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Last $1.30 USD
Change Today +0.02 / 1.56%
Volume 61.8K
MSN On Other Exchanges
Symbol
Exchange
NYSE Amex
As of 8:04 PM 09/3/15 All times are local (Market data is delayed by at least 15 minutes).

emerson radio corp (MSN) Key Developments

Emerson Radio Corp. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended June 30, 2015; Provides Product Sales Guidance for the Second Quarter and Full Year of 2016

Emerson Radio Corp. announced unaudited consolidated earnings results for the first quarter ended June 30, 2015. For the quarter, the company reported net revenues of $19,512,000 compared to $25,943,000 a year ago. Operating income was $113,000 compared to $791,000 a year ago. Income before income taxes was $152,000 compared to $856,000 a year ago. Net income was $121,000 compared to $651,000 a year ago. Net product sales for the first quarter of fiscal 2016 were $18.3 million, as compared to $24.8 million for the first quarter of fiscal 2015, a decrease of $6.5 million, or 26.4%. The lower year-over-year net product sales were principally driven by a $6.4 million, or 26.3%, decrease in net sales of houseware products, which was the result of lower year-over-year net sales of microwave ovens, driven mainly by product discontinuations by the company's key customers and the effects of the 2014/2015 Los Angeles/Long Beach port strike, partially offset by increases in net sales of compact refrigeration and wine products. Operating income decreased 85.7%, from operating income of $0.8 million for the first quarter of fiscal 2015 due to the lower year-over-year net product sales and higher year-over-year cost of sales as a percentage of sales, partly offset by a $0.1 million, or 4.4%, decrease in year-over year SG&A expenses. Net income decreased $0.6 million, or 81.4%, due primarily to the year-over-year decrease in operating income. Due primarily to the aforementioned product discontinuations, the company expects its net product sales for the second quarter and full year of fiscal 2016 to continue to decrease as compared to the second quarter and full year of fiscal 2015, respectively.

Emerson Radio Corp. Announces Consolidated Earnings Results for the Fourth Quarter and Full Year Ended March 31, 2015

Emerson Radio Corp. announced consolidated earnings results for the fourth quarter and full year ended March 31, 2015. For the quarter, the company reported net revenues of $13,235,000 compared with $13,982,000 a year ago. Operating income was $230,000 compared with $689,000 a year ago. Income before income tax was $294,000 compared with $796,000 a year ago. Net loss was $1,659,000 or $0.06 per basic and diluted share compared with net income of $941,000 or $0.04 per diluted share a year ago. For the year, the company reported net revenues of $76,323,000 compared with $77,829,000 a year ago. Operating income was $4,745,000 compared with $3,300,000 a year ago. Income before income tax was $4,960,000 compared with loss before income tax of $152,000 a year ago. Net income was $1,893,000 or $0.07 per basic and diluted share compared with $1,317,000 or $0.05 per basic and diluted share a year ago.

Emerson Radio Corp. announced delayed annual 10-K filing

On 06/29/2015, Emerson Radio Corp. announced that they will be unable to file their next 10-K by the deadline required by the SEC.

Emerson Radio Corp. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2014

Emerson Radio Corp. reported unaudited consolidated earnings results for the third quarter and nine months ended December 31, 2014. For the quarter, net revenues were $22.898 million against $20.857 million a year ago. Operating income was $3.694 million against $1.075 million a year ago. Income before income taxes was $3.736 million against loss before income taxes of $2.827 million a year ago. Net income was $2.854 million or $0.11 per basic and diluted share against net loss of $1.381 million or $0.05 per basic and diluted share a year ago. The lower year-over-year net product sales were primarily driven by a $1.6 million, or 2.8%, decrease in net sales of houseware products, which was the result of lower year-over-year net sales of compact refrigerators and wine coolers, partly offset by higher year-over-year net sales of microwave ovens. For the nine months, net revenues were $63.088 million against $63.847 million a year ago. Operating income was $4.515 million against $2.611 million a year ago. Income before income taxes was $4.666 million against loss before income taxes of $0.948 million a year ago. Net income was $3.552 million or $0.13 per basic and diluted share against net loss of $0.376 million or $0.01 per basic and diluted share a year ago.

Emerson Radio Corp. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended September 30, 2014

Emerson Radio Corp. announced unaudited consolidated earnings results for the second quarter and six months ended September 30, 2014. For the quarter, the company reported net revenues of $14,247,000 compared with $18,338,000 for the same period a year ago. Operating income was $30,000 compared with $207,000 for the same period a year ago, the decrease was due to the lower year-over-year net revenues, and higher year-over-year cost of sales as a percentage of sales, partly offset by a $0.6 million reversal of operating reserves no longer required. Income before income tax was $74,000 compared with $328,000 for the same period a year ago. Net income was $47,000 or $0.00 per basic and diluted share compared with $388,000 or $0.01 per basic and diluted share for the same period a year ago, the decrease was due to the year-over-year decrease in operating income and lower year-over-year interest income. For the six months, the company reported net revenues of $40,190,000 compared with $42,990,000 for the same period a year ago. Operating income was $821,000 compared with $1,536,000 for the same period a year ago, due to due to the lower year-over-year net revenues, higher year-over-year cost of sales and other operating costs as a percentage of sales, which were partly offset by a $0.6 million reversal of operating reserves no longer required, and $0.2 million in higher year-over year SG&A expenses. Income before income tax was $930,000 compared with $1,879,000 for the same period a year ago. Net income was $698,000 or $0.03 per diluted share compared with $1,757,000 or $0.06 per diluted share for the same period a year ago, the decrease was due primarily to the year-over-year decrease in operating income and lower year-over-year interest income.

 

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