Koss Corporation (NASDAQ:KOSS) has registered some staggering gains in today’s opening session. Koss Corporation (NASDAQ:KOSS) opened at $2.42 and hit a high of $3.50 to register more than 50% gains compared to its previous close of $2.30. More than 400K shares have exchanged hands so far as the pps is inching higher towards its 52 week high of$ 4.70.
So what triggered the sudden spike in share prices?
Out of the blue, a promoter ActiveMarketInsider.com decided to profile KOSS to its subscribers. As soon as the newsletter was sent by ActiveMarketInsider.com touting the recent Q1 financials for KOSS, a buying frenzy was triggered that caused the stock prices to register more than 40% in gains. Earlier, on Thursday, when KOSS reported their Q1 financials it probably fell on deaf ears on the Wall Street and there was hardly any movement.
Koss Corporation (NASDAQ:KOSS) 3Q2015 net sales for 3Q2015 came at approximately $6 million compared to almost $4 million for the same quarter, a year ago. It represents a sharp jump of 39.6% YOY. The three month net income surged to $57,218 from a net loss of $25,121 for 3Q, a year earlier. The diluted income came at $0.01 per common share compared to diluted loss of $0.00 per share for the same quarter last year.
The management speaks
Michael J. Koss, the President and CEO of Koss, stated that they registered increased sales in the domestic markets of almost 66% and, 5% growth in export markets. It was encouraging to witness growth in both export and domestic markets and to finally record renewed growth in export markets. The management is delighted to record a year-to-date sales jump compared to last year. The growth in sales supported with cost reduction initiatives helped to post a tremendous growth in EBITDA from operations.
The CEO of Koss further added that EBITDA from operations came at $381,436 for 3Q against a loss of $941,376, for same period last year. For the first three quarter ended March 31, the sales surged by 4.9% to almost $18 million compared with $17 million for the same period a year ago. The net income during same period was $127,806 against a net loss of $3,398,560 for the same first three quarters last year. The diluted income came at $0.02 per share compared with diluted loss of $0.46 per share for the first three quarters, a year ago.
Koss operates in a growing market of telecommunications headsets, high-fidelity headphones, active noise canceling headphones, wireless Bluetooth® speakers, wireless headphones, computer headsets and compact disc recordings. Following the strong results, the share of Koss jumped more than 35% in early morning trade on Monday’s trading session.