Singing Machine Company Inc (MICS)

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$SMDM Singing Machine Reports Fiscal 2017 Annual Earnings Report

•June 29, 2017Comment
FORT LAUDERDALE, FL--(Marketwired - Jun 29, 2017) - The Singing Machine Company, Inc. ("Singing Machine" or the "Company") ( OTCQX : SMDM ) -- the North American leader in consumer karaoke products -- today announced its financial results for its full fiscal year ended March 31, 2017.

Full Fiscal 2017 Highlights:

$0.04 earnings per share; EBITDA earnings per share of $0.07 on a fully diluted basis.
Net sales for the fiscal year increased by 8% to $52.9 million.
Gross margin for the year improved by 1.7% to 26.1%.
Net income before tax for the fiscal year increased by $1.1 million (or 70%) to $2.7 million.
Net income for the fiscal year of $1.7 million.
Paid down approximately $1.1 million in related party debt.
80% YoY increase in digital music sales.
Singing Machine reports net sales of approximately $52.9 million for the March 31, 2017 fiscal year-end period, compared to approximately $48.9 million in the prior year. The increase in net sales is primarily due to an increase in sales to three of the Company's top retailers and an increase in on-line shopping. Some of the increase was also attributable to increased demand for product internationally...

https://finance.yahoo.com/news/singing-machine-reports-fiscal-2017-110000640.html