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The Singing Machine Company, Inc. (NASDAQ: MICS) maintains this dedicated news hub for investors and industry observers tracking developments in consumer entertainment technology. Our repository consolidates official press releases and verified updates about the company's product innovations, financial performance, and market initiatives.
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The Singing Machine Company (NASDAQ: MICS) announced its Q1 2024 financial results, reporting a net sales decline to approximately $2.43 million, a 29% drop from Q1 2023. Gross profits fell by 39% to $0.50 million, with gross margins decreasing from 24.2% to 20.7% due to outsourced logistics costs. Operating expenses dropped to $2.79 million, with selling expenses decreasing and G&A expenses remaining flat. The company reported a net loss of $2.37 million, a $0.62 million improvement YoY. Strategic financial initiatives include improving product sales mix, reducing fixed overhead, and strict cost control, aimed at optimizing profitability moving forward.
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