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The Singing Machine Company reported a 92% increase in net sales for Q1 fiscal 2023, reaching $11.6 million compared to $6.1 million in Q1 fiscal 2022. The increase was driven by successful fulfillment of orders from Walmart's Consumer Electronics department. Gross profit rose by 100% to $3.2 million, with margins improving by 120 basis points. Although operating expenses increased to $3.0 million, the net loss decreased to $0.02 million from $0.12 million year-over-year. The company celebrates its first positive income from operations in Q1 history.
On August 16, 2022, The Singing Machine Company (NASDAQ: MICS) announced the upcoming release of its Q1 fiscal 2023 earnings on August 22, 2022. A conference call is scheduled for August 23, 2022, at 10:00 AM ET, where management will discuss financial results and provide business updates. The company is recognized as the global leader in consumer karaoke products, offering a wide range of karaoke systems and associated services. Their products are available through major retailers worldwide.
The Singing Machine Company (NASDAQ: MICS) announced the launch of its new flagship WiFi pedestal karaoke machine in collaboration with Costco. This fall, the product will be available in over 500 Costco locations across the U.S., along with select international markets including Mexico, Australia, the UK, Sweden, and Iceland.
The ISM1090 model features enhanced technology such as 5GHz WiFi, a built-in 7” touchscreen, Bluetooth, and high-quality audio components. The new distribution strategy aims to build on previous sales success with Costco, particularly during the holiday season.
The Singing Machine Company (NASDAQ: MICS) has appointed Kenneth S. Cragun and James M. Turner from BitNile Holdings as new Board members, alongside existing Chief Revenue Officer Bernardo Melo. CEO Gary Atkinson will serve as Chairman. Cragun, with extensive financial experience, and Turner, a corporate law expert, aim to bolster the Board's capabilities as Singing Machine seeks to expand into new markets. With no existing Board changes, the new Board consists of eight members. The appointments are expected to enhance growth strategies for the leading consumer karaoke products company.
The Singing Machine Company (NASDAQ: MICS) launched its new Pitch Lab™ technology, designed to enhance karaoke performances with professional-quality vocal effects. This innovative digital signal processor offers features such as pitch detection, harmonization, and sophisticated microphone processing. The technology aims to address the common fear of singing poorly, providing users with confidence. Available in select models, including the All-in-One microphone at Walmart, Pitch Lab™ positions the company to expand its market leadership and improve sales margins.
Singing Machine reported fiscal 2022 net sales of approximately $47.5 million, a 4% increase from $45.8 million. However, gross profit fell to $10.8 million, with a margin decrease of 400 basis points due to $2.4 million in unexpected shipping costs from supply chain issues. Net income dropped significantly to $0.2 million, or $0.14 per share, compared to $2.2 million last year. The company raised $10 million in a private placement and uplisted to Nasdaq under the ticker MICS.
The Singing Machine Company (NASDAQ: MICS) announced it will release its earnings for the fiscal year ended March 31, 2022, on July 14, 2022. A conference call is scheduled for July 15, 2022, at 10:00 AM ET to discuss these results and provide a business update. The company is known for being a leader in consumer karaoke products, selling over 100,000 songs through its mobile app and in various retail locations including Amazon and Walmart.
Singing Machine is expanding its partnership with iWorld Australia to increase the number of retail outlets and e-commerce platforms for its karaoke products ahead of the 2022 holiday season. This expansion includes major retailers like Amazon, Costco, and Target in Australia and New Zealand. CEO Gary Atkinson expressed confidence in achieving the company’s best performance in these territories, supported by ongoing collaboration with iWorld. The company continues to lead in consumer karaoke products globally, offering a wide range of innovative options for users.
The Singing Machine Company (NASDAQ: MICS) will present at the 12th annual LD Micro Invitational on June 8th at 11:30 AM PT. CEO Gary Atkinson will lead the presentation, highlighting the company's leadership in consumer karaoke products.
This three-day investor conference runs from June 7th to 9th at the Four Seasons Westlake Village, featuring over 200 companies. Interested parties can register for the virtual presentation here.
The Singing Machine Company (NASDAQ: MICS) has launched a new line of karaoke products available in approximately 3,200 Walmart stores across the U.S. The new offerings feature a wide range of products, priced between $9.99 and $149, including karaoke machines, microphones, and Bluetooth options with proprietary PitchLab technology. Among the eight new products are the SingCast Max, Groove XL, and all-in-one microphones. Singing Machine continues to lead in the karaoke market, providing access to over 100,000 songs through its app.
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