The Singing Machine Company, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended September 30, 2023
November 20, 2023 at 05:07 pm EST
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The Singing Machine Company, Inc. reported earnings results for the second quarter and six months ended September 30, 2023. For the second quarter, the company reported sales was USD 15.93 million compared to USD 17.11 million a year ago. Net income was USD 0.097535 million compared to USD 0.296467 million a year ago. Basic earnings per share from continuing operations was USD 0.02 compared to USD 0.1 a year ago. Diluted earnings per share from continuing operations was USD 0.02 compared to USD 0.08 a year ago.
For the six months, sales was USD 18.56 million compared to USD 28.81 million a year ago. Net loss was USD 2.36 million compared to net income of USD 0.280464 million a year ago. Basic loss per share from continuing operations was USD 0.58 compared to basic earnings per share from continuing operations of USD 0.11 a year ago. Diluted loss per share from continuing operations was USD 0.58 compared to diluted earnings per share from continuing operations of USD 0.09 a year ago.
The Singing Machine Company, Inc. is a global karaoke and music entertainment company that specializes in the design and production of karaoke and music enabled consumer products for adults and children. The Company's product portfolio includes Karaoke, Licensed Products, Microphones and Accessories, Singing Machine Kids Youth Electronics, Automotive, and Music Subscriptions. Its karaoke products are Bluetooth enabled, which allow access to digital music content via the Company's mobile applications available on iOS and Android platforms. Its licensed products include brands, such as Carpool Karaoke. Microphones and Accessories offers a line of traditional microphone accessories. The Company's kids line of products offers fun music entertainment features designed specifically for children. The Company offers karaoke music subscription services for the iOS and Android platforms, as well as a Web-based download store and integrated streaming services for Company's hardware.
THE SINGING MACHINE COMPANY, INC. 
