Wednesday was a day when not many investors felt like singing, Fort Lauderdale, Fla-baed The Singing Machine Company, Inc. (OTC:SMDM) came out with its first quarter figures, numbers which proved to be in tune with small-cap equity markets.
The North American leader in consumer karaoke products declared first–quarter net sales increased 166% to $4.8 million from $1.8 million in the first quarter of the prior year. Net loss provided a sour note, though, $870,000 for the quarter or $0.02 per diluted share.
The increase in net sales was primarily due to earlier shipments of goods to a major retailer for its upcoming holiday promotions.
CEO Gary Atkinson declared, "We are thrilled to see a strong start to the fiscal year with a 166% increase in YoY first-quarter net sales. Our new “Carpool Karaoke Mic” has gotten off to a strong start garnering millions of digital impressions and fantastic media coverage along with overwhelmingly positive consumer feedback.
"We look forward to continuing to leverage the popularity of music and singing into the coming holiday season with anticipated stronger distribution and national exposure."
Shares in SMDM gained a nickel, or 22.7%, to 27 cents, on "pianissimo" volume of 45,000.
