Welcome to our dedicated news page for Singing Machine Co. (Ticker: MICS), a resource for investors and traders seeking the latest updates and insights on Singing Machine Co..
Our selection of high-quality news articles is accompanied by an expert summary from Rhea-AI, detailing the impact and sentiment surrounding the news at the time of release, providing a deeper understanding of how each news could potentially affect Singing Machine Co.'s stock performance. The page also features a concise end-of-day stock performance summary, highlighting the actual market reaction to each news event. The list of tags makes it easy to classify and navigate through different types of news, whether you're interested in earnings reports, stock offerings, stock splits, clinical trials, fda approvals, dividends or buybacks.
Designed with both novice traders and seasoned investors in mind, our page aims to simplify the complex world of stock market news. By combining real-time updates, Rhea-AI's analytical insights, and historical stock performance data, we provide a holistic view of Singing Machine Co.'s position in the market.
Rhea-AI Summary
The Singing Machine Company, Inc. reported $29.2 million in sales for the nine-month transition period ended December 31, 2023, with a focus on higher-end products and music subscription sales. Despite challenges in the retail environment, the company aims to drive growth and profitability by emphasizing higher-margin offerings and strategic partnerships. Net sales decreased by 18.7% compared to the previous year, with gross profit margins improving to 27.4% excluding a non-cash inventory impairment. Operating expenses increased primarily due to one-time expenses, leading to a net loss of $6.4 million for the period.
Rhea-AI Impact
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End-of-Day
-7.73%
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Singing Machine Company, Inc. (NASDAQ: MICS) secures a $2 million senior credit facility with Oxford Commercial Finance to support working capital needs. The credit facility has a 2-year term and aims to fund accounts receivable from ongoing sales, expanding financing options for the company.
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End-of-Day
-1.11%
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Singing Machine Company, Inc. expands its presence into the China market through an exclusive license agreement with Zhuhai Fullwing Electronic Co., to market and distribute its karaoke products. The move aims to capitalize on Chinese consumers' interest in US brands known for quality and innovation.
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-2.73%
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The Singing Machine Company, Inc. reported a significant increase in sales, with their karaoke subscription service generating $3.28 million in gross sales in 2023, marking a 34.8% rise from the previous year. The partnership with Stingray Group, Inc. has been instrumental in this success, with the Company's profit share calculated at a 100% gross margin after deducting costs of goods sold and expenses.
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Rhea-AI Sentiment
End-of-Day
37.84%
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Singing Machine (MICS) and Stingray (RAY.A, RAY.B) partner to debut major new automotive capabilities at CES 2024, showcasing the next-generation karaoke experience for use in the automotive space, featuring vocal scoring and gamification features on a 100,000+ song catalog, and a fully integrated in-car karaoke microphone with built-in pitch detection.
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-7%
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Ault Alliance, Inc. (NYSE American: AULT) subsidiary Ault Lending, LLC initiates derivative lawsuit against The Singing Machine Company, Inc. (NASDAQ: MICS) alleging breach of fiduciary duties in recent stock sale to affiliates of directors at inadequate price.
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Rhea-AI Sentiment
End-of-Day
10%
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Singing Machine Company, Inc. (MICS) announced the closing of a $2.0 million private placement of shares of common stock, with Stingray Group, Inc. and Regalia Ventures, LLC becoming the second and third largest shareholders, respectively. The transaction was completed at $0.91 per share, representing a 3% premium to the closing price of $0.88 per share on November 17, 2023. Stingray Group, Inc. invested $1.0 million, increasing its ownership stake in the Company to approximately 25.6%, while Regalia Ventures, LLC, owned and controlled by Jay B. Foreman, invested $1.0 million, increasing its ownership position to approximately 17.6%. In total, these two investors now represent a total of 43.2% of the total issued and outstanding shares in the Company’s common stock.
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Rhea-AI Sentiment
End-of-Day
-1.59%
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Singing Machine Company, Inc. (MICS) reported its Q3 2023 financial results, with revenues at $15.9 million, down 7.0% from the previous year. The gross margins improved to 23.2%, and operating expenses increased by 9.0%. The net income decreased to $0.1 million, attributed to lower sales and increased operating expenses. The company maintains a conservatively capitalized balance sheet with $3.2 million cash on hand and a positive working capital position of approximately $8.7 million with no material debt as of September 30, 2023.
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Rhea-AI Sentiment
End-of-Day
3.19%
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Singing Machine Company, Inc. (MICS) announced the release of its second quarter fiscal 2024 earnings and a conference call to discuss the financial results and provide a business update.
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3.19%
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The Singing Machine Company showcased its new Sesame Street-branded karaoke products at the 2023 New York Toy Fair. The products have been well received for their entertainment value and educational opportunities. The announcement aligns with the Company's social impact initiative to improve the mental and physical health of children. Highlights of the new line include a Sesame Street Karaoke Backpack and Singing Machine Mini Sparkle Karaoke.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-3.9%
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Singing Machine Co., Inc.
Nasdaq:MICS
MICS Rankings
MICS Stock Data
5.42M
1.32M
72.03%
8.94%
0.41%
Software and Other Prerecorded Compact Disc, Tape, and Record Reproducing
Manufacturing
United States
Fort Lauderdale
About MICS
it all started with a vision… singing machine was founded in 1982 in california as a manufacturer of professional and semi-professional karaoke machines. in 1988, our founder eddie steele saw potential in home karaoke machines and the results speak for themselves. singing machine became the first company to introduce home karaoke products to the united states earning us the spot as the most recognized karaoke brand and as such, singing machine products incorporate the latest technology for singing practice, music listening, entertainment and social sharing. today, we are the north american leader in consumer karaoke products and have grown at an explosive rate of 20% year-over-year. we offer the industry’s widest line of at-home karaoke machines, accessories, and music-oriented toy products at affordable price points that represent tremendous value to our customers as well as over 14,000 songs for streaming and download with apps available for ios and android. singing machine products