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Net revenues for the first quarter of fiscal 2010 were $55.6 million, an increase of $11.8 million, or 26.8%, compared to net revenues in the first quarter of fiscal 2009 of $43.8 million. The increase in net revenues during the first quarter of fiscal 2010 was due to higher sales in the home appliances category, partially offset by lower sales in the Company's audio and themed categories, and lower revenue earned from licensing activities. Operating income for the first quarter of fiscal 2010 was $1.4 million compared to $0.4 million for the first quarter of fiscal 2009, an increase of $1.0 million. The increase in operating income was due primarily to the higher revenue coupled with lower SG&A expenses, which were down $0.7 million, or 16.3%, from last year's first fiscal quarter, resulting primarily from lower legal, advertising, and travel related costs. Net income from continuing operations for the first quarter of fiscal 2010 was $1.2 million or $0.04 per diluted share compared to a first quarter fiscal 2009 net loss from continuing operations of $0.2 million or $0.01. After considering the impact of discontinued operations, which resulted from the April 2009 sale by the Company of its membership interest in the ASI joint venture, net income for the first quarter of fiscal 2009 was $1.1 million, or $0.04 per diluted share, compared to a net loss of $0.3 million, or $0.01 per diluted share, for the first quarter of fiscal 2009. "The Company returned to profitability in the quarter on strong sales of its home appliance products and lower operating expenses resulting from its expense reduction programs," said Greenfield Pitts, Executive Vice President and Chief Financial Officer of Emerson Radio. "In addition, the Company will continue to explore opportunities to leverage its portfolio of well known consumer brands, including the recently acquired Olevia brand, through strategic licensing agreements in a variety of consumer product categories." About Emerson Radio Corp. Emerson Radio Corporation (NYSE Amex: MSN), founded in 1948, is headquartered in Parsippany, N.J. The Company designs, sources, imports and markets a variety of home appliance and consumer electronic products, and licenses its trademarks to others on a worldwide basis for a variety of products. For more information, please visit Emerson Radio's Web site at www.emersonradio.com. Forward-Looking Statements This release contains "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management's current knowledge, assumptions, judgment and expectations regarding future performance or events. Although management believes that the expectations reflected in such statements are reasonable, they give no assurance that such expectations will prove to be correct and you should be aware that actual results could differ materially from those contained in the forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, including the risk factors detailed in the Company's reports as filed with the Securities and Exchange Commission. The Company assumes no obligation to update the information contained in this news release.
EMERSON RADIO CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except earnings per share data)
Three months ended June 30,
2008
2009 * RESTATED *
-------------- -------------
Net revenues $ 55,599 $ 43,827
Net revenues-related party - 13
-------------- -------------
55,599 43,840
-------------- -------------
Cost of sales 49,603 37,797
Other operating costs and expenses 778 1,125
Selling, general & administrative expenses 3,789 4,529
-------------- -------------
54,170 43,451
-------------- -------------
-------------- -------------
Operating income 1,429 389
Interest income, net 10 142
Realized/unrealized holding gains on trading
securities - 262
-------------- -------------
Income from continuing operations before
income taxes 1,439 793
Provision for income taxes 278 1,005
-------------- -------------
Income (loss) from continuing operations 1,161 (212)
Loss from discontinued operations, net of tax
benefit 55 56
-------------- -------------
Net income (loss) $ 1,106 $ (268)
============== =============
Basic net income (loss) per share
Continuing operations $ 0.04 $ (0.01)
Discontinued operations - -
-------------- -------------
$ 0.04 $ (0.01)
============== =============
Diluted net income (loss) per share
Continuing operations $ 0.04 $ (0.01)
Discontinued operations - -
-------------- -------------
$ 0.04 $ (0.01)
============== =============
Weighted average shares outstanding:
Basic 27,130 27,130
Diluted 27,130 27,130
* The results of operations for three months ended June 30, 2008 have been
restated as set forth in the Company's amended quarterly report on Form
10-Q/A for the same period on file with the Securities and Exchange
Commission. Additionally, as a result of the Company's sale of its
membership in the ASI joint venture in April 2009, the results of
operations of the Company's membership interest in the ASI joint venture
have been presented as discontinued operations for all periods presented.
EMERSON RADIO CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
June 30, 2009 March 31, 2009
-------------- --------------
ASSETS
Cash and cash equivalents $ 23,619 $ 22,518
Restricted cash 3,067 3,025
Net Accounts receivable 26,668 15,970
Other receivables 1,382 1,587
Due from affiliates 76 78
Net Inventory 17,913 20,691
Prepaid expenses and other current assets 1,288 2,190
Deferred tax assets 5,264 4,872
-------------- --------------
CURRENT ASSETS 79,277 70,931
Property, plant, and equipment, net 1,212 1,139
Trademarks and other intangible assets, net 1,686 255
Due from Affiliates 185 114
Investments in marketable securities 6,031 6,031
Deferred tax assets 6,441 7,102
Other assets 435 472
-------------- --------------
TOTAL ASSETS 95,267 86,044
-------------- --------------
Short-term borrowings 5,752 5,733
Current maturities of long-term borrowings 79 85
Accts payable & other current liabilities 26,945 18,929
Due to affiliates 20 66
Accrued Sales Returns 1,217 1,130
Income taxes payable 143 155
-------------- --------------
CURRENT LIABILITIES 34,156 26,098
Long-term borrowings 48 59
Deferred tax liabilities 95 87
Shareholders' equity 60,968 59,800
-------------- --------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 95,267 $ 86,044
-------------- --------------
CONTACT: Emerson Radio Corp. Greenfield Pitts Chief Financial Officer (212) 897-5441 Investor Relations: Robert Maffei Investor Relations Manager (973) 428-2098 SOURCE: Emerson Radio Corp. For full details for MSN click here.
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