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Singing Machine, a leader in consumer karaoke products, has announced the opening of a new office in Hong Kong on April 19, 2023. Located in Kowloon’s East Tsim Sha Tsui, this office will function as a vital support hub for manufacturing in Southern China and will include shipping, finance, and research & development. The new facility will also house a sales showroom to aid international sales. CEO Gary Atkinson expressed enthusiasm for leveraging this strategic location to enhance regional and global sales opportunities. Singing Machine’s extensive product line, which includes karaoke machines and Bluetooth microphones, is available in over 25,000 locations worldwide, significantly boosting their market presence.
The Singing Machine Company (NASDAQ: MICS) announced the appointment of Milton “Todd” Ault, III, as Executive Chairman and Henry Nisser to its Board of Directors. Ault is the founder and Executive Chairman of Ault Alliance, Inc., the company's majority shareholder. His experience spans various financial markets, while Nisser brings expertise in corporate law and governance from Ault Alliance and other companies. The Board's expansion aims to fill vacancies, with the existing members remaining unchanged. Ault expressed enthusiasm about leveraging his experience to support Singing Machine's growth strategy in the consumer karaoke market.
The Singing Machine Company (NASDAQ: MICS) has announced a licensing agreement with Sesame Workshop to develop and market sing-along karaoke products featuring beloved Sesame Street characters. The new products, including those featuring Elmo and Cookie Monster, are expected to launch in Fall 2023 across North America, Australia, and the UK. This collaboration aims to integrate the musical legacy of Sesame Street into the Singing Machine's karaoke offerings, enhancing interactive musical experiences for children and families.
The Singing Machine Company (NASDAQ: MICS) announced that its Move Mic and Sing Cast Max karaoke products have been awarded by Rolling Stone in the 2023 Audio Awards. These flagship products were introduced in Walmart last spring and have received positive recognition within the music community. The SingCast Max features HD video casting for karaoke, while the Move Mic is a Bluetooth speaker with vocal effects. CEO Gary Atkinson emphasized the importance of innovation and product quality in their ongoing efforts to strengthen the brand.
Singing Machine Company (NASDAQ: MICS) announced its third quarter financial results for the period ending December 31, 2022. The company reported net sales of $7.1 million and fiscal year-to-date revenue of $35.9 million. However, it experienced a net loss of $(1.9 million) for the quarter and approximately $(1.6 million) year-to-date. The gross profit for the quarter was $1.3 million, with an income from operations of approximately $(2.3 million). As of December 31, 2022, total assets were reported at $24.1 million with cash on hand of $2.8 million.
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