0.15 million.
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