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As of 8:04 PM 01/23/15 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 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.

Emerson Radio Corp. Elects Lionel Choong and Duncan Hon as Directors

Emerson Radio Corp. at its annual meeting of stockholders on October 8, 2014, elected Lionel Choong and Duncan Hon as Directors.

Emerson Radio Corp., Annual General Meeting, Oct 08, 2014

Emerson Radio Corp., Annual General Meeting, Oct 08, 2014., at 10:00 US Eastern Standard Time. Location: at the law offices of Lowenstein Sandler LLP located 65 Livingston Avenue. Agenda: To elect seven directors to serve until the next annual meeting of stockholders and until their respective successors shall have been duly elected and qualified; to ratify the appointment of MSPC Certified Public Accountants and Advisors, as independent registered public accountants for the fiscal year ending March 31, 2015; and to transact such other business as may properly come before the meeting and any adjournment thereof.

Vincent Fok to Step Down from the Board of Directors of Emerson Radio Corp

On August 18, 2014, Vincent Fok informed the Board of Directors of Emerson Radio Corp. that he will not stand for re-election to the Board of Directors at the company's 2014 annual meeting of stockholders, but will serve out his remaining term.

Emerson Radio Corp. Declares Extraordinary Cash Dividend Payable on September 30, 2014; Reports Earnings Results for the Three Months Ended June 30, 2014

Emerson Radio Corp. reported that the Special Committee of its Board of Directors declared an extraordinary cash dividend of $0.70 per common share payable on September 30, 2014 to shareholders of record of the Company at the close of trading on September 12, 2014. The company reported net income for three months ended June 30, 2014 of $0.7 million, or $0.02 per diluted share on net revenues of $25.9 million, compared to a net income of $1.4 million or $0.05 per diluted share on net revenues of $24.7 million for the same period of the prior fiscal year and reported cash and cash equivalents of $47.9 million as of June 30, 2014.

 

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